Phosphate prices soar in west of Suez

MAP and DAP prices surged in Western markets. Brazilian importers returned to the market, the dealing price of Moroccan MAP is $1,010-1,015/t CFR. The lower offer at the beginning of the week was 950-1000 US dollars / ton CFR.The low prices were $900-925/t CFR in the early of last week. A small amount of Russian DAP is being traded at $1,000/t fca in Northwest Europe, and offers are currently as high as $1,030/t fca. European DAP demand has been sluggish over the past few months, with prices in Ghent in the $930-940/t fca. In the US, DAP barges reach to $850-900/st FOB Nola,the price increase more than $100/st. The price of DAP in India was basically flat, and the high-end price rose slightly to US$920-927/ton CFR. The FOB price of DAP in China remained stable while exports were still restricted.

The supply of phosphate is expected to be tight

Under the pressure of raw materials and tight supply, phosphate prices are expected to continue to rise. The tight supply could have the worst impact on the EU market as some buyers are unable to import from Russia.