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.
Indian phosacid demand firm despite price hike
Indian phosacid demand firm despite price hike
London, 3 July (Argus) — Indian demand for phosphoric acid imports is due to remain firm despite the recent hike in prices. This is because domestic DAP production using phosphoric acid as a raw material remains far more cost-effective than soaring DAP import prices while the country struggles to rebuild its DAP inventories. Jordanian producer JPMC and Senegalese producer Indorama have agreed a price of $1,258/t P2O5 cfr India with 30 days credit for third-quarter phosphoric acid deliveries with importers Coromandel and Iffco, respectively. The price is up by $105/t P2O5 from the second quarter but still keeps domestic production costs well below import costs. Without the additional government support for producers announced earlier this year , the rise would have pushed domestic producers' margins further into the red. With phosphoric acid at $1,258/t P2O5 cfr and ammonia at $350/t cfr, Indian DAP producers' costs are estimated in the range $715-720/t ex-works in bulk. This means they would face negative margins of around $75/t on the current maximum retail price (MRP) of 27,000 rupees/t, the nutrient-based subsidy (NBS) for DAP of Rs27,799/t for the April-September kharif season and the additional Rs3,500/t paid by the government to cover other costs — which brings the DAP subsidy to Rs31,299/t — and on current exchange rates. Attempting to reverse the erosion of national DAP inventories, the Indian government announced additional support for importers and producers at the beginning of May. The support includes making up for losses and ensuring a 4pc margin on the net MRP. This has allowed importers to pay higher to secure limited global tonnes, in turn allowing DAP import prices to soar by around $100/t since the additional support was announced. But heavy rainfall is spurring farmers' demand for phosphates and India's DAP stocks remain well below typical levels, estimated at around 1.56mn t at the end of June. DAP importers buying at $795/t cfr would make a loss of around $200/t without the additional support. The Rs27,000/t DAP MRP and Rs31,299/t subsidy payments would give a breakeven import price in the range $600-605/t cfr. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
India’s NFL issues tender to buy DAP
India’s NFL issues tender to buy DAP
London, 3 July (Argus) — Indian fertilizer importer NFL has issued a tender to buy 25,000-50,000t of DAP, closing on 7 July. NFL is seeking at least 25,000t of black, brown or natural-coloured DAP for shipment from the loading port by 31 July and delivery to India's east coast. Offers must be valid up to 11 July. NFL closed a tender to buy 50,000t of DAP on 1 July. It received one offer and discussions are reportedly continuing in the low to mid-$800s/t cfr. Fellow importer Hurl decided to delay the closing date for its tender to buy 50,000t of DAP by a week to 7 July, after receiving no offers. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Global fertilizer affordability near three-year low
Global fertilizer affordability near three-year low
London, 2 July (Argus) — Global affordability for fertilizers has dropped to its lowest in nearly three years on a sustained increase in fertilizer prices — as strong global demand competes for limited supply — while crop values have dipped to the lowest since September 2020. Nutrient affordability fell to 0.75 points in June, the lowest since September 2022, Argus data show. 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 fell in June owing to higher fertilizer prices for phosphates while an increase in urea prices in June added further support to the index. The Israel-Iran conflict firmed market sentiment across all nutrients in June, which has also added some volatility to freight rates. Phosphate prices saw the largest gains, with June prices at the highest since September 2022 on persistent demand from India in the absence of inflows of Chinese DAP supply. DAP prices have kept moving up as tight supply has kept driving the market at both sides of the Suez Canal. Chinese suppliers have been sitting comfortably with limited supply availability, which enabled them to increase offers in the face of African and southeast Asian demand. In the west, buyers have been struggling to secure limited MAP supply, also supporting prices. On potash, MOP prices have reached the highest in two years driven by geopolitical uncertainty and robust demand in all major markets, particularly in southeast Asia, where affordability levels have been supported by excellent palm oil prices. Meanwhile, on the potash supply side, availability was expected to be reduced from three major producers — Uralkali, Belaruskali and Eurochem — as they underwent maintenance works. Together, these works were expected to reduce MOP output by 1.3mn t across the first half of the year, further underpinning prices. Urea prices rose to the highest in four months as the Middle East conflict pushed prices up on output curtailment while strong fundamentals — driven by Indian demand — continued to support prices. On the other hand, the crop index — which includes global prices for corn, wheat, rice and soybeans adjusted by output volumes — have fallen to a near five-year low. By Lili Minton and Elena Mataro Global fertilizer affordability index Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Potential railway could support Aus phosphate exports
Potential railway could support Aus phosphate exports
Sydney, 1 July (Argus) — New Zealand-based phosphate company, Chatham Rock Phosphate (CRP), is conducting a feasibility study to build a new railway in Australia's Queensland that could provide an alternative to using the Mount Isa railway operated by Aurizon. The new railway, to be called RailPhos, will connect CRP's proposed Korella North phosphate rock mine to its planned export facility at the port of Karumba. There is no rail connection to the Karumba port currently. Another phosphate project, the 1mn t/yr PhosOne facility , plans to use a slurry pipeline to transport phosphate rock and concentrate to the same port. CRP expects to export phosphate rock to China and Vietnam from its projects in Australia. And RailPhos will enable it to export up to 10mn t/yr of phosphate through a common-use facility at the Karumba port, CRP has said. Phosphate projects in northwestern Queensland have long struggled with transport, specifically issues surrounding the Mount Isa railway . Australian fertilizer and chemicals company Dyno Nobel's (formerly Incitec Pivot) Phosphate Hill mine is currently under strategic review and Centrex's Ardmore mine could potentially be taken over by phosphate company PRL Group. The Mount Isa railway is a significant challenge, both companies said. CRP was not available for comment. By Susannah Cornford Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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Concise market insight paper analysing India's DAP market and pricing risk as well as a new price forecast from Argus
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