argus fmb phosphates · mekatrade has sold 7,000t of south african map above $515/t cfr for end...

Copyright © 2013 Argus Media Ltd

Argus FMB PhosphatesFormerly FMB Weekly Phosphates Report

price guidemarket summary

Brazil provides support, supply length falls, prices rise marginally - but it’s fragile stillBrazil has bought 250,000t DAP/MAP from OCP, and with GCT still down for the first time in many months the market has little producer length. Europe is taking steady volumes with 65,000t DAP bought from Morocco. In Brazil, prices have edged higher on firmer sentiment. As expected, the Saudis dominate Ethiopia and drop prices to the $450s/t to win the business. However, production cuts will remain to to balance the market until India returns in April/May.

Outlook: stable through February

Highlights this week:

▪ Saudis dominate Ethiopia - prices down to $450s/t fob

▪ OCP sales to Brazil and Europe remove carryover

▪ GCT production problems look set to continue

450

475

500

525

550

575

600

625Morocco Tampa US barge

dap FOB prices

An Argus Media company

This established report offers a 12-month forward view of the global phosphates market. Price forecasts are offered for major benchmarks, covering DAP, MAP, phosphoric acid and phosphate rock. Each issue provides a summary of the major issues influ-encing supply and demand:

• Global trade balances for DAP, MAP, acid and rock• Projected trade balances with 12-month horizon• Comparison of DAP production costs• Capacity additions and project updates

For more information, contact us at [email protected]

monthly phosphates Forecast report

raw material contracts

phosphoric acid/t - p₂O₂

cfr India $/t Q1-13 770 Q4-12 855cfr Western Europe $/t Q1-13 990-1010 Q4-12 1070-1140cfr Brazil $/t Q3-12 1000 Q2-12 1000-1050phosphate rock (% BpL)fob Jordan (68-70) $/t Q4-12 150 Q3-12 150-155cfr India (68-70) $/t Q4-12 174 Q3-12 175-178cfr India (70-72) $/t Q3-12 195-200 Q2-12 195-200fob North Africa (69) $/t Q1-13 160-165 Q4-12 160-180sulphurcfr Tampa $/lt Q4-12 160 Q3-12 170cfr north Africa $/t Q1-13 140-165 Q4-12 170-185ammoniacfr Tampa $/t Feb-13 655 Jan-13 673* - No recent biz

spot prices

7-Feb 31-Jan

dap/map/tsp – fob bulkDAP Tampa $/t 475 475-485DAP Tunisia $/t 470-515 470-525DAP Morocco $/t 485-510 470-525DAP Baltic/Black Sea $/t 480-515 470-515DAP China $/t 500-520 490-500DAP Saudi Arabia (KSA) $/t 455-490 520-535DAP Mexico $/t 500*-505* 500-505DAP Australia $/t 500-510 500-510DAP US Gulf domestic barge $/st 465-470 463-465DAP Central Florida rail car $/st 460-470 460-470DAP China ex-works $/t 490-500 490-500DAP Benelux fot/fob duty paid/free $/t 545-550 545-550MAP Baltic $/t 470-510 470-510MAP Morocco $/t 490-510 490-525TSP Tunisia $/t 390-410 400-420TSP Morocco $/t 390-410 400-420TSP China $/t 350-360 350-360TSP Eastern Med (Lebanon/Israel) $/t 400-405 430-440dap /map – cfr bulkDAP/MAP Argentina/Uruguay $/t 504-507 504-507MAP Brazil $/t 505-515 500-510DAP India (contract) $/t 580* 580DAP Pakistan $/t 555*-560* 555-560Npk 16-16-16 – bulkfob FSU $/t 400-420 380-420cfr China $/t 450-460 430-460cfr South East Asia $/t 450-460 430-460

Issue 13-06 | Thursday 7 February 2013

Copyright © 2013 Argus Media Ltd of 10

Argus FMB Phosphates Issue 13-06 | Thursday 7 February 2013

market aNaLysis

producer exports/availability February (’000t)producer prod/carry commitments Bal

