Brazil MAP, Nola DAP prices continue to decline

This week, the price of MAP in Brazil fell to US$1000-1020/ton CFR, and the higher end fell by US$10/ton. The sales of Chinese and Russian sources were within this range. Nola's DAP barge prices fell by $20/st to $780-785/stFOB.

There are many versions of rumors about changes in China's export policy, and the official layout has not been shared at present. Prices east of Suez held steady following the close of private sector tenders in Bangladesh last week. Producers in China and Jordan will focus on deliveries in the coming months.

Ma'aden sold 25,000 tons of DAP to Thailand, priced according to the original contract, and loaded in July. No new DAP purchases have emerged from India, but an Indian buyer did book 25,000 tonnes of Turkish NPS through a trading company.

DAP and MAP prices in Europe were flat and trading activity was limited to small batches. West of Suez, Argentine traders are selling DAP at $1,005-1,010/t cfr. SSP levels in Egypt and Brazil continue to trend downwards, with 19% products priced at around $410-430/t cfr Brazil.

West of Suez prices flat; east stable

Prices west of Suez have begun to stabilise despite a subdued market performance. Brazil's farmers are expected to return to the market in the next few weeks, and Brazilian inventories are high and importers remain cautious. Offer levels to Brazil from Russian producers and OCP were unchanged. China focuses on delivery of Bangladeshi orders. Any tightening of China's export policies will put more pressure on DAP buyers in India and Pakistan.