For the Quarter Ending September 2025
North America
• In USA, the Di Ammonium Phosphate Price Index rose by 18.6% quarter-over-quarter, driven by tariffs.
• The average Di Ammonium Phosphate price for the quarter was approximately USD 765.00/MT, stable market.
• Di Ammonium Phosphate Spot Price remained contained; handling costs and tariffs kept Price Index supported.
• Di Ammonium Phosphate Production Cost Trend rose with higher sulphur and phosphoric acid input costs.
• Di Ammonium Phosphate Demand Outlook is modest seasonally, with fall restocking likely supporting inland purchases.
• Di Ammonium Phosphate Price Forecast suggests slight near-term softening before stabilization as buyers pace restocking.
• Average inventory levels buffer supply shocks, though lower imports and export demand keep Price Index.
• Major producers operate near full rates; domestic output stable while import restrictions shape regional supply.
Why did the price of Di Ammonium Phosphate change in September 2025 in North America?
• Reduced imports and tariffs tightened supply, increasing delivered values and elevating domestic Price Index.
• Higher sulphur and phosphoric acid costs elevated production expenses, pressuring the Production Cost Trend.
• Mississippi River barge draft limits and inland freight tightness constrained flows, maintaining price resilience.
APAC
• In Japan, the Di Ammonium Phosphate Price Index rose by 13.50% quarter-over-quarter, reflecting tightening exports and stronger seasonal procurement.
• The average Di Ammonium Phosphate price for the quarter was approximately USD 793.33/MT, based on CFR Tokyo assessments.
• Di Ammonium Phosphate Spot Price strength was underpinned by limited Chinese shipments and firm Moroccan export offers.
• Di Ammonium Phosphate Price Forecast indicates modest near-term firmness driven by autumn procurement and stable freight levels.
• Di Ammonium Phosphate Production Cost Trend remained supportive as sulphur and phosphoric acid costs stayed firm regionally.
• Di Ammonium Phosphate Demand Outlook is steady with seasonal agricultural restocking offsetting otherwise muted domestic offtake.
• Inventory and export demand pressured the Price Index as cooperative buying and speculative withholding tightened prompt supply.
• Port operations were functional, but typhoon season and occasional Chinese port delays influenced availability and Price Index volatility.
Why did the price of Di Ammonium Phosphate change in September 2025 in APAC?
• Limited Chinese exports and Moroccan tight allocations reduced available spot volumes, tightening supply into Japan.
• Steady upstream costs for sulphur and phosphoric acid maintained producer offers, supporting elevated CFR values.
• Logistics disruptions and typhoon risks increased vessel delays and freight variability, constraining prompt deliveries and offers.
Europe
• In Germany, the Di Ammonium Phosphate Price Index rose by 13.99% quarter-over-quarter due to tariffs.
• The average Di Ammonium Phosphate price for the quarter was approximately USD 869.00/MT, Hamburg FD.
• Di Ammonium Phosphate Spot Price firmed; constrained imports and higher freight elevated landed cost pressures.
• Di Ammonium Phosphate Price Forecast points to modest upside as logistics and feedstock pressures persist.
• Di Ammonium Phosphate Production Cost Trend remains elevated due to phosphoric acid and sulphur prices.
• Di Ammonium Phosphate Demand Outlook steady with seasonal farm restocking, though affordability limits pre-season purchases.
• Di Ammonium Phosphate Price Index volatility reflects tariff effects, port congestion and shifting import allocations.
• Inventories at Hamburg remained lean, prompting forward buying and sustaining premiums amid constrained export flexibility.
Why did the price of Di Ammonium Phosphate change in September 2025 in Europe?
• Russian export tariff and repricing reduced available low-cost supply, tightening European DAP availability in September.
• Hamburg port congestion and rail disruptions raised handling and inland delivery costs, limiting product flow.
• Rising freight and higher input netbacks offset stable ammonia, sustaining upward pressure on FD prices.
MEA
• In Saudi Arabia, the Diammonium Phosphate Price Index rose by 14.93% quarter-over-quarter, from export demand.
• The average Diammonium Phosphate price for the quarter was approximately USD 751.67/MT, FOB Jeddah basis.
• Diammonium Phosphate Price Index firmed as Ma'aden term sales absorbed spot volumes, tightening prompt market.
