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.
Saudi DAP cargo transits strait of Hormuz
Saudi DAP cargo transits strait of Hormuz
London, 26 June (Argus) — The fourth Saudi Arabian phosphates cargo to pass through the strait of Hormuz this week so far completed its transit earlier today. The vessel Zagori is carrying 50,000t of DAP, which it loaded at Saudi Arabia's Ras Al-Khair port in the Mideast Gulf in late February-early March, according to vessel-tracking data from analytics platform Kpler. The cargo's destination is not yet known. The total volume of DAP/MAP to transit the strait this week so far now stands at 203,000t. The following cargoes made it through the strait earlier this week: Global Unity , with 61,000t of DAP, scheduled to arrive at Visakhapatnam in India on 3 July Banglar Joyjatra, with 37,000t of MAP, due to arrive at Durban in South Africa on 10 July BC Agility, with 55,000t of MAP, scheduled to arrive at Rio Grande in Brazil on 25 July These were the first transits since the first half of May, when the Mdl Toofan , carrying 55,000t of MAP, became the second phosphates cargo to cross the strait since the start of the US-Iran war at the end of February. This leaves the following cargoes remaining in the Mideast Gulf: Bahri Wafi loaded 72,000t of DAP in early April Bahri Bulk loaded 71,000t of DAP in late April-early May Bahri Trader loaded 71,000t of DAP in late March Chang Chang Dong Hai loaded 55,000t of DAP in early March, which Argus understands is bound for India Saudi Arabian producers remain cautious about loading fresh cargoes from Ras Al-Khair, despite the increase in vessel traffic through the strait of Hormuz this week. Saudi producer Maaden will load the 120,000t of DAP it sold to India in mid-June from Yanbu port in the Red Sea in July. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Indian May DAP stocks improve but could slip in 3Q
Indian May DAP stocks improve but could slip in 3Q
London, 24 June (Argus) — Indian DAP stocks edged up to 1.96mn t over May as a boost in domestic production and imports helped offset the uptick in demand. Combined imports and domestic output outpaced offtake in May, raising stocks by 33,000t on the month, the latest data from the Fertilizer Association of India (FAI) show. India started May with 1.93mn t of DAP in stock. May domestic output was at 393,000t, the highest of any month since August 2024, according to FAI data. In the face of bullish international DAP prices, domestic production margins are almost $200/t more attractive when using ammonia and phosphoric acid than importing DAP as of last week. The FAI data show an increase in May imports to 132,000t compared with underwhelming arrivals in March and April. But last month's total is only about a third of average 2021-25 May imports at 393,000t. The lack of clarity on whether importers will be compensated by the government for their losses, coupled with steep price increases since the start of the US-Iran war, have dampened import interest. Domestic sales seasonally rose to 492,000t in May, but the total remains below the 573,000t five-year average for the month. More imports needed ahead of 4Q Indian importers will have to intensify their DAP purchases in the coming months, as domestic demand will rise seasonally over the third quarter and peak in the fourth quarter. Margins for the production of DAP with phosphoric acid may worsen next quarter on the back of expectations of higher phosphoric acid prices. Producers and traders envisage a significant price increase from the second-quarter settlement at $1,360/t P2O5 cfr as sulphur costs have continued to rise over the second quarter while supply has dried up. A lack of ammonia stocks helped Indian importers secure a lower-than-expected second-quarter phosphoric acid settlement, but improved ammonia supply over the second quarter is likely to weaken importers' hands in negotiations for the third quarter. Indian importers are expected to soon emerge with fresh demand for DAP. The apparent de-escalation of hostilities around the strait of Hormuz raised the prospect of softer DAP prices and delayed Indian import demand. TSP stocks fall on lack of imports Indian TSP demand rose to 59,000t in May, while no imports were recorded for the third month in a row, causing stocks to fall to 314,000t. Stocks are due to improve with new arrivals of 100,000t of Moroccan TSP bought at the start of the month for shipment in June-July, and another 100,000t from OCP bought last week for loading in June. By Adrien Seewald Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US mulls offshore Va. mineral lease request
US mulls offshore Va. mineral lease request
Houston, 23 June (Argus) — The US Bureau of Ocean Energy Management (BOEM) today published a request for information and interest (RFI) regarding the development of critical minerals off the coast of Virginia. The federal agency, part of the Department of the Interior, launched the RFI after receiving an unsolicited request on 13 November from US-based deep sea firm Odyssey Marine Exploration. The company seeks a mineral lease sale for an approximately 1.8mn acre (7,160 km²) area off the coast of the Delmarva peninsula. Odyssey aims to target heavy mineral sands, rare earth elements and phosphates, according to the company. The notice does not signify that BOEM will make a lease offer for commercial development. Responses to the RFI are due by 23 July. US president Donald Trump signed an executive order to fast-track seabed mineral exploration and mining for critical minerals in April 2025, aiming to expedite the review process for issuing exploration and commercial recovery permits. By Reagan Patrowicz Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Saudi DAP cargo transits Hormuz: Update
Saudi DAP cargo transits Hormuz: Update
London, 23 June (Argus) — Since the start of the week, three out of eight Saudi Arabian DAP/MAP cargoes stuck in the Mideast Gulf have managed to transit through the strait of Hormuz, totalling 154,000t of product. The Global Unity carrying 61,000t of Saudi Arabian DAP crossed the strait of Hormuz yesterday and is scheduled to arrive at Visakhapatnam in India on 3 July, vessel tracking data show. The cargo loaded at the Saudi port of Ras al-Khair in the first half of March but the effective closure of the strait of Hormuz following the outbreak of the regional war prevented it from leaving the Mideast Gulf. The Banglar Joyjatra crossed last night with 37,000t of MAP. The trader holding the cargo has specified that all the volume will go to South Africa, likely for arrival in early July. The cargo loaded at Ras al-Khair in early April. Vessel tracking data shows that the BC Agility has crossed the strait with 55,000t of MAP for arrival at Rio Grande in Brazil on 25 July. Loading had completed in the second half of March. These crossings come after a deescalation of tensions between the US and Iran last week. They mark the first phosphate cargoes to cross the strait since the first half of May, when [the Mdl Toofan carried 55,000t of Saudi MAP](https://direct.argusmedia.com/newsandanalysis/article/2825221) to Brazil. Another 319,000t of Saudi Arabian DAP/MAP is still stuck on five vessels in the Mideast Gulf. Phosphates sellers and buyers have remained cautious about last week's announcement of a provisional peace deal between the US and Iran. By Adrien Seewald Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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