EuroChem 30kt DAP Germany8kt DAP Benelux9kt DAP France7kt DAP UK/Ireland5kt DAP/MAP Poland9kt DAP/MAP Cze/Slo6kt DAP Baltic30kt MAP US3kt MAP Serbia3kt MAP Ukraine32kt MAP Russia2kt MAP SE Asia10kt 20-20 Russ/Ukr

PhosAgro 25kt 10-20-20 Venez60kt 15-15-15 Africa10kt 15-15-15 Europe12.5kt 13-13-21 Thai12.5kt 16-16-8 Thai60kt DAP Europe30kt MAP US30kt MAP dom mkt30kt MAP Brazil

UralChem 10kt MAP Nitron/LA30kt MAP domestic

PhosChem 42kt DAP/MAP LatAm6kt DAP Mexico20kt DAP Venezuela

MissPhos 30-35kt DAP AustraliaCF Industries 25kt DAP/MAP Nitron

12kt DAP CenAmMa’aden Phos 50kt DAP EthiopiaOCP 80kt all products US

40kt DAP domestic200kt MAP Brazil40kt DAP Brazil65kt DAP Europe30kt DAP Thailand25kt DAP Kenya60kt TSP Brazil10kt TSP Europe10kt TSP Africa

GCT 30kt TSP Brazil25kt DAP/MAP Uru

The phosphates market has, for February at least, established itself on a much more stable footing. For the first time in months, the slide in prices has been arrested, and levels in Brazil and Europe appear to be heading north again. The recovery remains fragile and the price rise has been marginal, as much determined by production cuts as by real demand. Moreover, a sustained price rise still

requires current production outages to be maintained through March until Indian demand re-emerges in April and May. The demand is almost entirely west of Suez. SE Asia is dead.

Brazilian demand has been the main catalyst where OCP has been able to clear much of its carryover with close to 250,000t mostly MAP and some DAP placed there at $505-510/t cfr. This has brought down fob levels out of North Africa compared to January, but cfr levels in Brazil are now heading north. Mekatrade has sold 7,000t of South African MAP above $515/t cfr for end February shipment and traders are now backing off, hoping for further pricing escalation. OCP has also yet to offer for March, and the expectation is that prices will be pushed up $15-20/t.

The fact that a trader has sought out South African material highlights the lack of MAP available from traditional outlets with Russian MAP headed to regional and US markets. Even Brazilian buyers have bemoaned the lack of Russian MAP on offer.

Producer length, apart from Saudi Arabia, has largely been eradicated for this month. In total, OCP sold 500,000t DAP and MAP sold to various markets.

Soybean demand in Brazil has also prompted interest in SSP. While it is not peak SSP season yet, offer prices have risen into the $220s/t cfr, well above last done business at $205/t cfr. There are multiple Egyptian and Chinese cargoes heading for Brazil in February and fob asking prices have similarly risen significantly.

There are also signs that the European market is stirring into life. OCP placed 65,000t DAP into Europe, two thirds of its for the French market. FCA levels appear to have stabilised around the $545-550/t level, giving a netback of around $510/t fob North Africa. In part this demand has been bolstered by further Tunisian outages spooking European buyers to cover their requirements from Morocco.

Interest west of Suez has rather overshadowed events in Ethiopia where, as predicted, Saudi Arabian product dominated the AISE tender for 100,000t DAP. Offer prices here mean Saudi fob levels have sunk to the $450s/t fob level, a substantial drop of nearly $70/t on prevailing prices. In reality the Saudis faced little competition with Jordanian DAP surprisingly absent and it was also clear that DAP-dependent producers such as Saudi Arabia would be most competitive in the only volume market currently active. As in October 2012, Sabic was determined to secure this busines to tide MPC over until India returns to the market in April/May. Even with production cuts, it is clear the Saudis have product to sell hence the highly competitive offer. Morever, there has been no progress on special dispensation



sales to India this week, where the DoF has effectively asked importers not to take cargoes in Q1.

The US market is slightly firmer at $465-470/st fob Nola. DAP is snug and traders trying to cover short sales for February are finding little availability for the export market. Indeed, DAP is now trading at a slight premium to MAP. The US market is now scheduled to take 300,000t of DAP/MAP/TSP, but more MAP than anything else. This could limit upside to MAP prices, and exacerbate the differential to DAP as Q1 progresses.

