18 April 2024

Published by
Profercy Phosphates Ltd
Editors: Tom Jago, Tom McIvor

Q2 India phosacid deal agreed down $20pt at $948pt cfr; World Producer Position
Chinese suppliers struggle to hold $530pt fob DAP; US World DAP MAP NP, NPK snapshot
NOLA DAP recovers; Europe DAP dips; Brazil MAP holds
Exporter Prod* +/- Kt
From last week: DAP/MAP prices again declined across the majority of markets last
week with India DAP and US NOLA DAP prices down as much as $50pt and $200pst USA (FL, NC) 640 +125
respectively in just five weeks. China made its first major attempt to halt the crash, Mexico 80 +40
setting a target price floor at $530pt fob despite high export availability for May/June.
Russia 640 +260
Overview: The DAP/MAP market took a breath after the latest slump in prices with only
slight declines in Europe, flat prices in Brazil and even slight gains at US NOLA. India Lithuania =0 =0
DAP prices continue to come under pressure despite China’s attempts to hold $530pt fob, Morocco 845 +300
with traders offering prices more reflective of $510pt fob. Sales are slow with DAP/MAP
export availability set to jump up 700-750,000t for May loading v April as planned and Tunisia 55 +25
unplanned maintenance in Saudi Arabia and the US comes to an end, China enters the
Saudi Arabia 360 +50
larger tranche 2 of its CIQ quota, and OCP’s capacity reaches 15Mt phosphate fertilizers.
Australia 80 =0
West of Suez prices: The recent US DAP/MAP price slump at NOLA stabilised this
week and DAP even saw a relatively sharp bounce for April activity to $535-550pst fob Jordan 60 =0
from $500-530pst. DAP bids have since been rejected at earlier low-end price targets at
China (port store) 1,965 +500
$490pst fob with forward paper activity for May/June still seen as low as $470-480pst fob.
Brazil MAP prices also held as limited availability and tight stocks continue to be balanced April-open
4,725 +1,300
Net stock change
by reduced demand on weak affordability/barter ratios, with deals again reported at
* Output projected for March 2023
$572pt cfr and rumoured as high as $575pt cfr. Europe DAP is under pressure on limited
demand with Benelux/N.France down $5pt to $645-650pt fca with OCP selling limited volumesComment:
to the region at $620-630pt cfr.

East of Suez prices: Attempts by Chinese DAP suppliers to halt price declines are struggling this week as traders offer lower prices in
latest tenders ahead of an expected surge in availability for May/June loading. Last week, Chinese
xxxxsuppliers reportedly targeted a $530pt
fob DAP price floor after a $65pt drop in prices over five weeks, with most Chinese suppliers now
xxx pegging prices at $530-540pt fob.
However, multiple traders indicate availability now at $520pt fob, while latest reported offers toSept-open
Indonesia at $530-535pt cfr and to
producer position estimates as
India rumoured as low as $525-530pt cfr each reflect closer to $510pt fob China. Furthermore, abovethe majority
reflect theofoverall
Indian buyersinremain
downturn volume
absent with no margins at the current Kharif Maximum Retail Prices/Nutrient-Based Subsidy DAP rates
trade, above $500pt
as exporters continuecfr imports.
to hold back.
Export line ups from the main sources are
India’s first Q2 phosacid price reported: CIL reported it agreed its second quarter phosphoric acidsuggesting
thinning, contractthat
with JPMC
those at $948pt
without major
cfr 100% P2O5, marking a $20pt decline on Q1. Notably, this price reflects more like a $40-50ptlocal
drop markets will either be cutting output from
for some suppliers’ netbacks
India against January 2024 due to surging freight costs on the Red Sea crisis. Based on latest other raw at
(unlikely material prices and
today’s margins) current
or gradually
NBS/MRP rates the new price still represents a $10-15pt loss to produce DAP in India via phosacidaccumulating
though itunsold stock.good margins for
provides
NP/NPK production. DAP production via phosphate rock in India is currently providing healthy margins. Collectively, India’s domestic
East, NOLA Q4 DAP paper at $638 cfr USG
DAP production looks likely to provide well higher margins than imported DAP in April/May, supporting
metric equivdomestic
compares production rates.
to last- done for prompt
business in India in the low $630s cfr.
US DAP vs crops: Corn, soybeans unchanged; Tampa flat; NOLA DAP drop stabilises 1,800
Crop markets: Forward corn values have
1200 consoliated to an unusually flat line of $5.60-
5.65/bu all the way to 2022. 1,500
2022.
1000
months. 1,200
DAP pt fob Tampa & NOLA

Corn,
Soybeans c/bu

800 re-setting nearby futures back into the

900
$5.50s/bu for corn into the $13.90s/bu for
soybeans(chart below).
600
600

400 300
Crop markets: July futures expiry this week
across all major crops brings the anticipated
CME Soybeans DAP fob Tampa DAP fob NOLA (metric equiv) CME Corn
but still sharp transition to new-season US
200 crop values. September corn is now the0prime
© Copyright 2024 Profercy Phosphates & NPKs All rights reserved. No part of this publication may be reproduced, storednearby
in a retrieval
reference trading in the mid $5.60s/bu
system or transmitted in any form or by any means, without the prior written permission of the Copyright owner. and beans in the $13.90s/bu (chart below) 01
 US export DAP 2007-2023: 16 years Tampa DAP price track spanning 2 similar out-size rallies,
two subsequent corrections, and ultimately two rebound periods
1,275

1,225
US DAP export values have now been largely flat for six months.
However, recent large discounts againt domestic prices have gone,
1,175
Tampa export values are now as much as $50pt above NOLA netbacks
to Tampa on the cross-gulf trade route
1,125

1,075

1,025

975

925

875

825
$ pt fob Tampa

775

725

675

625

575

525

475

425

375

325

275

225

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any form or by any means, without the prior written permission of the Copyright owner. 02