• Diammonium Phosphate Spot Price strengthened on reduced prompt offers, supporting higher FOB nets to exporters.
• Diammonium Phosphate Price Forecast anticipates near-term stability, with upside risk from Indian and African tenders.
• Diammonium Phosphate Production Cost Trend showed pressure as ammonia and sulfur input costs remained stable.
• Diammonium Phosphate Demand Outlook remains constructive, driven by Indian seasonal buying and East African restocking.
• Diammonium Phosphate Price Index volatility eased as terminal inventories balanced against export nominations and freight.
Why did the price of Diammonium Phosphate change in September 2025 in MEA?
• Elevated export commitments and Ma'aden term sales tightened spot availability, reducing short-term market liquidity conditions.
• Stable ammonia and sulfur costs limited input pressure, while Red Sea freight insurance influenced competitiveness.
• High destination stocks in India and Africa softened enquiries, tempering price momentum in spot markets.
South America
• In Brazil, the Diammonium Phosphate Price Index rose by 21.15% quarter-over-quarter, seasonal restocking uplift strongly.
• The average Diammonium Phosphate price for the quarter was approx. USD 811.33/MT, firm CFR levels.
• Diammonium Phosphate Spot Price tightened as exporters prioritized contract volumes, reducing spot cargoes for domestic.
• Diammonium Phosphate Price Forecast suggests near term firmness, constrained by inland logistics and export commitments.
• Diammonium Phosphate Production Cost Trend showed restrained inflation as feedstock supplies remained generally adequate.
• Diammonium Phosphate Demand Outlook stays supportive pre-planting, though affordability and credit issues temper buying.
• Diammonium Phosphate Price Index eased as imports balanced committed exports, though river drought effects persisted.
• DAP inventories at coastal hubs were moderate, allowing measured offtake and reducing immediate procurement urgency.
Why did the price of Diammonium Phosphate change in September 2025 in South America?
• Severe Amazon River drought reduced vessel drafts, raising inland freight and complicating Manaus deliveries urgently.
• Strong pre-season restocking by cooperatives tightened immediate availability, supporting CFR levels despite balanced ocean freight.
• Moderate domestic affordability and cautious credit access restrained farmer purchasing, limiting aggressive spot buying momentum.
For the Quarter Ending June 2025
North America
• The Di-Ammonium Phosphate Price Index in the U.S. displayed stability in Q2 2025, with minimal quarter-over-quarter fluctuation under DEL Illinois terms. Prices hovered near USD 595/MT by late June, influenced by balanced domestic availability.
• Why did the price of Di-Ammonium Phosphate change in July 2025?
Prices declined slightly in July due to softened seasonal demand from the agricultural sector post-spring application window. Limited import activity and stable supply kept prices from dropping sharply.
• Logistics conditions remained unchallenged with low freight volatility and no reported domestic transport bottlenecks.
• The Di-Ammonium Phosphate Demand Outlook for Q3 points toward moderate recovery, driven by restocking by agri-retailers and autumn fertilizer demand in the Midwest.
• Di-Ammonium Phosphate Production Cost Trend remained stable in Q2 due to low volatility in ammonia and phosphoric acid inputs, keeping profit margins healthy.
• The Di-Ammonium Phosphate Spot Price is expected to range within USD 590–600/MT in Q3, with prices likely to stay rangebound unless demand sharply rebounds.
Europe
• The Di-Ammonium Phosphate Price Index under FD Hamburg showed significant strength through Q2 2025. Prices rose from EUR 729/MT in April to EUR 801/MT by June, marking a sharp 9.9% quarter-over-quarter increase.
• Why did the price of Di-Ammonium Phosphate change in July 2025?
Prices continued upward into July, hitting EUR 845/MT amid robust domestic and intra-EU demand, supported by firm industrial and agricultural pull.
• Demand was strong across both agricultural and industrial applications, particularly in Eastern Europe where spring cultivation extended into early summer.
• The Di-Ammonium Phosphate Production Cost Trend reflected modest increases due to currency depreciation (EUR/USD) and rising upstream sulfur and energy inputs.
• The Di-Ammonium Phosphate Demand Outlook for Q3 remains positive, though high inventory levels in July may moderate buying through August.
