Brazilian MAP Prices Rebound

After five months of stability, Brazilian MAP prices have steadied at 635−641pertonCFR.Buyers have started accepting higher offers for Russian MAP,while Ma′aden sold 100,000 tons of MAP based on formula pricing.European price srema infirm,but weather conditions have slow edactivity.Meanwhile,new sales have pushed up U.S.barge price sdue to weather−relatedfactors.Looking east,high expectations from Thai buyers have driven the nominal price of Chinese DAP to 635−641pertonCFR.Buyer shave started accepting higher offers for Russian MAP,while Ma′aden sold 100,000 tons of MAP basedon for mulapricing.European prices remain firm,but weather conditions have slowed activity.Meanwhile,new sales have pushed up U.S.barge prices due to weather−related factors.Looking east,high expectations from Thai buyers have driven the nominal price of Chinese DAP to 620-635 per ton FOB. Some Southeast Asian buyers are still waiting for Chinese products to re-enter the market, which is expected to put pressure on prices. The latest DAP procurement tender in Ethiopia has made no progress. Additionally, negotiations between the Indian fertilizer department and OCP for 1.6 million tons of DAP and 800,000 tons of TSP are nearing an end but are proving difficult to finalize. As a result, India's purchasing activity is limited to the sale of Australian DAP cargoes loaded in March, consistent with current levels.

Firm Prices
Strong raw material prices will impact production costs, keeping domestic prices in China high and making it unlikely for China to resume exports in a timely manner. Emerging demand from both the East and the West will support prices for all phosphate products.