North America
US domestic: DAP, MAP trades have come in brief
bursts this week, with each grade unusually diverging in
price. DAP saw a relatively sharp bounce early in the
week – which it has held through press time – with prices
up on both low and high to give a mid-point increase of
$27.5pst fob. MAP conversely was quiet most of the
week, seeing more activity right ahead of press time.
Prices were up at the low, down at the high for a net
week-on-week price cut of $6pst fob at the midpoint.
• DAP: New DAP business at NOLA is heard traded at
lows of $535-538pst fob barge for open-origin tonnage,
and at up to $550pst fob for Mosaic product. All of these
price points were thought to be for April material. The full
assessment range for the week at $535-550pst fob is up
from $500-530st fob last week. DAP bids have since
come in at earlier low-end price targets at $490pst fob,
but as seen last week, these were rejected. Inland values
continue to hold up, maintaining solid margins on prompt
refill DAP barges taken at NOLA.
• MAP started slow at NOLA this week, then ahead of
press time took a sharp dive ending below DAP values.
New April barge business is heard at $518-520pst fob,
giving way after various unsuccessful offers into the
$540s pst fob, with initial bids earlier in the week said
around $530pst fob. Since the $518-520pst fob trades, all
bids have since been withdrawn.
• TSP at NOLA is heard barely traded, but with values
eroded lower following the DAP, MAP trajectory. New
values are said in the low $430s pst fob NOLA.
• US fert-year DAP/MAP imports gain: The US
imported 405,528t DAP/MAP in February, up from
139,495t in February 2023, according to latest DOC data.
The figures bring Jan-Feb DAP/MAP imports to 623,307t,
up from 297,614t and means US fertilizer year imports
from July 2023 through February 2024 were up 81% at
1.9Mt from 1.0Mt. While a notable surge, the 2022/2023
fertilizer year imports were historically low. Of the
420,452t DAP imported in the first two-months of 2024,
205,056t came from Saudi Arabia, 139,658t from Jordan,
38,581t from Egypt and 36,294t from Mexico. Of the
202,855t MAP imported in Jan-Feb, 74,347t came from
Mexico, 48,502t from Saudi Arabia, 47,040t from Tunisia
and 29,899t from Senegal.
US export: Activity continues out of Tampa, now with 7
vessels so far this month for an April total around
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125,000t DAP, MAP, MES. Brazil continues to be the
prime destination for Mosaic export volumes. Other 1H
April exports have been for various smaller lots to East
Canada, Colombia, and other LatAm markets.
• US February DAP/MAP exports rise: The US
exported 269,812t DAP/MAP in February, a 32% rise
on 205,034t exported February 2023, according to
latest DOC data. However, DAP/MAP exports in the
first two-months of 2024 fell 9.7% yr-on-yr to 418,405t
and US fertilizer year DAP/MAP exports from July
2023 through February 2024 were down 14% at 1.7Mt
from 1.9Mt. Of the 90,137t DAP exported in the first
two-months of 2024, 26,906t went to Uruguay, 25,732t
went to Brazil and 10,548t went to Colombia. Of the
328,268t MAP exported in Jan-Feb, 270,850t went to
Canada, 34,366t to Australia and 11,175t to Brazil.
US phosphates CVDs; Court timeline: The following
date sequence sets out the path forward on US
phosphates CVD determinations (italics deadlines
already passed, green yet to come). This is information
first tabulated in our reporting in early February.
17 January 2024: The International Trade
Commission (ITC) was directed by the Court of
International Trade (CIT) to file its remand
redetermination within 120 days of the date of this
decision.
• The outcome of this, at the above-mentioned 17
January deadline, was ITC upholding its initial
finding, namely that the US industry did indeed
suffer harm from the import origins now subject to
CVD tariffs. This was after a 120-day period to file
its remand redetermination within 120 days of end
September court ruling. That deadline was
reached in early January. In its response to this,
16 February: Plaintiff, in this case OCP, had 30
days from the above remand redetermination - ie until
16 February - to file any comments to this remand.
1 March: Plaintiff Intervenors, Phosagro & two
leading US importers, and the Consolidated Plaintiff
(Eurochem, North America) then had 14 days to file
their own comments from the Plaintiff (OCP)’s
comment filing deadline.
• 30 March: The Commission was due to file its
comments within 30 days of the filing of Plaintiff-
Intervenors’ and the Plaintiff’s comments.
03
• 14 April: Defendant-Intervenors, Mosaic & Simplot,
shall file their comments within 14 days of the filing of the
Commission’s comments.
• 14 May: Plaintiff - again, OCP - shall have the option to
make a further filing in reply to these Defendant-
Intervenor comments.
This is believed to be the final date for any comments
before a final CIT ruling. As we first published as far back
as September 2023 - and repeated again in early
February 2024; “We doubt Russian nor Moroccan DAP,
MAP, NPs will feature in the US until such time as a
ruling to remove CVDs emerging. As above, the filing
schedule allows for comments to be submitted as late as
14 May, too late for imports to make any sense for spring
season 2024.” This has so far proved to be the case.
• Central Florida: Mosaic last week said it is holding its
prevailing Central Florida offers at $630pst fot ex works
for DAP, and at $655pst fot for MAP.
Agriculture & logistics
WASDE/CONAB latest: April’s WASDE report put US
corn ending stocks at 2.12 billion bushels, down 50
million bushels from last month’s estimates due to greater
corn used for ethanol, feed and residual use. US
soybean ending stocks are estimated at 340 million
bushels, up 25 million bushels due to lower exports. The
USDA’s April soybean production and beginning stocks
for the US were left unchanged while forecast imports
were trimmed to 25 million bushels. The USDA also
raised its forecast for 1 June all-wheat ending stocks by
25 million bushels.
Argentina’s production estimate for soybean was held at
50Mt with corn production estimates slightly lower at
55Mt. Brazil’s corn production forecast was unchanged at
124Mt with soybean production at 155Mt, also flat,
according to the WASDE report. Brazil’s Conab, on the
other hand, slightly lowered its April Brazil soybean
production estimate to 146.52Mt
Crop Prices: May CBOT wheat prices are now at $5.46
per bushel, down 3.0% over the last week and down
roughly 60% since March 2022. These prices are now
just 11-13% above wheat values in mid-2020. May CBOT
