International ammonium phosphate prices continue to decline

Market activity was largely subdued until Bangladesh's tender to buy up to 700,000 tonnes of DAP and 250,000 tonnes of TSP ended, with the exception of some DAP sales in Pakistan and India. Bangladesh's DAP tenders had a minimum price of US$1,019.74-1,029/t cfr lo, and the tender volume of 732,000 tonnes was lower than expected. A total of 1.55 million tons of DAP was quoted in the tender, but it is not clear how much the producer has.

Elsewhere, an importer in Pakistan bought 25,000 t of Saudi Arabian DAP at $1,030/t cfr for June shipment. There were also reports that two other Saudi cargoes were sold to Indian buyers at $920/t cfr. West of Suez, Brazilian MAP prices continued to fall, at $1030-1050/t cfr. Barge prices in Nola recovered this week as traders gained access to U.S. supplies that could be re-exported to Brazil.

Brazil continues to soften, east and west Suez stable

Prices in Brazil were weak, but improved demand should lead to price stability in the second half of the month. DAP prices east of Suez will remain stable for now, with tepid import demand from India. Bangladesh DAP will be the key in the tender price.