The ICIS Phosphates Fertilizers Report is published weekly in Europe. This reliable weekly price report contains price assessments for diammonium phosphate (DAP) in the US Gulf and north Africa, triple superphosphate (TSP) in north Africa and phosphate rock in Morocco. There is also a monthly price forecast and analysis publication, The Outlook: Phosphates, and more intelligence on phosphates can be found in the global coverage of the weekly publication The Market.
These up-to-date and trustworthy publications are an essential business tool to help you make informed decisions.
Updated to Q2 2020
Supply from Asia was steady, as Chinese production slowly returned to normal following shutdowns due to the coronavirus pandemic. After producers focused on domestic demand they turned their eyes to the export market, with demand picking up in southeast Asia in the second quarter. Meanwhile other producers, like the Moroccans and Saudis, took advantage of the absence of Chinese producers and increased their prices to compete for business in the region.
Demand was high in Q2, with Indian buyers taking advantage of low phosphates prices. In April-June, 1.6m tonnes of DAP arrived at Indian ports on expectations of a good monsoon season. This fact, coupled with high phosphoric acid prices, made it cheaper to import DAP rather than produce it domestically using phosphoric acid. Most buyers issued DAP import tenders, and stocks in the country remained high from previous purchases last year.
Most phosphates suppliers looked to Europe for demand due to a lack of interest in other regions. Russian producers continued to supply the domestic and regional markets, especially as demand was lacklustre in Brazil and North America. North African producers focused on Europe as well, where they can get better freight advantages. However, the adverse weather and lockdowns in most countries made logistics difficult for a while.
Q2 demand was mixed as it is usually the off season for fertilizers in Europe. Also, the adverse weather did not help farmers during this period. However, north Europe was active in purchases and building stock. Producers continued to ship product as demand was slow elsewhere. Also, logistical constraints due to coronavirus lockdowns resulted in delays in shipments and delays from North Africa due to bad weather and high swells at ports.
Supply increased as a result of spring plantings advancing rapidly during Q2. An uptick in the amount of crop acreage led to more pull – especially upriver and at the inland terminals – with improving weather conditions also helping. Overall movement of volumes was considerably stronger than in Q1.
A delayed spring saw slower initial buying but as plantings moved forward demand followed suit, with skipped or deferred applications from a year before spurring more interest this season. There was also more demand as the forward placed inventory and 2019 carryover was quickly exhausted and needed to be replenished to complete optimum nutrient input.
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