corn prices are largely flat this week at $4.31 per bushel.
Corn prices are down roughly 50% since the highs of
April 2022 but are up 27-29% on mid-2020 values. May
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CBOT soybeans are down 2.2% to $11.53 per bushel
with slight gains through March now lost. Soybean
prices are down 35% on the highs of mid-2022 and are
roughly 35% above prices in mid-2020.
Middle East Crisis: The ongoing crisis in the Middle
East escalated over the weekend as Tehran launched
a large-scale missile and drone attack at Israel directly
from Iran for the first time. The situation remains tense,
opening further dangers to the fertilizer industry on
shipping, supply and costs if the conflict escalates.
Iran’s Revolutionary Guards also seized an Israeli/UK-
linked container ship in the Strait of Hormuz for the first
time in this crisis on 13 April. The MSC Aries is
operated by Mediterranean Shipping Company and
was travelling from the UAE to India.
Iran has spoken about the possibility of challenging
freedom of navigation or even closing the Hormuz
Strait if the situation escalates. Such an event would
have major impacts on the phosphates industry,
effectively cutting off the main port for Saudi Arabian
phosphate fertilizers Ras Al Khair, not to mention the
impact on nitrogen and global oil prices. The ongoing
Red Sea crisis had already been expanding in recent
weeks with attacks by Yemen’s Houthi militia recently
seen in the Arabian Sea and Indian Ocean as the
group seeks to further restrict movement of Israeli-
affiliated ships now traveling via the Cape of Good
Hope route. Attacks on vessels have now occurred
over 70 times in the region since the start of the War in
Gaza, including on three phosphate-carrying vessels.
Brazil
Brazil: MAP prices are unchanged this week at $570-
572pt cfr as limited availability and tight stocks
continue to be balanced by reduced demand on weak
affordability/barter ratios. Russian MAP sales totalling
5,500t for May loading are reported at $572pt cfr
following a sale of 6,000t Russian MAP for May-
loading at $572pt cfr last week. OCP also reports it
sold 5-7,000t MAP for May loading to Brazilian buyers
inland at $575-578pt cfr equivalent. A number of
buyers continue to indicate availability for large
cargoes at $570pt cfr. Last week, Mosaic reported it
sold another 7,000t MA in multiple deals inland at
prices reflecting $580pt cfr equivalent while Purefert
recently indicated it had increased offers for May
loading Russian MAP sales to Brazil to $575pt cfr.
Ma’aden is shipping a further 75,000t MAP to Brazil in
04
April under formula prices with another roughly 80,000t
MAP under formula to Brazil for May loading.
• MAP11-44: Trader offers of Chinese 11-44 to Brazil
edged lower this week to $470pt cfr with no new sales
and bids reported down to roughly $460pt cfr. Offers had
been as high as $480pt cfr three weeks ago. Reports
suggest a number of 11-44 cargoes have been secured
by traders from China for late April/May loading at $435-
445pt fob.
MAP availability limited: A lack of MAP
imports/production in the first quarter and notable stock
drain is reported by multiple market participants. MAP
imports in January and February fell 31% yr-on-yr to
477,291t while Mosaic reports its Latin American sales
volumes in Jan-Feb dropped 15% yr-on-yr. Inland prices
for MAP are seen largely flat on a cfr equivalent basis
than the current cfr price. Limited cargoes are set for
arrival through April too, with Mosaic’s Riverview incident
likely to further limit near-term MAP/MES cargoes to the
market. This is limiting any downside pressure in the
market from very low affordability at current prices.
Brazil TSP: OCP recently reported its latest TSP sales
inland in Brazil are at $420-425pt cfr equivalent. Most
sources peg the Brazil TSP price unchanged at $415-
420pt cfr this week, with the low end from China.
Serra Do Salitre starts selling: EuroChem started up its
new phosphate fertilizer plant in Serra Do Salitre in Brazil
on 13 March, according to Brazilian news outlets.
Reports last week suggest first sales volumes were
concluded from the site to Brazilian buyers. The 1Mt
MAP/NP/TSP/SSP operation is expected to take at least
18 months to ramp up to full capacity once operational,
with some indications of an initial target of 500,000t/year
finished fertilizers.
Other Latin America
Mexico: DAP prices to Mexico are reported at $575-
580pt cfr this week, marking a $25pt decline over the last
two weeks. Offers from China are now indicated at $575-
585pt cfr with reports of a further sale in this range for
late April/early May loading. Two weeks ago, Purefert
sold a further 30,000t DAP for April shipment to West
Coast Mexico at roughly $605pt cfr. Pemex recently
indicated it is looking to increase fertilizer production in
2024 after a slump in volumes since 2021. Latest export
prices for DAP to the US currently netback at $555-570pt
fob.
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Argentina/Uruguay: Bulk DAP/MAP prices to
Argentina/Uruguay are still generally indicated around
$600pt cfr, with small volume prices indicated at $605-
610pt cfr. These continue to reflect a roughly $30pt
premium to Brazil MAP. Purefert recently sold 30,000t
Russian MAP to Argentina/Uruguay on a fob basis for
H1 March loading. The decline in China DAP
indications to as low as $530pt fob may put some
downward pressure on the market, though volumes at
these prices are unlikely to arrive until May at the
earliest.
Chile: After a long absence of new import phosphates,
there are understood to be two cargoes of incoming
MAP & DAP - one each from Morocco and China –
due for end-April/May arrival. These are through two
traders/distributors. These are the first import lots
landing since late February, when the last cargo of
DAP & MES from the US. Reports suggest TSP may
also be included to Chile in the OCP cargo.
Europe, Russia
Northwest Europe: Northwest Europe DAP prices are
largely flat on a euro basis but down somewhat on a
dollar basis on latest exchange rates. Small volume
activity in Benelux/Northern France is still reported at
€605-610pt fca though this reflects a $5pt decline to
$645-650pt fca this week with offers generally reported
at $650pt fca equivalent. Germany DAP prices are
seen as low as $630-635pt fca with offers at roughly
$645pt fca. UK/Ireland import offers are still indicated
as high as $655pt cfr with 20,000t DAP arriving to
Ireland from Morocco in April. Affordability remains a
major issue in the region with blenders and distributers
cautious that low crop prices will limit planting rates.
OCP reports it sold 5,000t DAP to Western Europe at
