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.
India buys Moroccan DAP, TSP
India buys Moroccan DAP, TSP
London, 2 June (Argus) — A major Indian importer has bought 100,000t each of DAP and TSP for shipment from Morocco in June-July. Half of the quantity for each product will be delivered to each of India's east and west coasts. The DAP is priced at $935/t cfr east coast and $930/t cfr west coast India. This is in line with awards under IPL's tender in May , which secured more than 1.3mn t of DAP. The TSP is priced at $710/t cfr for both east and west coasts. This is in line with IPL's counterbids under its tender in May, after getting offers for 410,000t at prices ranging from $770-850/t cfr. The prices in this sale are likely to net back to the $880s/t fob Morocco for the DAP and the $660s/t fob for the TSP. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Indian DAP stocks recovered slightly in April
Indian DAP stocks recovered slightly in April
London, 27 May (Argus) — Indian DAP stocks increased slightly in April as a result of combined imports and production marginally outweighing domestic demand, in line with expectations from provisional data earlier this month , according to Indian fertilizer association FAI data. Indian DAP stocks rose marginally to just below 1.93mn t by the start of May, Argus estimates. This was also a recovery from around 1.60mn t of DAP inventories at the end of April last year, although stocks remained more than 1mn t lower than the average for the time of year over 2022-24. DAP stocks are also down slightly from the start of this year because increased output has not covered the substantial fall in imports in the face of firm offtake compared with last year. India produced 303,000t of DAP in April, just 10,000t lower than in the same month last year, according to FAI data, although DAP production over January-April of 1.175mn t was ahead of the 933,000t produced in the first four months of 2025. But the lack of sulphur and ammonia — key raw materials for DAP production — raises doubts over whether India can sustain this trend. Imports are significantly lagging year-earlier levels. DAP imports of only 49,000t last month brought the January-April total to 298,000t — or just 39pc of India's DAP imports over the same period in 2025. Importers facing firm global prices, especially since the start of the US-Iran war and the closure of the strait of Hormuz, have kept to the sidelines while they wait for further clarity on whether the government will provide additional financial support to importers beyond the nutrient-based subsidy. Major importer IPL successfully lined up more than 1.3mn t of DAP in its 7 May tender on behalf of several importers, following the government's recommendation that importers buy on a consortium basis. Domestic DAP sales of 326,000t in April surpassed the total for April last year by 114,000t. And offtake since January of 1.736mn t is 49pc higher than in the same period in 2025. TSP stocks fell by 31,300t in April because no imports arrived to replace product sold domestically, according to FAI sales data and Argus lineup data. Argus estimates Indian TSP stocks at the end of April at around 374,000t. By Tom Hampson Indian DAP stocks and prices '000t Indian DAP production, imports and prices '000t Indian TSP imports and stocks '000t Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Egypt’s NCIC issues fertilizers sales tender
Egypt’s NCIC issues fertilizers sales tender
London, 19 May (Argus) — Egyptian fertilizer producer NCIC has issued a tender to sell various fertilizers, closing on 21 May. NCIC is offering the following products: 20,000t of DAP — it reported selling 30,000-35,000t at up to $915-917/t fob Adabiya/Damietta in a tender that closed on 4 May 25,000t of SSP — it sold 20,000t at $340-375/t fob Ain Sokhna in its 27 April tender and offered 30,000t in its 4 May tender, but did not report a sale 15,000t of granular urea — it reported selling 25,000t at up to $865/t fob Adabiya in its 4 May tender 5,000t of CAN26 — it last sold 5,000t at up to $412/t fob in its 20 April tender 600t of water-soluble SOP — it reported selling 1,000t at up to $721/t bagged ex-works in its 4 May tender The DAP, SSP, urea and CAN will be sold on fob basis, and NCIC said they will be ready for loading at Damietta port in the Mediterranean. The SOP will be sold in 25kg bags on an ex-works basis from NCIC's Fayoum plant. Buyers are to load the cargoes within 37 days from receiving the invoice. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Pakistani DAP stocks slip in April
Pakistani DAP stocks slip in April
London, 18 May (Argus) — A lack of imports saw domestic sales erode Pakistani DAP stocks in April. But affordability for buyers and suppliers conserving stocks is putting offtake under pressure. Pakistan began May with 203,000t of DAP in stock, down by 11,000t from the start of April, according to the National Fertilizer Development Centre. Pakistan did not import any DAP last month, while domestic production was typical, at 74,000t. Domestic offtake almost halved to 85,000t, compared with March. But cumulative sales of 376,000t in January-April remain ahead of previous years, outpacing the average for January-April in 2023-25 by around 51,000t. Pakistani farmers and retailers anticipated that the globally bullish trend in DAP prices, primarily driven by the war in the Middle East, will eventually be felt in the domestic market and bolstered their stocks accordingly. Pakistan is now in its typical off-season, but the drop in offtake last month also reflects importers conserving their stocks and domestic prices testing farmers' affordability. Distributors expect DAP offtake to remain under pressure, seeing farmers prioritise nitrogen and potentially looking to other sources of phosphate, such as SSP and NPs. Prices for DAP from warehouses at Karachi have risen by 1,581 rupees/50kg bag — equivalent to around $114/t at current exchange rates — at the midpoint since the start of 2026. The latest stock total is in line with DAP inventories at the end of April 2025. But this is the third consecutive monthly fall in stocks. National DAP stocks had been growing since the beginning of January at the end of April last year and went on to grow for another three months. No DAP is lined up to arrive this month. But importers have lined up 60,000t of DAP, likely to arrive in June. This includes 20,000t of Moroccan DAP and 40,000t of Saudi Arabian DAP . May-June offtake in 2023-25 averaged 201,000t. If no more DAP imports are lined up, and if domestic offtake and production remain typical, national stocks are likely to remain largely unchanged by the end of June. If DAP stocks wither as distributors forecast, this could allow stocks to recover slightly. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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