On exports there was little activity. Tampa remains at $475/t fob on a small sale by PhosChem to Mexico. Rumours of a sale to China have not yet been substantiated.

In summary, the market is stable to slightly firmer, and producers will attempt to kick prices up further in March. But the strength of Indian demand remains a medium-term unknown quantity. Heavy imports into the US will also limit upside there.

HigHLigHts tHis week

supply

▪ OCP places 500,000t of DAP/MAP for February - supply side length disappears

▪ GCT production problems look serious - DAP/MAP down completely

▪ Saudis shore up April shipments with 100,000t - but its still less than one month’s normal production

▪ Russians very comfortable through February and March - heavy regional shipments expected next month

▪ Another phosphate vessel ex-Helm for US emerges

▪ MAP looks snug globally except in the US

tHe pHOspHates wOrLd tHis week

us - phoschem sells 6,000t dap to mexico at $475/t fob tampa while missphos and cF are comfortable.

domestically, barges are marginally firmer at $465-470/st fob - trading

higher than map

russia - uralchem, phosagro and eurochem all comfortable for February/march - little map

available

North africa/middle east - mpc takes 100,000t dap in ethiopia;

Ocp secures nearly 500,000t dap/map sales to remove carry-over; gct remains down for the

foreseeable future

Brazil – takes nearly 250,000t dap/map at $505-515/t cfr - 180,000t ssp ex-egypt and china on its way

india - fertilizer move-ment control orders

removed, no progress on contract cargo shipments

ex-saudi arabia

us imports to date 2013

supplier/Origin product ‘000t arrival

Ameropa/Mexico MAP 22 January

Trammo/US MAP 40 February

EuroChem/Russia MAP 30 February

Helm/OCP MAP/TSP 30 February

Koch/OCP MAP/TSP 30 January

Koch/OCP MAP/TSP 30 February

EuroChem MAP 30 March

Helm/OCP MAP/TSP 40 March

PhosAgro/Gavilon MAP 30 Feb-Mar

tOtaL 282



▪ Traders point multiple SSP cargoes ex-Egypt and China towards Brazil

demand

▪ Brazilian demand sees 250,000t MAP/DAP booked ex-OCP plus more from South Africa

▪ France takes 40,000t Moroccan DAP

▪ Ethiopia to award 100,000t DAP to Saudis

▪ Demand for SSP emerges in Brazil

pricing

▪ Brazil buys Moroccan MAP/DAP at $505-510/t cfr - South African sales head north of $515/t cfr

▪ European fca DAP prices stabilise in the $540s/t

▪ Moroccan netbacks erode to $490-510/t fob for DAP

▪ Saudi DAP prices drop substantially to the $450s/t fob to secure Ethiopian business

▪ US barges slightly firmer with $470/st achieved

N. america

westerN eurOpeaN dap sHipmeNts JaN-FeB 2013

uk/ireland12,000t ex-OCP

13,000t ex-EuroChemtOtaL: 25,000t

BeNeLuX20,000t ex EuroChem

30,000t ex Helm/PhosAgrotOtaL: 50,000t

FraNce22,000t ex-GCT65,000t ex-OCP

19,000t ex-EuroChem

tOtaL: 106,000t

germaNy55,000t ex-EuroChem

16,000t ex-Helm/PhosAgrotOtaL: 71,000t

spaiN6,000t ex-GCT5,000t ex-OCP

tOtaL: 11,000t

itaLy10,000t ex-OCP16,000t ex-GCT

15,000t ex Trammo/PhosAgrotOtaL: 41,000t

turkey15,000t DAP Trammo/JPMC15,000t MAP ex-UralChem

tOtaL: 30,000t

BeNeLuXdap @ $545-550/t Fca ghent

Baltic dap prices netbacks as follows:$545/t fca = $535/t cfr

Freight Baltic to Benelux $15/t= $510-520/t fob (for duty free product)

