Latest market news

Saudi’s Ma’aden sells DAP to Pakistan at $615/t cfr

  • Market: Fertilizers
  • 22/07/24

Saudi Arabian phosphates producer Ma'aden sold 30,000t of DAP to a Pakistani importer at around $615/t cfr for shipment in August.

The price nets back to the low-mid-$600s/t fob Ras Al-Khair.

The buy side has said that the deal has not yet concluded.

Pakistan's DAP stocks fell by over 50,000t at the end of June, the latest NFDC data show. But slow Indian buying allowed Pakistan to secure 110,000-115,000t of DAP last week at $605-610/t cfr from China, Morocco and Australia.

Ma'aden earlier this month sold 25,000t of DAP to Pakistani importer Engro in the low-mid $560s/t cfr, netting back to the high $540s/t fob.


Sharelinkedin-sharetwitter-sharefacebook-shareemail-share

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

News

Port strike to halt Vancouver sulfur exports


01/11/24
News
01/11/24

Port strike to halt Vancouver sulfur exports

Houston, 1 November (Argus) — Sulfur exports could be halted early next week following the announcement of a strike notice by the International Longshore and Warehouse Union (ILWU) Local 514. The union issued a notice for a strike to begin on 11am ET on 4 November after rejecting a final offer from the British Columbian Maritime Employers Association (BCMEA) for a new labor contract. The two parties have been in talks for a new contract since the previous labor agreement expired in March 2023. The BCMEA responded early this morning with a lockout notice, set at the same time as the ILWU Local 514's strike on 4 November. The work stoppage at the port will impact all commodities aside from grains, according to sources. No sulfur handling operations —rail unloading and vessel loading— will take place for the duration of the strike. Logistics providers and shippers will have three days to load vessels, and will likely expedite railcar unloadings before railroad operators make sure cargoes are stored safely. Shippers at the port of Vancouver have exported around 2.47mn t of sulfur from January-September this year, up by 5pc on the year with increased deliveries to China, Indonesia and the US. The Canadian government has the power to intervene and force the parties back to the negotiating table, albeit with a federally appointed mediator. This would also require employees to return to work and for operations at the terminals to resume. By Chris Mullins Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

Rise in phosphoric acid price to hit Indian producers


31/10/24
News
31/10/24

Rise in phosphoric acid price to hit Indian producers

London, 31 October (Argus) — Higher phosphoric acid prices for the fourth quarter will push India to rely more heavily on DAP imports and domestic production using imported phosphate rock and sulphur to build its DAP stocks. The Indian government said in a document issued in September that it will cover the losses incurred on imports over September 2024-March 2025, but it has not committed to covering the losses incurred on domestic production. Domestic DAP producers using imported phosphate rock and sulphur are achieving profits, but those using imported phosphoric acid are facing negative margins. Phosphoric acid price hike lifts cost of production Indian fertilizer importer and producer Coromandel this week agreed to a price of $1,060/t P2O5 cfr India for phosphoric acid in the fourth quarter with Jordanian supplier JPMC, which is up by $110/t P2O5 from the third-quarter phosphoric acid contract price. No other producer or importer has yet confirmed settling their respective phosphoric acid contract requirements for the fourth quarter. Argus calculates that importing phosphoric acid at $1,060/t P2O5 cfr and ammonia at $460/t cfr will bring the total cost of DAP production up to $647/t. Adding variable costs brings the total to about $684/t. This means that domestic DAP producers using imported phosphoric acid and ammonia will face negative margins of $64-65/t given the current maximum retail price (MRP) of 27,000 rupees/t ($321.12/t), nutrient-based subsidy (NBS) of Rs25,411/t — including the Rs3,500/t special additional package — and US dollar to rupee exchange. Without the Rs3,500/t special additional subsidy — due to expire at the end of December — the loss would rise to about $106/t. Meanwhile, with the delivered price at $635/t cfr, importers of DAP would currently face a loss of about $92/t, given the current MRP, NBS and exchange rate, and without the additional government support. Domestic DAP producers importing 67 BPL (30.66pc P2O5) phosphate rock at $145/t cfr and sulphur also at $145/t cfr will make a profit of about $47/t in current conditions. Firm interest in phosphate rock and disruptions to Syrian exports have supported prices for Jordanian product. Indications for 66-68 BPL (30.2-31.1pc P2O5) phosphate rock are now in the $130s/t fob Aqaba. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

India's RCF issues tender to buy 15-15-15, 10-26-26


30/10/24
News
30/10/24

India's RCF issues tender to buy 15-15-15, 10-26-26

London, 30 October (Argus) — Indian fertilizer importer and producer RCF has issued a tender to buy 30,000t each of NPK grades 10-26-26 and 15-15-15. The tender is to close on 8 November. RCF requests shipment from the loading port or ports by 20 November and delivery to India's east coast. The importer is also currently seeking 20-20-0+13S and/or phosphate rock in a tender that closes on 5 November. By David Maher Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

European firms get ‘Moroccan Offer’ for green NH3


29/10/24
News
29/10/24

European firms get ‘Moroccan Offer’ for green NH3

London, 29 October (Argus) — A group of three European companies has been selected for the first land allocation under the "Moroccan Offer" and intends to produce 200,000 t/yr of renewable ammonia for the European market in a first stage. France's TE H2, a joint venture between TotalEnergies and renewables developer Eren, has joined forces with Danish firms Copenhagen Infrastructure Partners (CIP) and A P Moller to develop the so-called Chbika project in the Guelmim-Oued Noun region on Morocco's Atlantic coast. They are planning to use 1GW of combined solar photovoltaic and wind power in the first phase for electrolysis of desalinated seawater to make hydrogen that will then be converted into ammonia. Production of 200,000 t/yr of ammonia could require some 35,000 t/yr of hydrogen. CIP and TE H2 will oversee development of power generation assets, hydrogen and ammonia plants, and A P Moller will develop a port in the area and associated logistics infrastructure. "This project will constitute the first phase of a development program aimed at creating a world-scale green hydrogen production hub," CIP said, suggesting that the companies could scale up operations at a later stage. The partners have signed a "preliminary contract for land reservation" with the government, CIP said, adding that this is "the first green hydrogen project" selected under the framework of the Moroccan Offer through which Rabat seeks to allocate land rights to project developers and to offer streamlined permitting procedures. The companies have not outlined a timeline for their project, but under the Moroccan Offer's framework they would have around two years to complete front-end engineering design (FEED) studies, before then signing a long-term land agreement. Through this first phase of the Moroccan Offer, Rabat is planning to make 300,000 hectares (ha) of government land available to 10-30 projects. As of early this month, the Moroccan Agency for Solar Energy (Masen), which is leading the process, had received some 40 applications for review. Masen was initially due to announce the first selections by the end of the third quarter. TotalEnergies previously already announced plans for renewable hydrogen production in Morocco, but it was not immediately clear if this joint project with CIP and A P Moller is related to these earlier ventures. Many large renewable hydrogen and ammonia projects are planned across Morocco as developers are hoping to capitalise on favourable renewable power conditions, but all are still in early planning stages. By Pamela Machado Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Generic Hero Banner

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more