$620-630pt cfr for April/May loading. The company
also sold below 5,000t DAP to Western Europe for
April loading at $645-655pt dat.
East Europe/Turkey: DAP offers from Egypt to
Eastern Europe are now reported at roughly $605-
610pt cfr but demand is severely lacking in the region
with buyers deferring until June/July under
expectations of further price declines in the near-term.
Turkey’s Igsas is reportedly in the market for a roughly
10,000t DAP cargo, with Turkish buyers understood to
be bidding below $600pt cfr.
Europe TSP: Northwest Europe TSP is now reported
at €460-470pt fca or roughly $490-500pt fca though
05
activity remains only for small volume sales. Distributers
are targeting a further drop for the new season in France
with bids indicated as low as $425-430pt fca and
unconfirmed rumours of Egyptian availability for May as
low as $450pt fca. New offers for May have yet to be
reported from ICL.
Russia: DAP/MAP activity remains somewhat limited
from Russia with prices largely flat this week. Further
MAP sales were reported for May loading to Brazil from
Russia at $572pt cfr or $522pt fob and are now rumoured
as high as $575pt cfr. Purefert’s latest Russian DAP
sales to European markets for April/May loading are
indicated at $640-645pt fca, or roughly $580pt fob. Two
weeks ago, the company also sold a further 30,000t DAP
to West Coast Mexico for April shipment at prices netting
back roughly $520pt fob. India DAP prices now netback
to Russia at roughly $475pt fob though no sales have
been confirmed to the region since a 30,000t DAP deal to
RCF for March loading two months ago at roughly $535pt
fob.
• Price Assessments: The Russia Baltic DAP price is
assessed down $2-3pt at $520-580pt fob with the low-
end reflecting latest sales to Mexico and the high end for
Europe. Russia MAP prices are assessed flat at $522-
550pt fob with the low end the return from Brazil and the
high end from Europe.
PhosAgro completes Volkhov production facility
overhaul: PhosAgro has now completed the overhaul of
its Volkhov production facility in Leningrad oblast, the
company confirmed on 6 March. The investment project,
which started in March 2019, has now brought total
fertilizer production at Volkhov to over 1Mt, understood to
include roughly 900,000t/year MAP. The Volkhov site,
which has its origins in an aluminium facility built in 1932,
includes new plants for the extraction of phosphoric and
sulphuric acid, for the production of water-soluble
fertilizers, new storage facilities and a waste process
steam recovery plant which can meet more than 80% of
the site’s electricity needs. Processing of phosphate rock
at the site is set to reach 1.5Mt with phosphoric acid
production reaching 500,000t. President Vladimir Putin
took part in the launch of the complex by video
conferencing, Interfax reports. Volkhov has been ramping
up MAP production since 2020 with at least 800,000t
MAP likely produced at the site in 2023.
• Company targeting further production rise:
PhosAgro plans to increase fertilizer output to at least
11.5Mt in 2024, CEO Mikhail Pybnikov told reporters on 6
March. PhosAgro recently confirmed it reached record
fertilizer production of 11.3Mt in the full year 2023, up
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1.9%. Production of phosphate-based fertilizers in
2023 rose 2.0% yr-on-yr to 8.4Mt with DAP/MAP
production up 8.4% to a record 4.5Mt.
Africa
Morocco: OCP reported below 10,000t new
phosphate fertiliser sales from Morocco this week, with
less than 40,000t DAP/MAP/TSP sales officially
reported in the last six weeks. This compares with
production capacity for the same period of 1.6Mt
phosphate fertilizer in Morocco. April loading sales are
now indicated at roughly 750,000t, likely leaving
roughly 100,000t availability for April loading with high
volumes of availability likely for May as Africa NPK
sales and Canada MAP activity likely slows. OCP
exported roughly 850,000t in April 2023.
• DAP: This week OCP sold 5,000t DAP to Western
Europe at $620-630pt cfr for April/May loading,
reflecting $595-600pt fob Morocco. The company also
sold below 5,000t DAP to Western Europe for April
loading at $645-655pt dat. Latest indications from
western Europe suggest bulk sales over 5,000t DAP to
the region would now be no higher than $590-595pt
fob with some reports of offers to eastern
Europe/Turkey at $590pt fob seeing little interest.
Latest India DAP prices now reflect below $500pt fob
Morocco though there are no confirmed indications of
offers/sales to the region yet below $530pt fob. The
Morocco DAP price is pegged at an indicative $530-
595pt fob, down $5pt.
• MAP: Latest Brazil MAP activity from OCP is
reported at prices reflecting $550-555pt fob for
April/May arrival after a further 5-7,000t MAP was
reported sold inland Brazil at $575-578pt cfr equivalent
this week. The Morocco MAP price is pegged
unchanged at $550-595pt fob.
• US CVD-paid netbacks fall below current range
with 7.41% duty: Any DAP/MAP sales to the US
would now likely netback below the low end of OCP’s
current DAP/MAP sales ranges. This is not to say OCP
was planning to ship DAP/MAP to the US in the near-
term (likely focusing on TSP only). Most likely, with the
court process ongoing OCP will elect to stay out for
DAP/MAP as it has throughout the entire CVD period.
• TSP: TSP prices from OCP are assessed down $5pt
this week as high-end European TSP prices edge
lower. Last week, OCP has reportedly offered 20,000t
06
TSP to Chile for April loading at prices reflecting $370-
375pt fob with tester cargo sales to India and Ethiopia
(see below) also rumoured as low as $370-375pt fob.
Latest Brazil TSP prices are understood to netback at
$395pt fob while latest TSP prices in Europe reflect no
higher than $430pt fob with buyers bidding at prices as
low as $380-390pt fob. The Morocco TSP price is
assessed at $375-430pt fob with the average return
$160pt below the Morocco DAP average.
Morocco TSP - New market penetration, trial cargoes:
With OCP commissioning its third new 1Mtpa TSP
capacity unit at Jorf Lasfar at the end of Q1 2024 (the
historical key TSP base was in Safi), new markets are
understood to be in line for trial cargoes:
• India: The first cargo of TSP to India is heard to be in
preparation to ship from OCP. Rather than being under
last year’s frame contract settled with a major
government importer, this is heard to be from OCP to one
of its jv/partner companies in India. The cargo is believed
to be for as much as 30,000t, to load from new capacity
out of Jorf is thought to be for May arrival in India.
• Ethiopia: The first cargo of TSP – apparently on a trial