= $495-505/t fob (allowing for 3% duty from Russia)

paranagua line up 7 February 2013

arrival Vessel name charterer Volume ‘000t product Origin

22/12 Glory Sanye Nitron 33 NP 16-20 Russia

28/12 Nord Seoul Yara Balderton 19 NPK 16-16 Muuga/Estonia

03/01 Maritime Champion Ameropa 28 SSP Egypt

14/01 Mount Adams OCP 13 MAP Morocco

29/01 Maratha Paramount Mosaic 30 MAP USA

03/02 Sam Phoenix Fitco 15 TSP Tunisia

12/02 Bulk Pegasus ADM 23 MAP China

17/02 Mount Adams OCP 13 MAP Morocco

19/02 Cielo di San Francisco OCP 17 MAP Morocco



us exportPhosChem has sold 6,000t DAP to Mexico at $475/t fob Tampa. There were rumours circulating that PhosChem placed a DAP panamax in China on a vessel sailing last week. This has not been confirmed by PhosChem. The vessel linked with this sale is actually thought to be heading to Australia probably carrying MAP under contract. PhosChem’s other commitments comprise DAP for Venezuela under old business and 42,000t for Latin America. CF has cargoes for Nitron and Keytrade and MissPhos has a cargo for Australia.

us domesticDAP barge business was confirmed in the range $468-470/st fob New Orleans this week, with new offers and indications moving up toward the $475/st fob Nola mark.

Several barges of offshore light-colored MAP traded at $460/st fob Nola, with more product still thought to be available at this level. Dark-coloured MAP was bought and sold at a $10/st premium, at $470/st fob Nola, setting the MAP range at $460-470/st fob Nola, $5/st below DAP.

argus FmB spot sales selection 7 February 2012

product seller Buyer destination ’000t $/t bulk shipment

dap PhosChem TBC Mexico 6 475 fob February

OCP Various Europe 65 510-515 fob February

OCP Various Brazil 40 505-510 cfr February

OCP NCPB Kenya 25 490-500 fob February

Trammo Various Turkey 15 525-535 cfr February

map OCP Various Brazil 200 505-510/t cfr February

Mekatrade Various Brazil 7 515/t cfr February/March

tsp OCP Helm US 30 TBA February

OCP Various Europe 10 410-415/t fob February

OCP Various Brazil 60 405-410/t cfr February

INCREASE YOUR COMPETITIVE ADVANTAGESGS offers a range of unrivaled services to manufacturers, blenders, traders and end users of fertilizers. Our global network and expertise can help you reduce your risk and improve efficiency, catapulting you ahead of your competitors.

SGS IS THE WORLD’S LEADING INSPECTION, VERIFICATION, TESTING AND CERTIFICATION COMPANY

[email protected]/FERTILIZER

BraziLiaN pHOspHate impOrts: FeBruary

dap/map

200,000t MAP ex-OCP @$505-510/t cfr

40,000t DAP ex-OCP @505-510/t cfr

7,000t MAP ex-Mekatrade/South Africa @516/t cfr

tOtaL: 247,000t

tsp

60,000t TSP ex-OCP @$405-410/t cfr

tOtaL: 60,000t

ssp

3 x 30,000t Egyptian SSP ex-Ameropa/Indagro/Keytrade

3 x 30,000t Chinese SSP ex-Helm/Keytrade and another trader

tOtaL: 180,000t

http://www.sgs.com/fertilizer

http://www.sgs.com/fertilizer



Traditionally, MAP trades on a $10-20/st premium to DAP, and the decrease in MAP prices is attributable to a surplus of offshore imports expected during the first quarter and some diminished domestic interest in regular MAP. Domestic phosphate producers instead have encouraged consumption of MAP products with added micronutrients such as zinc and sulfur. These added-value MAP products have traded at up to a $20-45/st premium to DAP, according to buyers, and have displaced some regular MAP consumption.

On phosphate imports, Helm will bring in another 30-40,000t vessel ex-OCP loading February. However, the exact make up of the vessel - the split between MAP and TSP - has yet to be decided. This brings Q1 imports to around 300,000t.

