12/11/24
Brazil's MAP imports were above average in October
Brazil's MAP imports were above average in October
London, 12 November (Argus) — Brazil imported 441,000t of MAP in October,
slightly above the five-year average for the month, according to Global Trade
Tracker (GTT) data. Morocco's share of MAP exports fell on the year and was
exceeded by the market shares of Saudi Arabia and Russia. MAP imports last month
were below the 470,000t recorded in October last year but slightly above the
2019-23 October average of 424,000t. Receipts in the first 10 months of this
year totalled about 3.76mn t, a sharp decline from 4.32mn t a year earlier, but
only slightly below the 3.9mn t average over 2019-23. Since July, receipts have
been above the norm, helping offset below-average imports in the first half of
this year. A total of 457,000t of MAP are lined up to arrive in November so far,
according to Unimar line-up data. This is below the 496,000t in November last
year but above 411,000t in November over 2019-23. A further 28,000t have already
been earmarked for December arrival. Brazilian MAP imports typically peak in
July and remain at above 400,000t from July-November, according to the five-year
average. Morocco's share falls Morocco's market share of the Brazilian MAP
market fell by 20.2 percentage points on the year to 26pc last month, or
115,000t. Russia was the largest-single exporter to Brazil last month at
179,000t, representing a 40.5pc market share compared with 25pc in October last
year. Saudi Arabia's share rose by 8.8 percentage points to 28.8pc, or 127,000t,
also surpassing Morocco's share. Russia has remained the top MAP exporter to
Brazil every month this year apart from in August, when it was surpassed by
Morocco. And for the first month since July last year, Saudi Arabia's share of
Brazilian MAP imports outweighed that of Morocco. About 44.9pc of November MAP
deliveries to Brazil were of Russian origin, against only 8.8pc for Morocco and
16.8pc for Saudi Arabia, Unimar line-up data suggest. The US is set to deliver
25.8pc of November volumes. Moroccan phosphates exports to Brazil have focused
more heavily on TSP this year. GTT data suggest that from January-August,
Morocco sent 772,000t of MAP and 973,000t of TSP to Brazil, compared with more
than 1mn t of MAP and 589,000t of TSP in the same period in 2023. And 542,000t
of MAP is lined up to leave Jorf Lasfar in September-November, along with
438,000t of TSP, according to line-up data. Line-up data show that last year,
778,000t of MAP and 265,000t of TSP left the port over the same period. With
lower volumes of Moroccan MAP on offer to Brazil this year, importers had to
turn to Russia to secure the volumes they needed. Russia last week sold 30,000t
MAP in the high $670s/t cfr to India, netting back to $623-627/t fob. This sale
is above the netback of $603-605/t fob that Russia could have achieved with
Brazil. By Adrien Seewald Brazil monthly MAP imports t Month 2024 2023 2019-23
October 441,000.0 470,000.0 424,000.0 September 430,000.0 474,000.0 475,000.0
August 564,000.0 532,000.0 475,000.0 July 525,000.0 519,000.0 501,000.0 — GTT
Brazil monthly MAP imports by origin '000t Send comments and request more
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