Bringing hope to phosphate producers (MXI) like Mosaic (MOS), PotashCorp (POT), Agrium (AGU), and Israel Chemicals (ICL), DAP (diammonium phosphate) prices started trending higher in the past few weeks. Last week, there was mixed momentum for phosphate prices—compared to the previous week.
At Morrocco, which has the largest phosphate rock resources, phosphate prices rose as much as 2.6% week-over-week to $359 per metric ton from $350 per metric ton in the previous week. DAP prices in Tampa Bay rose 1.2% week-over-week to $345 per metric ton from $341 per metric ton.
In contrast to the above two locations, DAP prices in Central Florida remained broadly flat at $322 per metric ton week-over-week. It’s important to note that Hurricane Irma damaged Mosaic’s available phosphate inventory in Florida, which caused the prices to increase.
On the other hand, prices in the NOLA (New Orleans) location saw a reversal to the negative territory last week. DAP prices at this location fell as much as 1.2% week-over-week to $301 per metric ton from $305 per metric ton.
In the next part, we’ll discuss the monoammonium phosphate prices in Brazil.