The US Coast Guard will widen the channel the Mississippi river from St Louis, Missouri, to Cairo, Illinois, allowing loads of up to 30 barges on the waterway, more than doubling the capacity possible in recent months. Citing recent snow melt and rainfall that has boosted water levels by 5ft across the region, the agency said it will dispatch buoy tenders to reset buoys to beyond the 300ft width along the 150-mile stretch from St Louis to Cairo. Mississippi levels have been precariously low at points during the last year due to the drought. The work will take place over the next 10 days, the Coast Guard said.

ceNtraL aNd LatiN america

BrazilSales of 200,000t MAP and 50,000t DAP reported by OCP at $505-510/t cfr are being corroborated by Brazilian importers with larger buyers settling at $505/t cfr and smaller importers at the higher end of the range. Indeed price discussions have moved up to $510-515/t cfr with Mekatrade beginning to sell off a February/March South African MAP loader around $515/t cfr. OCP is not quoting a price for March shipment. There appears to be a dearth of Russian MAP on offer as this heads to the US or European markets.

On TSP, Morocco has sold around 60,000t TSP to Brazil at the usual $100/t discount to DAP/MAP. There were earlier reports of Tunisian TSP on offer at $405/t cfr but availability is uncertain given the production problems in Tunisia. Price discussions for higher grade TSP have moved to $410-415/t cfr according to some reports. Keytrade is bringing in a Chinese TSP cargo thought to have been placed around the $390/t cfr level.

On SSP at least three cargoes of Egyptian product are on offer by various traders. While it is not yet peak SSP import season, there is demand for ports where there is no easily accessible domestic supply. Sentiment has also switched

with little belief that prices will fall further.

Mekatrade, Indagro and Ameropa all have Egyptian cargoes and Helm and Keytrade are thought to have a Chinese vessel each. High grade Israeli TSP is also being offered. Price offers are varying enormously from $210-230/t cfr upwards depending on grade. Last done remains $200-205/t cfr. Indagro is in the freight market to load 30,000t SSP in Damietta for Paranagua/Itaqui 5-10 February.

argentinaThere are unconfirmed reports of 12,000t DAP and MAP sold to Bunge at $503/t cfr ex-Morocco.

Fsu/eurOpe

Nw europeThe majority of OCP’s reported 65,000t DAP shipping to Europe in February is heading for France. It seems the lack of output from GCT has been the main catalyst for buyers to step in. Most of the cargoes appear to be heading for the French Atlantic with the usual buyers thought to have secured 30-40,000t. Current prices suggest $540-545/t fca

argusmedia.com/Fertilizer

2013 Argus FMB Fertilizer Conferences

Africa: 13-15 March, Dakar, SenegalAsia: 24-26 April, Beijing, ChinaEast Europe: 26-28 June, Budapest, HungaryWest Europe: 30 Oct- 1 Nov, Istanbul, Turkey

http://argusmedia.com/fertilizer



which would likely net around $510-515/t fob Morocco.

russiaGlobal traders are again bemoaning the lack of MAP available in February and early March. PhosAgro looks the most comfortable. Sold out for February, it is reported it will move substantial amounts of MAP and NPKs (perhaps totalling 130,000t) to the domestic and regional markets in March. Traders are thought to have positioned a couple of cargoes for March shipment to Europe and Latin America. Russian DAP/MAP prices are a solid $470-490/t fob based on current netbacks but it is not thought anything is available below $480/t fob now.

Russian MAP exports reached 220,791t in December. The main recipients were:

▪ US – 69,137t

▪ Estonia – 34,359t

▪ Brazil - 33,668t

▪ Uruguay - 27,500t

▪ Argentina - 26,962t

▪ Turkey – 12,590t

For the calendar year, MAP exports were down a substantial 40% to 1.66mt compared to 2.77m t exported in 2011. Notably, exports were down to all four of Russia’s traditional top four export destinations:

▪ Brazilian imports were down 40% at 425,930t

▪ Estonia was down 67% to 210,734t

▪ The US saw imports drop by 31% to 171,732t

▪ Argentine imports were down 72% to 104,498t

There were also no MAP exports to Pakistan unlike in previous years.

These losses were partially offset by greater exports to Serbia, Hungary, Croatia, Poland and Canada.

The decline is due to a combination of factors, lower import demand generally, a greater emphasis on NPK production, greater movement to the domestic Russian market and loss

of market share, for example in markets such as Turkey.

DAP exports reached an impressive 149,324t in December, with the largest recipient being Kenya with 39,880t, followed by Belgium with 26,326t, Estonia 25,586t, Italy 11,860t, Argentina 10,903t and Thailand 10,302t.