basis – into Ethiopia is set to complete as a part-lot of
around 10,000t in an upcoming large capsize for a total
75,000t mostly carrying NPS against the 2023-24
contract for NPS to EABC. The presence of TSP in the
Ethiopian phosphates import mix (and how trial
applications are assessed) raises an interesting question
on how Ethiopian tenders may be structured in future
years.
First quarter fertilizer exports: OCP maintained high
comparative rates of fertilizer export sales through March.
Roughly 850,000t of sales volumes are expected to have
moved in March bringing the total Q1 exports to roughly
2.5Mt, up 19% from 2.1Mt exported in Q1 2023 and
2.2Mt exported in Q1 2022, but still down from the 2.7Mt
exported in Q1 2021.
• OCP still likely to pass record fertiliser exports in
2024: With the company already increasing exports in Q1
yr-on-yr and capacity rising to 15Mt through 2024, OCP is
forecast to produce roughly 12.4-12.5Mt fertilizers in
2024, with roughly 12.0Mt exports (surpassing OCP’s
11.3Mt record in 2020). This represents an extra roughly
1.1Mt fertilizer exports this year with production rates at
just below 85% of capacity.
Tunisia: Latest GCT DAP offers for April loading to
European buyers are indicated at $580-590pt fob with
limited sales reported. GCT is expected to move back to
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higher volumes of DAP availability on reduced
seasonal MAP import demand from the USA. Latest
forward DAP prices for the US also now reflect no
higher than $560pt fob Tunisia.
Egypt: DAP offers to Europe from Egypt are now
reported at $580-590pt fob with limited volumes
available for April loading. Forward US DAP prices
likely reflect no higher than $555pt fob Egypt.
Kenya – KTDA tender: The Kenya Tea Development
Agency closed a retender for 96,988t NPK26-5-5 on
17 April. The new tender went out to eight participants
with four offers received. The L1 came from Fersol ex-
Uralchem at $409.35pt cfr liner-out bagged, with
Licacri ex-Russia at $424pt cfrlo, SLDR ex-Russia at
$455.12pt cfrlo and Ameropa ex-Romania at
$490.46pt cfrlo. The tender, which is now likely for
delivery into July/August, had originally been set to
close on 21 February and has repeatedly been pushed
back.
• Background: The decision to retender came after
the L1 offeree in KTDA’s 26 March round, Chiromo
Fertilizer ex-Uralchem at $400pt cfr liner-out bagged,
did not accept the LOI with Uralchem noting they did
not support the offer, according to market participants.
The second lowest offer in the previous round came
from Fersol Ltd ex-Uralchem at $428.85pt cfr liner-out
bagged.
Middle East
Saudi Arabia: DAP/MAP sales from Saudi Arabia for
May loading are limited at this point with as much as
250-300,000t still available for the coming month.
Ma’aden reports it has lined up roughly 80,000t MAP
to Brazil and 44,000t DAP to Bangladesh both under
formula prices for May loading. The company is in
discussions with Indian buyers over May cargoes with
Pakistan, Southeast Asia and East Africa possible
targets, with latest indications from these markets
netting back no higher than $545-550pt fob. Trader
Midgulf is understood to have covered a recent sale to
India’s NFL at $547-548pt cfr with Mosaic’s Saudi
Arabian DAP availability, likely netting back no higher
than $535pt fob. Ma’aden also recently finalised at
least one DAP/MAP cargo to the US for April loading
under formula prices. Current May indications for US
DAP NOLA reflect no higher than $500pt fob if sold
spot. April availability reduced from Saudi Arabia due
to maintenance.
07
• Price Assessments: The Saudi Arabia DAP price is
pegged down $10pt at an indicative $535-550pt fob Ras
Al Khair pending further sales. Saudi Arabia MAP is
assessed down $7-8pt at $525-550pt fob with the low
end the likely netback from Brazil.
• Jan-April line-up: The Saudi Arabia DAP/MAP/NPS
line-up for January through April is currently at roughly
1.5Mt, reflecting a 21% decline on the 1.9Mt exported in
the same period 2023. The decline is down to technical
issues in Q1 and maintenance in April, with higher rates
of roughly 450,000t DAP/MAP/NPS per month expected
from May/June.
Ma’aden phosphate fertilizer production still at
slower rates: Ma’aden confirmed in its latest earnings
presentation that Saudi Arabian phosphate fertilizer
production in 2023 reached a record 5.9Mt, up 15% yr-
on-yr. The supplier had been running at higher rates in
the first half of last year, with H1 2023 production at
3.16Mt but technical issues and production outages
reduced H2 production to 2.74Mt and Q4 production to
just 1.28Mt, down 13% yr-on-yr. Maintaining current rates
through Q2 would mean a H1 comparative reduction of
roughly 700,000t DAP/MAP/NPS against H1 2023.
Ma’aden set its 2024 production guidance for phosphate
fertilizers at 5.5-5.8Mt, representing an average 4%
decline on 2023.
• Construction work underway at Phosphate 3:
Ma’aden also reports that construction work is underway
at its Phosphate 3 project, which is still set to start phase
1 production in 2026. Phase 1 adds a further 1.5Mt
capacity to total 7.5Mt with another 1.5Mt to be added in
2029 during phase 2 bringing total capacity to 9Mt.
Jordan: JPMC DAP prices are assessed at $520-525pt
fob, down another $7-8pt in line with latest DAP declines
to India. Discussions are reportedly ongoing over
Jordan’s May DAP availability with India the likely target.
Current DAP prices to the US would netback at $510-
530pt fob Jordan with forward indications below the low
end. JPMC’s latest activity was 40,000t DAP for H2 April
loading to India’s IPL netting back at roughly $540-545pt
fob.
India
India: There are unconfirmed reports of DAP offers to
India dropping to below $535pt cfr and possible deals for
May loading below $530pt cfr India this week. If
confirmed these would mark a further $20pt decline in
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any form or by any means, without the prior written permission of the Copyright owner.
prices and as much as a $70pt slump in India DAP
values over the last five weeks alone. At the start of
the market week on 12 April, NFL awarded its 9 April
tender for 50,000t DAP to Midgulf at $547-548pt cfr.
Midgulf, which is understood to have secured backing
from Mosaic’s Saudi Arabian DAP supply, had
originally offered at $548.50pt cfr before NFL
countered. Some non-participating sources suggest
the deal was concluded at $545-547pt cfr but this has
not been confirmed. The tender called for shipment to
any safe port in west coast India by the end of April.
By midweek, GSFC reportedly had not awarded its 10
April tender for 50,000t DAP with the company calling
