Waypoint Commodities August Market Update: 1
Published on
12 August 2024
Written by
Hugo Nankivell
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In our latest market review, we've identified several significant trends across various fertiliser markets.
Diammonium Phosphate (DAP)
- Rising Prices in the East: DAP prices have firmed in the East, with Pakistan leading the charge, buying Chinese DAP at mid-$630s/t CFR. This has pushed Chinese prices up to $600-605/MT FOB. Meanwhile, India’s activity remains limited with minimal trade.
- Global Market Movements: Turkey supported Tunisian DAP prices, while South Africa provided a market for Saudi Arabian MAP amidst Brazilian inactivity. Chinese DAP prices are rising, with offers exceeding $650/MT CFR for some destinations.
Urea
- Price Declines: Urea prices have slipped in key markets like Southeast Asia, North Africa, and Brazil, as demand softens ahead of an anticipated Indian tender.
- Middle East Stability: Prices remain stable in the Middle East, supported by commitments for August, despite downward pressure in Southeast Asia and North Africa.
- Chinese Market Impact: In China, domestic urea prices dipped due to slowing demand and rising stock inventories, though an uptick is expected in September with increased NPK industry demand.
Ammonium Sulphate (Amsul)
- Firming Prices: Domestic amsul prices have mostly firmed up on the expectation of returning Brazilian demand. Industrial demand from the rare earth industry is also picking up as the rainy season ends, providing additional support for prices.
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