This brought calendar year-to-date exports to 1.23m t, down a more modest 15% year on year. The performance is all the more remarkable given the dramatic drop in DAP exports to India which have fallen substantially since 2010 from 878,000t to just 241,727t in 2012. The drop was 43% in 2012 alone. Nevertheless, India is still the largest recipient of Russian DAP. Belgium was second with 155,799t, down 8% then Estonia with 151,692t, up 72%.

Ethiopia took 151,692t in 2012, most of which was awarded in 2011 under tenders, and this looks unlikely to be repeated in 2013 with tenders awarded to Saudi Arabian producer MPC. Other notable recipients included Thailand with 97,569t (up 215%) and Pakistan with 87,107t.

turkeyTrammo has sold a second DAP lot of Jordanian material to Turkey and is in the freight market for 15,000t DAP Aqaba to Iskenderun 10-13 February. This means a total of 21,000t Jordanian DAP will load in Q1 so far for the Turkish market.

aFrica/middLe east

moroccoA considerable amount of producer stock length appears to have been removed from the phosphate market with news of substantial sales made by OCP for February and early March, as follows:

▪ 200,000t MAP to Brazil at $505-510/t cfr

▪ 40,000t DAP to Brazil also at $505-510/t cfr

▪ 65,000t DAP to Europe at $520-525/t fob

▪ 30,000t DAP to Thailand under contract

▪ 25,000t DAP to Kenya (under the recent NCPB tender)

▪ 80,000t DAP/MAP to the US under formula

▪ 35-40,000t DAP to the domestic market

ethiopian aise dap tender

company Lot 1 Lot 2 Origin

Ameropa 520.37 532.62 Saudi Arabia

Agri Commodity & Finance 529.37 529.8 SABIC/Saudi Arabia

Indagro 529.46 544 Saudi Arabia

Helm 532.74 545.97 TBC

Midgulf 537 537 SABIC/Saudi Arabia

Unifert 541 541 SABIC/Saudi Arabia

Yara 571.3 590.4 OCP Morocco



▪ 60,000t TSP to Brazil at $405-410/t cfr

▪ 10,000t TSP to Europe

▪ 10,000t TSP to AfricaTOTAL: 475,000t DAP/MAP; 80,000t TSP

OCP has met much of these commitments from carryover stock, as production of DAP/MAP was thought to be around 200,000t/month. OCP says it has no product available until mid-March. While not confirmed, it is assumed that OCP will ramp up to normal production levels to cover these sales.

tunisiaGCT remains totally down on DAP and MAP production at Gabes and the port is closed as protestors continue their sit in. GCT is understood not to be offering DAP for 2H February shipment.

There is some TSP production continuing but rock supplies are being disrupted, limiting output.

egyptInterest in Brazil has raised offer prices for Egyptian SSP to $200/t fob for 19.5% P2O5 product. Traders are taking three vessels to Brazil this month. Indagro is loading a 30,000t vessel in Damietta now.

ethiopiaThe AISE tender for 100,000t DAP closed 7 February and called for delivery in 2 x 50,000t lots in the first and third weeks of April. Offers were as detailed in the table above, prices in $/t cfrlo bagged Djibouti. Ameropa and Agri Commodity and Finance were the lowest offers. As expected, the tender has been dominated by Saudi product, timed to coincide with a possible restart of production and with Indian demand uncertain in Q2. Notably, there was no offer from Jordan.

kenyaFurther to recent reports the Ministry of Agriculture has retendered the original NCPB tender for DAP closing 26 February for the following products:

▪ 25,000t DAP

▪ 5,000t MAP (11-52)

▪ 25,000t CAN

▪ 5,000t 17-17-17

▪ 5,000t 23-23-0

OCP will now ship a cargo of DAP to NCPB under the previous tender. Yara is in the freight market to load 25,000t DAP Jorf Lasfar to Mombasa 9-11 February.

south africaMekatrade is lifting a cargo of Foskor MAP for late February shipment to Brazil. Initial sales are taking place at $516/t

argus FmB is expanding its european fertilizer coverage

Argus Media is a fast-growing global media company providing essential information to the fertilizer industries. We are currently looking for someone to join our London-based editorial team to cover specific fertilizer markets and report on deals and price movements in order to produce our twice-monthly European report as well as contributing to our weekly fertilizer reports and providing daily news updates.