for revised offers for up to 100,000t DAP on 18 April.
Initial reports suggest offers in the latest GSFC round
dipped below $535pt cfr but these have not been
confirmed. Some sources also suggest a round of
discussions for May loading are taking place with key
buyers at $525-530pt cfr. Notably these prices netback
roughly $20pt below the Chinese $530pt fob target
price floor. For now, the India DAP price is pegged at
$535-548pt cfr, marking an average $5-6pt weekly
decline pending confirmation of the lower priced
deals/offers. Most Indian buyers are still on the side-
lines expecting prices will drop down to a level that
gains margins at the prevailing DAP Maximum Retail
Price/Nutrient Based Subsidy rates, ie. below $500pt
cfr.
• DAP production: Production was down in Q1 with
India’s January through April DAP production forecast
down 15% at 1.3Mt. The expected decline is down to
limited production margins based on Rabi raw material
costs and MRP/NBS rates, switching to NP/NPK
production and scheduled/unscheduled maintenance.
PPL’s Odisha plant is currently closed for maintenance
and because India’s Central Pollution Board issued a
closure notice until compliance is met, IFFCO’s
Paradip operation is on a 25-day turnaround while
CIL’s Vizag plant is in maintenance until early April.
The decline is also due somewhat to reduced raw
material availability on the ongoing Red Sea crisis.
• DAP stocks expected down into May:
Furthermore, India has only lined up 70-75% of last
year’s Jan-April DAP imports (1.1Mt v 1.5Mt). As a
result, May opening DAP stocks for India are now
forecast at 2.7Mt against 3.5Mt entering May 2023.
India’s Kharif 2023 (April-September) DAP demand
reached 6.3Mt. Combined DAP/NP/NPK stocks
entering the Kharif season 2024 are stronger, forecast
at 6.1-6.2Mt, slightly down from 6.2-6.3Mt last year.
08
 India's DAP stocks likely to have opened Kharif 2024 (April) at 2.1-2.2Mt
Production Mt
4.0
3.0
2.0
1.0
0.0
RCF – MAP10-50/DAP lite: India’s RCF received offers
from five suppliers in its 12 April tender for 44,000t
MAP10-50/DAP lite 15.5-44 in two equal lots. Offers
came from Agrifields, Ameropa, Hexagon, Torbert and
Wilson International, mainly with MAP10-50. Each lot is
for shipment to MBPT, one in May and another H1 June.
Price offers, which are valid for 15 days up until 27 April,
are expected to open 19 April. RCF previously awarded
both lots for a total 44,000t MAP10-50 for shipment by
April, in its 26 February tender at $554.19pt cfr
RCF – Phosphate rock: RCF received five offers in its
12 April tender for 35,000t 29% P2O5 minimum
phosphate rock in one lot for shipment to MBPT within 30
days from the date of purchase order. The offers came
from Ameropa ex-Jordan, Sun International ex-Jordan,
Medallion ex-Jordan, Agrifields ex-Algeria and Wilson ex-
Egypt. Price offers, which are valid for 15 days up until 27
April, are expected to open 19 April.
India’s IMD forecasts ‘above normal’ rainfall in
monsoon season: The India Meteorological Department
(IMD) expects the country to see ‘above normal’ June to
September rainfall with fairly good distribution across the
country, according to an update on 15 April. Though
certain areas like Odisha, Jharkhand, Chattisgarh and
West Bengal may see below par rainfall, the monsoon
core zone (Central India, Punjab & Haryana) are set to
see high monsoon rains, the IMD says.
Quantitively, the countrywide IMD expectation is for
106% of the long period average rainfall with a 61%
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Imports Mt Opening stock Mt (right axis)
8.0
6.0
4.0
2.0
0.0
predicted probability of ‘above normal’ or ‘excess’
rainfall. The increase is down to the transition to La
Nina conditions by July/August, below normal snow
cover in the northern hemisphere and developing
positive conditions in the Indian Ocean. Private
weather forecasting group Skymet noted on 9 April it is
expecting a ‘normal monsoon’. The Southwest
monsoon provides around 70% of India’s yearly
rainfall. In the 2023 monsoon, India received below
average cumulative rainfall at 820 mm compared to
the long-period average of 868.6 mm. the IMD is set to
forecast the onset date of the monsoon in mid-May.
India phosphoric acid: CIL reports on 18 April it has
agreed its second quarter phosphoric acid contract
with JPMC at $948pt cfr 100% P2O5, marking a $20pt
decline on Q1. The supplier has yet to confirm the deal
with reports another major buyer has also agreed at
the reported price. Based on latest other raw material
prices and current NBS/MRP rates the new price still
represents as much as a $10-15pt loss to produce
DAP in India though it likely provides good margins for
NP/NPK production during Q2. DAP production via
phosphate rock in India is now providing healthy
margins.
Buyers were understood to be seeking a substantial
drop in phosphoric acid prices following recent
declines in DAP prices and to secure margins to
produce DAP via phosacid. However, suppliers noted
prices were already low on a comparable P2O5 basis
against DAP imports, latest ammonia price declines
09
have improved India’s production margins, particularly for
NPS/NPK production, and recent freight rate increases
have already heavily hit fob values from suppliers. India’s
Q1 phosacid was agreed at $968pt cfr 100% P2O5 with
30 days credit, marking a $17pt decline on the Q4 2023
contract of $985pt cfr.
India imports still far from margins: The new Kharif
Nutrient-Based Subsidy rates imply a $42-48pt loss at
latest DAP import prices, and breakeven no higher than
$500pt cfr. Returning to high imports in the coming
months will likely be dependant either on a further crash
in DAP prices into May/June, and/or an increase in
India’s Maximum Retail Price for DAP, and/or a revision
to subsidy support later in the Kharif season.
Other South Asia
Pakistan: There are no new DAP deals to Pakistan this
week with buyers still expecting further price declines and
staying out of the market despite limited stocks. Offers
are now indicated at roughly $570pt cfr with bids no
higher than $550-560pt cfr, marking a $10pt price decline
wk-on-wk. Unconfirmed indications suggest availability
now as low as $550pt cfr for May loading. Buyers
generally indicate they can wait until May/June before
returning to the market ahead of higher Kharif season
demand. The Pakistan DAP price is now down around
$60pt in the last five weeks but remains an average of
roughly $20-25pt above latest India DAP indications. Five
weeks ago, Fauji purchased a 30,000t DAP cargo from
Ma’aden for H2 March loading at $620pt cfr while there
are unconfirmed reports of a recent Engro DAP deal ago
