Phosphates
Overview
The global phosphates market has witnessed increasing volatility, in response to military conflicts, political tensions and changing market dynamics. Price fluctuations have continued to buffet the market, with increasing demand from south and Southeast Asia the main regions driving consumption growth. Rising raw material prices and improved affordability have lifted prices once again.
Phosphates' usage is also not solely limited to fertilizers. Battery-material suppliers are increasingly seeking to source phosphate rock and specialty phosphates-based products to meet the rapidly rising demand for lithium-iron-phosphate batteries for electric vehicle production.
Our extensive phosphates coverage includes DAP, MAP, TSP and SSP, as well as raw materials phosphate rock and phosphoric acid, with assessments also spanning feed products MCP and DCP. Argus has many decades of experience covering the phosphates market and incorporate our multi-commodity market expertise in key areas including sulphur and ammonia to provide the full market narrative.
Argus support market participants with:
- Daily and weekly phosphates price assessments, proprietary data and market commentary
- Short and medium to long-term forecasting, modelling and analysis of processed phosphate and phosphate rock prices, supply, demand, trade and projects
- Bespoke consulting project support
Latest phosphate news
Browse the latest market moving news on the global phosphate industry.
Mosaic rolls out phosphate winter fill program
Mosaic rolls out phosphate winter fill program
Houston, 2 December (Argus) — US fertilizer producer Mosaic released phosphate offers to its customers this week for December loading. Mosaic is offering Nola DAP at $650/st fob and Nola MAP at $630/st fob for December loading at New Orleans. Its fresh offer for DAP is down by $70/st from the Argus November monthly average while the MAP offer is down by $63/st. These price levels are subject to change at any time because of the customer response, the producer said. The winter fill program will be open until the end of 5 December. By Taylor Zavala Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Egypt’s Misr Phosphate updates on fertilizer plant
Egypt’s Misr Phosphate updates on fertilizer plant
London, 21 November (Argus) — Major Egyptian phosphate rock producer Misr Phosphate is venturing into the production of fertilizers, boosting its required phosphate rock output. Misr Phosphate expects the construction of a DAP/MAP/NPK plant to begin at Ain Sokhna in northeast Egypt by the second quarter of 2026 after negotiations with lenders conclude by the end of this year. The plant will have a capacity of 600,000 t/yr of DAP. Its annual capacity for phosphoric acid and sulphuric acid will be 320,000t solution and 1.023mn t, respectively. Misr Phosphate said that it will provide 1.25mn t/yr of phosphate rock from its Red Sea mines to the plant. The plant is under a joint venture of which Misr Phosphate will be a 15pc shareholder and will receive 20pc of production, which it plans to sell both to traders and directly to destination markets. In July 2024, Egypt's petroleum and mineral resources ministry reported meeting with global manufacturer Indorama to discuss establishing a phosphate fertilizer plant in Ain Sokhna in co-operation with Misr Phosphate. Misr Phosphate is also working on projects with a Chinese producer, likely to be Chuanjinnuo , and with another Egyptian company. Pre-feasibility studies for both projects are ongoing. Phosphate rock output to increase To meet the requirements for its downstream projects in Egypt, and to maintain its presence in the global phosphate rock market, Misr Phosphate is increasing its phosphate rock production. It said that its total run-of-mine across all its facilities may reach a capacity of 7mn t/yr by the end of 2025. Drilling programmes to increase proven reserves are ongoing and Misr Phosphate aims to secure more mining licences in 2026. It is undergoing explorations near El-Dakhla in southwest Egypt to find new reserves. The producer started marketing phosphate rock with reduced dust content from its mine at Abu Tartour at the end of 2024, mostly selling the product to Europe. It is aiming to increase its production of de-dusted rock to 1mn t/yr by the end of 2026. The "de-dusting" facility had been running at an output of around 1,000 t/day in February. The proportion of fine particles in phosphate rock as it naturally occurs in Egypt had made it too dusty to be unloaded at many European ports. Misr Phosphate said that in January-October this year it supplied around 600,000t of phosphate rock to Europe, most of which is de-dusted product. This is already up compared with the 433,000t of Egyptian phosphate rock that the EU imported in 2024, according to GTT data, which was less than half the volume from top-supplier Morocco in the same period. Further east, demand for phosphate rock imports to Vietnam is emerging because of reduced domestic supply. Misr Phosphate said that so far this year it has shipped 150,000t of phosphate rock to Vietnam, averaging 27pc P2O5. The country imported 47,000t of phosphate rock last year, and only 2,000t in the year before that, all from Egypt. Some market participants expect Vietnamese phosphate rock demand to be as high as 1mn t in 2026. Vietnam reportedly takes phosphate rock from Egypt's Red Sea mines, rather than Abu Tartour. The quality of Egyptian phosphate rock delivered to buyers had been variable in the past. Misr Phosphate said that it has implemented improved quality control procedures throughout the mining and processing of the rock. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