• Price forecast leans firm to steady, with expected values in the EUR 830–850/MT range unless regional imports ramp up or demand normalizes.
APAC
• The Di-Ammonium Phosphate Price Index in Q2 2025 under CFR Ho Chi Minh City showed a marginal uptick of 1–2% over Q1, closing near USD 555/MT by late June.
• Why did the price of Di-Ammonium Phosphate change in July 2025?
Prices slipped marginally in July, attributed to reduced procurement from downstream fertilizer blenders and increased cargo arrivals from China and Morocco.
• Southeast Asia faced oversupply concerns as India deferred some contracts and China continued offloading excess cargo at competitive rates.
• The Di-Ammonium Phosphate Spot Price faced downward pressure as more suppliers competed for limited purchasing interest.
• Vietnam’s demand weakened temporarily due to prolonged monsoons affecting field application.
• Production cost trends remained steady, but margins narrowed slightly due to falling CFR prices and elevated shipping costs from the Middle East.
• The Di-Ammonium Phosphate Demand Outlook for Q3 remains mixed; domestic demand may rise post-monsoon, but pricing pressure is expected to persist.
• Price forecast points to a narrow range of USD 550–560/MT in Q3 unless China pulls back export volumes.
Middle East & Africa (Morocco – FOB Casablanca)
• The Di-Ammonium Phosphate Price Index in Morocco (under FOB Casablanca) showed firm behavior in Q2 2025, ending near USD 510/MT—up 2% from Q1.
• Why did the price of Di-Ammonium Phosphate change in July 2025?
July witnessed a price correction of ~1.5% amid softer buying from African nations like Ethiopia and Nigeria following above-average Q2 restocking.
• Morocco maintained healthy production, but shifting export flows and slower vessel movement at Casablanca added minor supply delays.
• Logistics were somewhat constrained due to limited vessel availability during late June and early July.
• The Di-Ammonium Phosphate Spot Price held firm due to stable FOB margins and upstream phosphoric acid cost stability.
• Di-Ammonium Phosphate Production Cost Trends remained moderate with no significant changes in input cost structure.
• The Di-Ammonium Phosphate Demand Outlook for Q3 leans neutral, as demand from West Africa may slow post peak-season procurement.
• Q3 price forecast remains stable in the range of USD 505–515/MT unless new tenders arise from East Africa or India.
For the Quarter Ending March 2025
North America
In Q1 2025, Diammonium Phosphate (DAP) prices in North America experienced a notable upward trend, in contrast to the slight decline observed in Q4 2024. The quarter began with stable prices in early January but witnessed consecutive price increases driven by supply-side constraints, seasonal stocking ahead of the planting season, and global export restrictions—particularly from China. By the end of January, DAP prices climbed, reflecting limited availability and rising input costs from Phosphoric Acid.
In February, the bullish momentum continued, supported by growing demand in anticipation of spring cultivation and tariff-related concerns on Mexican and Canadian imports. Strategic stockpiling led U.S. imports to a record high, and prices surged by month-end. March saw moderate fluctuations, inching up slightly before dipping 2% in the final week due to off-season agricultural activity and ample inventory levels.
Compared to Q4 2024, when prices dropped 2.39% due to weak demand and logistical challenges, Q1 2025 marked a rebound, reflecting heightened supply constraints, tariff disruptions, and seasonal agricultural demand.
APAC
In Q1 2025, Diammonium Phosphate (DAP) prices in the APAC region displayed moderate bullishness, reversing the 3.93% decline seen in Q4 2024. Starting at USD 662/MT in early January at Tanjung Priok, Indonesia, prices gradually increased by the end of March. This quarterly uptick was driven by constrained global supply due to China’s ongoing export restrictions, stable to rising feedstock Phosphoric Acid prices, and seasonal demand recovery from the agriculture sector. In January, subdued demand and oversupplied ammonia initially kept prices flat, but stocking activities ahead of the Lunar New Year caused a brief rise. February saw stable prices as Indonesia’s imports dropped, yet strong fertilizer demand, supported by government subsidies, kept sentiment positive.
