In the week that ended on April 13, 2018, DAP (diammonium phosphate) prices were broadly flat to negative, which followed the lead of urea prices (NANR), as we discussed earlier. However, prices remained higher compared to the corresponding week last year.
DAP prices at all three locations in the United States remained unchanged week-over-week. In Tampa, DAP prices remained at $408 per metric ton. In NOLA (New Orleans), prices remained at $347 per metric ton, and in Central Florida, prices remained at $358 per metric ton.
In three of the seven locations in the chart above, prices fell week-over-week. These locations included China, which saw a 49-basis-point week-over-week fall in DAP prices to $408 per metric ton from $410 per metric ton. In Morocco, prices fell 48 basis points week-over-week to $416 per metric ton from $418 per metric ton, and in Saudi Arabia, DAP prices fell 48 basis points week-over-week to $417 per metric ton from $419 per metric ton.
In contrast to the above locations, India was the only location to see an increase in prices. DAP prices in India rose 24 basis points week-over-week to $425 per metric ton from $424 per metric ton.
While the weakness in DAP prices last week may be concerning for the Mosaic Company (MOS), Nutrien (NTR) (POT), and Israel Chemicals (ICL) on a YoY (year-over-year) basis, DAP prices remained comfortably high.
For example, prices rose 23% in NOLA, 17% in Central Florida, and 10% in Tampa. In Saudi Arabia and China, DAP prices rose 14% YoY. In Morocco, prices rose 10%, and in India, DAP prices rose 15%.
Next, we’ll look at MAP (monoammonium phosphate) prices.