This is an excellent opportunity to forge your career covering the economically and politically influential sector of global fertilizers. You will apply and develop your skills across daily news reporting, market analysis and report writing in this fast-paced environment with the highest standards of journalistic independence and integrity. There are opportunities to travel and present papers at conferences.

Essentially, we are looking for a bright, confident and multi-lingual person with an inquisitive mind and someone who is fluent in one or more of the following languages — Spanish, Italian and French.

The role requires extensive liaison with our wide base of industry contacts — producers, traders and buyers — in the European fertilizer industry, in order to build an accurate picture of the various fertilizer markets within Europe in terms of price movements, deals and other industry news across a range of fertilizer products and country markets.

key responsibilities• Monitor and assess markets to produce daily market

updates, analysis and news• Initially work on our European fertilizer report but this will

be expanded to include coverage of other regions and markets

• Daily contact with traders, brokers, investors and key market figures to build relationships

• Contribute copy to daily market updates, our online news service and weekly market reports

• Attend meetings, conferences and industry events to build contacts, report on news and represent Argus

skills and experience• Candidates with language skills in French, Spanish and

Italian will be given preference• A graduate with a strong degree• Ability to develop, source and write industry relevant news

to deadline• Excellent writing, grammar and numeracy skills (these will

be tested as part of the interview process)• Excellent communication skills with the ability to network

and build contacts with industry executives• Strong co-ordination and time management skills with the

ability to work well within a team

If you are interested in joining a dynamic and fast-growing publishing company then please send a covering letter and your CV to Gemma Crozier, HR Manager at: [email protected] or call 44 20 7780 4344



cfr. Mekatrade is in the freight market to load 27,500t MAP in Richards Bay to Paranagua 1-3 March.

JordanJordan has sold in total 15,000t DAP to a variety of buyers in Turkey via Trammo for February shipment. This is in addition to a previous 6,000t sale reported last week). This is thought to net around $500/t fob. It is also thought JPMC is trucking aorund 20-25,000t DAP to Iraq. Notably, there was no sign of Jordanian DAP on offer in Ethiopia. The producer is thought to be comfortable in February given recent production cuts.

saudi arabiaSaudi Arabian product looks set to clean up 100,000t of DAP business in Ethiopia for April shipment onwards. The netback on the likely awards is in the mid-$450s/t fob, highlighting Sabic’s desire to mop up the only available volume demand for DAP east or west of Suez. This should tide the producer over until India returns in April. Other commitments comprise the Elina B loading around mid-February with 50,000t for Ethiopia. In addition a Saudi combination cargo including MAP is understood to be loading for Asia/Oceania.

However, Sabic’s initial reports that it had agreed to ship a 30,000t DAP cargo to one of its Indian contract customers in February to be followed by another in March were later retracted. It is understood that buyers with long-term DAP contracts and limited stocks can still approach the DoF to ask for special dispensation to import in Q1 although in general the message remains one of no imports until March.

iNdiaN suB-cONtiNeNt

indiaSellers report bids around $500-510/t cfr for prompt shipment but this is attracting scant interest. Rumours of offers of US product at this level look unlikely.

Press reports are indicating that the government has stopped issuing fertilizer movement control orders on all imported DAP and NPKs from 1 February in a move triggered by the high level of unsold stocks (estimated at 3.5-4m t DAP/NPKs) at the ports, in the distribution system and with the states. The move is seen as a virtual ban on further DAP and NPK imports through Q1.

Sabic had been working on two formula-priced cargoes to its contract customer in India, but this looks to still be under negotiation. Certain importers with low stocks can ask the DoF for special dispensation and import.

There have been rumours of DAP import requirements being

pegged at 1m t during kharif. This appears to be ludicrously low and highly unlikely as it could entail a supply crunch in rabi. Moreover, the level of subsidy and monsoon conditions are impossible to predict with any certainty at this stage. We still maintain import demand flat at 5.5-6m t with Saudi and Chinese taking the majority market share.