High offtake eroding Indian DAP stocks
High offtake eroding Indian DAP stocks
London, 20 November (Argus) — Indian DAP stocks are estimated at 2.2mn-2.3mn t in mid-November, down slightly from around 2.3mn t at the beginning of the month, but are likely to be lower by the start of December. Provisional data indicate that DAP offtake could reach as much as 1.8mn t for the whole of November, which is typically the peak month for the domestic season. This would be a rise of 20pc from offtake in November in 2024 and the highest monthly offtake since November 2022. Indian producers have ramped up DAP production this month and output in November could reach 400,000t. This would be the highest monthly production since August 2024. Over the past five years, domestic DAP output in November has averaged 381,000t. India is due to import 630,000t of phosphoric acid solution — a key raw material for DAP production — over October-November, according to latest Argus line-up data. The country imported just 571,000t of solution in the same period last year. According to Argus line-up data, India is on track to import 815,000t of DAP this month. This will be far above the 562,000t average for November imports over the past five years, government data show. The provisional sales and offtake data combined with line-up data suggest that the total drawdown — production plus imports minus sales — on Indian DAP stocks could be more than 500,000t this month. India has managed to revive its DAP stocks from a nadir of around 1.1mn t at the beginning of 2025 by boosting imports. DAP inventories stood at around 1.6mn t at the beginning of the kharif season — starting in April. Domestic offtake in April-October has held broadly steady on the year at 5.7mn t. Indian producers made 2.3mn t of DAP in the period this year, down from 2.5mn t a year ago, but higher imports more than made up for the decrease. Through signing offtake agreements with Saudi Arabia and Morocco's OCP, and accepting high prices for spot cargoes, importers drew in 4.7mn t of DAP over April-October, government data show. This is 65pc above the same period in 2024, when negative margins kept importers on the sidelines. TSP offtake underwhelming Domestic TSP sales have covered just 52pc of imports since April, allowing stocks to balloon. India does not produce TSP domestically. Indian TSP stocks at the beginning of November are estimated at around 395,000t. Imports over April-October stood at 671,000t, Argus data show, while offtake in the same period reached only 347,000t, government data show. India is due to import a further 232,000t of TSP in November. No TSP is lined up for import in December. The country is yet to import TSP from any origin other than Morocco. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Global fertilizer affordability recovers some ground
Global fertilizer affordability recovers some ground
London, 19 November (Argus) — Global fertilizer affordability remains weak at levels similar to those of September 2022, but has recovered slightly from a more than three-year low in August because of a fall in fertilizer prices. Nutrient affordability stood at 0.72 points in October, up from 0.69 in September and 0.61 in August, when it dropped to its lowest since April 2022, Argus data show. Global fertilizer affordability had been on a downward trend since January. An affordability index — comprising a fertilizer and crop index — above one indicates that fertilizers are more affordable compared with the base year set in 2004. An index below one indicates lower nutrient affordability. The fertilizer index in October crept up to just below June's levels at 0.74 points, driven by falling urea, phosphates and potash prices. But the crop index — which includes global prices for corn, wheat, rice and soybeans adjusted by output volumes — resumed its downward trend in October, having gained some ground in September, and crop prices are now as low as those of November 2019. Urea price falls were the heaviest in recent months, with fob Middle East prices in October down by over $100/t from recent highs in August, when they averaged just over $500/t fob. Prices fell as buyers hesitated in the face of renewed Chinese exports, which outweighed strong import demand from India. Most market participants remained cautious into October, largely because of the lack of clarity on potential fresh exports from China. But prices received support from the end of October onwards, driven by a flurry of buying in Europe ahead of the implementation of the EU's Carbon Border Adjustment Mechanism on 1 January. Phosphate prices began to decline earlier. Moroccan DAP export prices have now shed $93/t at the midpoint from a peak in early August averaging just under $800/t fob, their highest since October 2022. The seasonal decline in global demand going into the fourth quarter coupled with higher DAP inventories in key destination markets — notably India — and wide-ranging affordability concerns pressured prices. Brazilian buyers turned to more affordable NPs and superphosphates ahead of soybean applications, fostering a surplus of MAP that similarly weighed on prices. Potash prices have experienced a milder decline, dropping by only $6/t since hitting a 28-month high in August at $314/t. MOP demand has slowed in most major importing markets since July, with ample inventories likely to be able to cover the majority of demand for the rest of 2025. By Elena Mataro Global fertilizer affordability index Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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