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.
Nepal’s KSCL issues tender to buy DAP
Nepal’s KSCL issues tender to buy DAP
London, 2 January (Argus) — Nepalese importer and distributor Krishi Samagari (KSCL) has issued a tender to buy 30,000t of DAP, closing on 13 February. Offers are to be given on cip basis for delivery to KSCL warehouses at Biratnagar, Birgunj and Bhairahawa, and are to be valid for 30 days after opening. Fellow Nepalese importer and distributor Salt Trading (STCL) will close a tender to buy 25,000t of DAP this month. Technical offers are to be submitted by 9 January before financial offers are submitted by 16 January. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Viewpoint: US phosphate market torn on spring demand
Viewpoint: US phosphate market torn on spring demand
Houston, 29 December (Argus) — US phosphate market participants have mixed opinions on how much spring grower demand to expect following a lackluster fall, even as affordability improves and projections for next spring's corn planting remain over 90mn acres. DAP and MAP prices this year at the New Orleans, Louisiana, port and further inland were well above year-earlier levels after import tariffs deterred offshore suppliers. Higher prices, supported by a steep drop in imports, led to most domestic growers significantly minimizing their phosphate purchases and applications this fall. But as the near-term price outlook begins to soften with the anticipated arrival of fresh imports early next year, traders still seem skeptical of how much spring demand there will be. Nola DAP prices in 2025 averaged $690/st fob, $128/st higher than the 2024 average price, while MAP prices at the port averaged $688/st for the same period, $78/st higher than the year-earlier average price. DAP and MAP imports into the US for July through September totaled 159,000t, down by 71pc from the same period in 2024 and 69pc lower than the five year average, according to data from the US Census Bureau. But including additional October-December vessel information, imports could total roughly 493,000t, according to Argus estimates, only 51pc lower than a year earlier. If there was 20pc demand destruction in the fall that left large volumes of phosphate in warehouses, the US supply outlook may be higher than initially expected heading into spring, according to a trader. Still, traders over recent months have expressed mixed expectations for spring demand, including headwinds such as increasing phosphate production costs and unfavorable affordability fundamentals . With the surprise removal of US import tariffs on phosphate in November, offshore suppliers were quick to line up vessels for winter delivery that would ease spring supply concerns and better balance US supply-demand fundamentals. As a result, Nola DAP and MAP prices dropped, with DAP at $616/st fob Nola and MAP at $617.50/st fob for the week ended 18 December. With another round of spring planting just around the corner, growers will need to make up for phosphate applications that were skipped in the fall. Just last month, the US Department of Agriculture forecast that roughly 95mn acres of corn will be planted this spring, down from 98.7mn acres in 2025 but still ahead of 91.5mn acres in 2024. There was slackened fall demand, but it seems a new page flip is inevitable in 2026, according to Itafos president David Delaney. US market wary of global supply tightness The recent downward pressure that has taken hold in the phosphate market could be tempered by a strained global supply outlook and elevated feedstock costs. Phosphate producers will often scale back marginal production in the face of higher variable costs, like sulfur and ammonia, if margins are compressed. In mid-December, North American fertilizer producer Mosaic announced it will idle SSP production in Brazil because of increasing sulfur prices, just days after the global market caught wind of China's intention to not export certain phosphate products until August 2026, also a result of elevated sulfur costs as well as domestic supply concerns. These actions, though occurring outside of the US, tighten the global supply outlook for the first half of 2026. This would be a key period for US traders to secure phosphate for customers who deferred applications from the fall to the spring, but it could occur amid rising global demand that would boost competition for phosphate volumes. Rising costs alongside elevated ammonia prices also increase the likelihood that Mosaic or Canadian fertilizer producer Nutrien could trim domestic phosphate output early next year. Nutrien is already conducting a strategic review of its phosphate assets expected to be ready in 2026. And a lack of Chinese exports coupled with higher production costs could keep phosphate prices elevated, potentially causing US grower demand to be lower than the previous spring or below-average, even as they need to replenish soil nutrients. By Taylor Zavala Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Morocco’s OCP sells DAP, MAP
Morocco’s OCP sells DAP, MAP
London, 24 December (Argus) — Moroccan major phosphates producer OCP has reported fresh sales of DAP and MAP to Europe, Oceania and east Asia. OCP reports selling the following to western Europe: 7,000t of DAP for loading in January at $750-760/t cfr. The price nets back to $725-740/t fob Morocco Less that 5,000t of DAP for loading in December at $710-715/t fob. It reports selling the following to Oceania and east Asia — probably Australia: 23,000t of DAP for loading in December at $680-685/t fob 32,000t of MAP 10-50 for loading in December at $630-635/t fob. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Strong DAP demand erodes Pakistan’s stocks in November
Strong DAP demand erodes Pakistan’s stocks in November
London, 17 December (Argus) — Pakistan's DAP stocks slipped by 169,000t over November as yearly demand peaked while imports were close to nil as existing stocks were considered above average. Pakistan opened November with 361,000t of DAP in stock and produced 64,000t last month, National Fertilizer Development Centre (NFDC) data show. Inventories at the start of November were above the 318,000t average for the month in 2020-24. But imports were only 3,000t of DAP last month, down from the 2020-24 November average of 109,000t. Importers have mostly refrained from taking more DAP after opening stocks at the start of the October-March rabi season were well above normal. Downwards pressure started to build on domestic DAP prices during October, meaning importers were wary about committing to more product at the risk of being caught out in a falling market. November demand seasonally climbed to its highest in a year at 245,000t, only slightly below the 268,000t November five-year average. Farmers sourced more DAP for wheat application, the most important and most phosphate-intensive crop in Pakistan. The boost in offtake pressured stocks down to 192,000t, their lowest since March. But this remains above the 139,000t figure a year before, owing to the high rabi-opening stocks. The high season typically dissipates in the second half of December. Using December-opening stocks and NFDC production, imports and offtake estimates for December, stocks are expected to end the calendar year at 114,000t. Importers will need to buy more DAP the first quarter if Pakistan is to return stocks to a comfortable level of around 200,000t. Fauji has 40,000t of Moroccan DAP arriving in January, and several importers are in the market although probably not to the degree to warrant a full DAP cargo. And most importers are focusing on trying to sell DAP domestically, offering discounts for prompt sales against a backdrop of falling domestic prices and demand. By Adrien Seewald Pakistan long-term DAP inventories-offtake '000t Pakistan DAP supply-demand in rabi 2025-26 '000t Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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