Phosphate prices last week
Last week, DAP (diammonium phosphate) prices were broadly lower week-over-week at most locations discussed below. The lower prices are a continuation of the trend that we’ve observed over the last few weeks much to the detriment of companies (XLB) such as Mosaic (MOS), Nutrien (NTR), and Israel Chemicals (ICL). As we discussed previously, these three companies experienced a weekly decline last week.
DAP prices in the three US locations were broadly flat to negative week-over-week. In Tampa, DAP fertilizer prices declined by ~1.6% to $428 per metric ton. In NOLA (New Orleans), the prices declined by ~71 basis points week-over-week to $379 per metric ton from $382 per metric ton. In Central Florida, however, prices remained unchanged at $386 per metric ton week-over-week.
Outside the US, phosphate prices also remained weak. For example, in Morocco, DAP prices declined by 45 basis points to $446 per metric ton from $448 per metric ton. In Saudi Arabia, DAP prices declined by 24 basis points to $422 per metric ton week-over-week, and in China, prices declined by 24 basis points week-over-week to $410 per metric ton. Outside the US, India was the only location that experienced flat DAP prices at $427 per metric ton. Year-over-year, DAP prices remained strong with double-digit gains at each of the above-discussed locations.
Next, we’ll discuss MAP (monoammonium phosphate) prices.