for 40,000t DAP from China at roughly $575pt cfr.
Pakistan’s March NFDC data: Pakistan’s March DAP
offtake reached 107,000t, up 108% on 51,000t last year.
This brings full Rabi season DAP offtake to 874,000t, up
23% despite high domestic prices remaining in place.
The 2023/24 Rabi offtake remains down on the 2021/22
Rabi when DAP offtake reached 927,000t and on the
2019/20 and 2020/21 years when Rabi DAP offtake was
at 1.1Mt each. Total availability of DAP during March in
Pakistan reached 185,000t, including 89,000t stock,
20,000t imports and 76,000t domestic production.
• Stocks depleted into Kharif: The March availability
and offtake left just 78,000t DAP stock entering April for
the Kharif season. This is down from opening stocks for
Kharif 2023 or 274,000t and for Kharif 2022 of 276,000t.
The NFDC is expecting roughly 900,000t DAP demand in
Pakistan’s 2024 Kharif season, with domestic
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production/stocks expected at 500,000t during the
period that leaves a significant supply gap in the
coming months, especially if Pakistan wants to build
stocks for the Rabi season 2024/25.
Bangladesh: The MoA is understood to be discussing
the necessary DAP/TSP volumes for another private
sector tender in May/June 2024. Last year’s tender
was slimmed to just 400,000t DAP and 200,000t TSP
and closed in late July 2023 due to financing issues. In
the end, the tender received offers for just 120,000t
DAP and 60,000t TSP due to the risks involved.
Bangladesh has secured a number of cargoes from
Saudi Arabia, Morocco and China so far this year to
help offset low stocks though issues with financing
remain an issue and it is unclear if Bangladesh will be
able to tender for significant DAP/TSP volumes this
year.
Bangladesh phosrock: BCIC floated a tender for
25,000t (72% BPL minimum) phosphate rock closing
on the 3 June. The tender is for shipment to BCIC’s
TSP jetty at Chattogram within 30 days of receipt of
the L/C. BCIC previously received one offer from
Wilson International ex-Jordan at $345pt cfr or roughly
$289pt fob in its tender for 25,000t phosphate rock
(minimum 72% BPL) on 6 February. The lowest offer
in BCIC’s 29 November tender for 25,000t rock was
from Gen Trade ex-Morocco at $342.89pt cfr or $266pt
fob.
Bangladesh phosacid: BCIC recently floated tenders
for a total 40,000t phosacid closing in late April/early
May. The buyer is seeking 10,000t phosacid (52-54%
P2O5) in a tender closing 30 April for delivery to its
TSP complex in Chattogram within 30 days of the L/C
receipt. BCIC is also seeking 30,000t phosacid (52-
54% P2O5) in a tender closing 6 May. The tender calls
for three equal lots of 10,000t for delivery to its CUFL
jetty in Chattogram within 30, 35 and 40 days of the
L/C receipts. BCIC’s latest phosacid tender was for
10,000t on 27 December. The lowest offer came from
China’s Guizhou Chanhen at $572pt cfr 54% solution
or $1,059pt cfr 100% P2O5. Pakistan’s DAP stocks
are forecast to enter the Kharif season in April at
184,000t, down from 274,000t entering April 2023 and
276,000t entering April 2022.
Nepal: KSCL recently floated a tender for 25,000t
DAP closing 3 May. The tender is for inland delivery to
warehouses at Biratnagar, Birgunj and Bhairahawa,
likely by early Q3. Offers have 21 days validity. Nepal’s
STC received four offers in its 26 January tender for
25,000t DAP with prices opened on 2 February. The
010
lowest offer came from Sun International at $707.95pt cip
marking a $21pt decline on KSCL’s 22 December DAP
tender L1 from Indian Potash Ltd at $729.00pt cip.
Far East, Pacific
China: DAP prices from China remain under pressure
amid limited sales as suppliers attempt to set a price floor
of $530pt fob after a $65pt drop in the previous five
weeks and traders seek lower values. Latest reported
DAP offers to Central/Latin America and Pakistan for late
April/early May loading reflect $540-550pt fob, with a
rumoured new deal to Mexico in this range. A number of
Chinese suppliers report they are offering at $530-535pt
fob for large volume sales to India and Southeast Asia.
However, latest rumoured DAP offers from traders to
Indonesia at $530-535pt cfr and to India below $535pt cfr
reflect roughly $510pt fob for May loading from China. A
number of traders report availability from China at $520pt
fob this week with no deals confirmed at this level. The
China DAP price is pegged down $5pt at $530-540pt fob
pending confirmation of availability below the $530pt fob
floor target. Notably, very little DAP has so far been sold
from China for may loading and there are expectations of
a jump in Chinese DAP availability for May/June loading
on the CIQ quota’s second tranche.
• China domestic DAP: DAP prices in China’s domestic
market are reported flat this week at CNY3,700-3,750pt
exw ($512-518pt) with new activity from factory slowing
for the spring season. Some offers are still reported as
high as CNY3,800pt exw ($525pt). A growing volume of
DAP is expected to be moved towards port for exporting
in April following as much as 400-500,000t expected
deliveries to port through March. Domestic DAP prices
currently reflect $525-530pt fob to export.
through April 2025, with roughly 3.25-3.5Mt DAP/MAP
forecast for export in the May-September 2024
tranche. June 2023 saw the highest monthly
DAP/MAP exports from China of 2023, at 980,000t
(14% of the yearly total).
China’s DAP production up in Q1: China’s
DAP/MAP production in the first two months of 2024
rose 2.7% yr-on-yr to 4.7Mt, according to latest CPFIA
data. DAP production in January-February rose 12%
yr-on-yr to 2.6Mt while MAP production in the same
period declined 7.0% to 2.0Mt. Combined DAP/MAP
inventories in China reportedly rose 10% between
December and February 2024 ahead of domestic
spring season sales, reaching 2.1Mt. March is
understood to have seen similar production rates with
roughly 500-600,000t DAP/MAP moved to port for
export during the month. China’s Q1 DAP/MAP
production is forecast at 7.1Mt, up from 7.0Mt in both
Q1 2023 and Q1 2022. In the full year 2023, China
produced 27.5Mt DAP/MAP, up from 25.3Mt in 2022.
Combined Chinese DAP/MAP exports in 2023 reached
7.1Mt.
Southeast Asia: DAP prices slumped this week to
$533-560pt cfr Southeast Asia from previous activity at
roughly $570pt cfr and deals as high as $640pt cfr in
January/February. Vietnam offers were seen early in
the market week at the high end of the range at $550-
560pt cfr. Pupuk Indonesia reportedly received offers
as low as $530-535pt cfr in its latest tender for roughly
20,000t DAP for May loading. The tender is
understood to have received ten offers.