BangladeshBCIC has a tender closing 25 February for 30,000t P2O5 phosphoric acid.

se asia/OceaNia

china Main export activity this week has been on SSP, which is not subject to the same high export tax window as other phosphate products. Offers are rising basis increased interest in Brazil, up from the low-$180s/t fob up to $195-210/t fob dependent on quality. There are at least two cargoes of SSP sold to Brazil for February shipment around this level.

Chinese 60% DAP is on offer out of bonded warehouses in the $520-525/t fob level but there is in general little demand for old stock. china domesticThere are continued signs of life in the domestic market with delivered prices of DAP to the north firmer at RMb 3,250-3,300/t. Increased demand for pre-season storage and concerns over transport logistics have pushed distributors

Argus FMB North American Fertilizer

In-depth market analysis and pricing information for North American fertilizer markets This service offers an authoritative source of benchmark-quality price assessments for regional and site-specific terminal hubs.

Request a complimentary trial at [email protected]

www.argusmedia.com/fertilizer

Fertilizer


illuminating the markets of 10

to lock in some tonnage ahead of Chinese New Year. DAP production continues at 80% of capacity across the country and the recent good levels of moisture and relatively mild weather point to a healthy spring season.

se asia

thailandOCP is shipping another DAP cargo under contract in February. Traders report the country is overflowing with DAP currently given the raft of imports from Russia and Saudi Arabia recently.

VietnamVietnamese DAP is offer in the low-$500s/t fob for off-spec material but interest is non-existent. For further swaps information contact: Ron Foxon

& Alexey Paliy, FIS Ltd - Office : +44 207 090 1122 or

Cell: +44 7738726557 [email protected]

Fis cash settled swaps – 6 February 2013

month Bid Offer mid

dap fob Nola (st)

Mar 13 455 463 459

Apr 13 457 470 464

May 13 456 467 462

dap fob tampa (metric tonne)

Mar 13 480 485 483

Apr 13 478 485 482

May 13 472 480 476

FreigHt iNVestOr serVices

Registered officeArgus House, 175 St John St, London, EC1V 4LW Tel: +44 20 7780 4200 Fax: +44 870 868 4338 email: [email protected]

ISSN: 2050-3539copyright noticeCopyright © 2013 Argus Media Ltd. All rights reserved. All intellectual property rights in this publication and the information published herein are the exclusive property of Argus and and/or its licensors and may only be used under licence from Argus. Without limiting the foregoing, by reading this publication you agree that you will not copy or reproduce any part of its contents (including, but not limited to, single prices or any other individual items of data) in any form or for any purpose whatsoever without the prior written consent of Argus.

publisher:Adrian Binks

Chief operating officer:Neil Bradford

Global compliance officer:Jeffrey Amos

commercial manager:Jo Loudiadis

editor in chief:Ian Bourne

managing editor:Cindy Galvin

editor:Mike NashTel: +44 20 7199 [email protected]

customer support and sales:email: [email protected], ukTel: +44 20 7780 4200astana, kazakhstanTel: +7 7172 54 04 60Beijing, chinaTel: + 86 10 6515 6512 dubaiTel: +971 4434 5112 moscow, russiaTel: +7 495 933 7571rio de Janeiro, BrazilTel: +55 21 3514 1450singaporeTel: +65 6496 9966 tokyo, JapanTel: +81 3 3561 1805argus media inc, Houston, usTel: +1 713 968 0000 argus media inc, New york, usTel: +1 646 376 6130

Argus FMB Phosphates is published by Argus Media Ltd.

trademark noticeARGUS, ARGUS MEDIA, the ARGUS logo, FMB, ARGUS FMB PHOSPHATES, other ARGUS publication titles and ARGUS index names are trademarks Media Ltd. Visit www.argusmedia.com/trademarks for more information.

disclaimerThe data and other information published herein (the “Data”) are provided on an “as is” basis. Argus makes no warranties, express or implied, as to the accuracy, adequacy, timeliness, or completeness of the Data or fitness for any particular purpose. Argus shall not be liable for any loss or damage arising from any party’s reliance on the Data and disclaims any and all liability related to or arising out of use of the Data to the full extent permissible by law.

argus fmb phosphates · mekatrade has sold 7,000t of south african map above $515/t cfr for end...

Documents