• MAP11-44: Chinese export offers for May loading are

reported at $440-445pt fob though latest sales activity is
indicated at $435-440pt fob to traders for the Brazilian
market. Reports suggest a number of MAP11-44 deals
have been concluded to traders for H2 April/May loading.
Domestic MAP11-44 prices are generally reported at
CNY3,000-3,050pt exw ($414-421pt) with some offers
seen as high as CNY3,200pt exw. Domestic MAP11-44
prices currently reflect $425-435pt fob to export.

• January-April export volumes: China’s January

through April DAP/MAP export volumes are at roughly
700,000t. These are forecast to reach 800,000t, roughly
half of the 1.6Mt in the same period 2023. This leaves
roughly 5.7Mt DAP/MAP available for export from May

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 PHOSPHATE ROCK $ P2O5 Q1 2024 Q4 2023 NPK, NP $ BULK 18 Apr 11 Apr
Morocco fob 31-33% 145-295 145-295 16-16-16 fob FSU 305-390 305-390
China fot 29-31% 135-150 135-150 16-16-16 fob FSU China netback 305-315 305-315
Syria fob 29-30% 90-96 90-100 10-26-26 fob FSU 355-435 355-435
Peru fob 30% 110-140 115-145 20-20-0 fob East Europe 300-360 300-360

Algeria fob 29-30% 92-125 100-130 19-38-0 7S fob Morocco Q1 2022 655 655

Egypt fob 30-31% 100-115 105-120 10-26-26 cfr India 420 420

Egypt fob 27-28% 55-85 80-90 15-15-15 cfr India 368 368

Jordan fob 34-36% 220-270 220-270 16-16-16 cfr China 380-385 380-385

Togo fob 35-36% 140-150 140-150 9-25-25 cfr NW Europe 600-610 600-610

Russia fob 38-39% 210-270 240 15-15-15 cfr W Africa 460-470 460-470

Russia dom del ($ equ.) 38-39% 230-260 280 16-16-16 cfr SE Asia 430-450 430-450

India cfr 29-30% 130-150 130-150 16-20-0 cfr SE Asia 330-335 330-335

India cfr 33-34% 217-260 225-265 0-30-10 fot ex store Brazil 355-370 355-370
15-15-15 fot ex wks China 390-410 390-410
15-15-15 (SOP) fot ex wks China 440-470 440-470
25-13-7 fot ex wks N China 360-370 360-370
PHOSACID MGA $pt P2O5 Q1 ‘24 Q4 ‘23 10-10-20 fot ex wks N China 340-350 340-350
Morocco fob 875-1,070 900-1,110

India cfr 30d 968 985

West Europe cfr 1,020-1,120 1,050-1,150
SSP $ BULK 18 Apr 11 Apr
Brazil cfr 1,060-1,080 1,080-1,100
Egypt fob 170-190 170-190
Brazil cfr (feed grade 54%) 1,060-1,080 1,080-1,100
Spain fob ($ equiv) n.m. n.m.

Italy € fot bgd ex store n.m. n.m.

Brazil cfr 18% 200 200
INPUTS (+/- $pt of DAP) Mar (Feb) +/- Brazil cfr 18-21% 200-230 200-230
Ammonia cfr Tampa 445 (445) =0 Brazil fot ex store inland 19-21% 300-325 300-325
cfr Morocco 390 (430) -9.3 Brazil ex-port store 18-21% 240-270 240-270
cfr India 300 (330) -7.0
Sulphur plt cfr Tampa Q1/Q4 69 (102) -14.2
cfr N Africa Q1/Q4 80 (128) -20.1
EU NPK, NP (inland €) 18 Apr 11 Apr
spot ex-warehouse China 85 (110) +10.7
15-15-15 cif bulk Benelux 435-440 435-440
17-17-17 cif bulk France 465-475 465-475
0-25-25 cif France 460-480 460-480
8-24-24 del bgd Italy 555-565 555-565
20-10-10 del bgd Italy 465-470 465-470
8-24-8 del bgd Spain 530-540 530-540
20-10-10 del bgd UK £ 380-390 380-390

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 DAP $ BULK 18 Apr 11 Apr MAP $ BULK 18 Apr 11 Apr
Tampa, US Gulf fob 555-580 555-580 Baltic, Black Sea fob 522-550 522-550
Simulated net on Brazil, Arg spot* 555-575 555-575 NOLA return net 14.3% CVD on US cfr 443-455 435-475

Metric netback from NOLA 565-580 530-560 Tampa fob 555-580 555-580
Netback on Mosaic India system** 475-480 475-480 NOLA fob barge (st) 518-530 510-550
NOLA fob barge (st) 535-550 500-530 Florida fot (st) 655 655
Florida fot (st) 630 630 Morocco fob 550-595 550-595
KSA fob 535-550 540-565 KSA fob 525-550 525-565
Simulated metric netback from NOLA 535-550 500-530 KSA fob (formula netbk from Brazil) 525-530 525-530

Russia Baltic fob 520-580 520-585 China fob (10-50) 490-500 490-500
Lithuania Baltic fob n.m. n.m. China fob (11-44) 435-440 435-445
Morocco fob 530-595 540-595 Brazil cfr (11-52) 570-572 570-572
Duty-free metric netback from NOLA 560-575 525-555 Argentina cfr (11-52) 600 600
Above US return net 7.41% CVD on US cfr 520-535 485-515 Brazil fot ex-port store (11-52) 595-605 595-605
Africa netback 530 540 Brazil cfr (11-44) 470 470-475
Tunisia fob 585-590 595 Brazil fot ex-store inland 120 d 665-675 660-680
China fob 530-540 530-550
China fot bgd ex wks ($ equiv.) 512-518 512-518
TSP $ BULK 18 Apr 11 Apr
Mexico fob 555-570 520-550
Morocco fob 375-430 375-440
Jordan fob 520-525 530
Tunisia fob 395-430 395-440
India cfr spot 535-548 545-549
Mexico fob 405-410 400-420
Pakistan cfr 560-570 570-580
China fob 370 370
Brazil cfr 570-572 570-572
China fob (Iran netback $pt equiv)* n.m. n.m.
Argentina, Uruguay cfr 600 600
Lebanon fob 390-420 390-455
Benelux, N France fob/fot 645-650 650-655
NOLA fob barge (st) 430-433 435-440
*Any-origin sales to Brazil, Argentina, Uruguay ** Mosaic India netback is basis
MRP assumed for 2023 flat at Rs27,000pt, and Rabi 2023 subsidy reduced to
Brazil cfr 415-420 415-420
Rs22,541pt, net all internal logistics costs, all taxes, and prevailing forex
Benelux. N France $ fob/fot 490-500 490-510
* No imports in 2019, nor 2020, 2021, and tender in 2022 lapsed

Profercy Phosphates & NPKs pricing represents last-known spot

or contract sales. In the absence of new trades, competitive
indications will apply; i.e. highest bid in a rising market or lowest
offer in a falling market. Netbacks on contract sales, formula or
otherwise may feature. International quotes are for 4,000 tonne lots
& above, rounded up to the nearest US$. Italics = no recent
business; n.m. = no market

Publisher: Profercy Phosphates Ltd

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