By late February, prices edged up, supported by tight regional DAP and feedstock supplies. March maintained the firm price level as Indonesia entered peak agricultural preparation for Ramadan, offsetting any potential downward pressure from declining ammonia costs. Overall, the quarter was characterized by resilient demand and tighter supply fundamentals, leading to sustained pricing strength in the region.
Europe
In Q1 2025, the Diammonium Phosphate (DAP) market in Europe demonstrated a bullish price trend, with prices climbing in early January by the end of March, reflecting an overall increase of over 11%. This uptrend was driven by constrained regional supply, consistent agricultural demand, and upstream challenges. January began with sluggish demand due to the holiday season and adverse weather, although prices started inching up amid low stock availability and increased buyer activity ahead of the planting season. February witnessed steady to bullish price movements, supported by a persistent supply-demand gap, tight global phosphate markets, and higher feedstock costs. March saw prices peak as European inventory tightened due to limited availability from key suppliers like Tunisia and Russia, compounded by severe port disruptions and strong seasonal demand. Morocco’s OCP capitalized on the supply shortfall, emerging as a dominant supplier in Europe. Compared to Q4 2024, where prices rose modestly by just 0.20% amid balanced dynamics, Q1 2025 marked a sharper upturn, driven by tightening supplies, adverse logistics, and aggressive stocking ahead of the spring cultivation cycle.
South America
In Q1 2025, the Di-Ammonium Phosphate (DAP) market in Brazil witnessed a gradual but firm upward price trajectory, registering an approximate 4.23% increase over the quarter. Starting at USD 585/MT in early January, prices climbed steadily till the end of March. This bullish movement was largely fueled by persistent global supply constraints, including China’s ongoing phosphate export restrictions and logistical disruptions, especially in Russia and Brazil’s key ports. Meanwhile, the limited availability of feedstock Phosphate Rock and Phosphoric Acid, coupled with fluctuating Ammonia prices, maintained upward pressure on production costs. Despite stable to moderate DAP production rates in exporting countries, constrained inventory and rising upstream costs supported the pricing rally.
On the demand side, Brazil's robust agricultural activity—driven by an anticipated record soybean harvest and rising fertilizer needs for corn cultivation—intensified phosphate requirements. However, elevated DAP prices led many buyers to partially shift toward lower-cost alternatives like SSP and TSP. Compared to Q4 2024, when DAP prices fell by 1.57%, the first quarter of 2025 marked a strong recovery, driven by tightening global supply and stronger domestic demand dynamics.
MEA
In Q1 2025, Diammonium Phosphate (DAP) prices in the MEA region experienced a moderate decline overall, reversing the upward momentum seen in Q4 2024. Prices began the quarter at USD 625/MT in early January and gradually dipped by month-end due to sluggish demand, lower Ammonia prices, and weather-related agricultural uncertainties impacting crop cultivation. In February, the market saw a turnaround with a mild bullish trend as prices rose incrementally by month-end. This was largely driven by tighter global phosphate supplies amid continued Chinese export restrictions and steady international demand, especially from Southeast Asia, Africa, and the US. March maintained price stability, supported by firm exports, consistent domestic demand, and balanced supply dynamics. Compared to Q4 2024, where DAP prices had surged 5.91% amid constrained supply and supply chain disruptions, Q1 2025 reflected a more tempered and stabilized trend. Despite early bearishness, improved export activity and proactive stocking helped offset demand-side weakness, leading to a balanced quarterly outlook.
For the Quarter Ending December 2024
North America
In Q4 2024, Diammonium Phosphate (DAP) prices in the US declined by 2.39% compared to the previous quarter. The price drop was attributed to subdued demand during the autumn harvest season and cautious purchasing as buyers awaited more favorable pricing terms. Supply chain disruptions, including reduced Chinese exports and tariffs on Mexican imports, further strained availability.
Production rates remained moderate due to limited feedstock Phosphoric Acid supplies, while sluggish activity in lithium iron phosphate battery manufacturing added to upstream constraints. Export volumes declined, particularly to Europe and Australia, as global demand softened. Meanwhile, domestic demand weakened due to reduced ammonia purchasing activity and lower fertilizer demand in North America.
Inflationary pressures persisted, with rising production costs impacting market dynamics. Despite these challenges, suppliers maintained stable operations, supported by controlled production levels and balanced inventory management, which helped mitigate sharper price declines. The quarter reflected a cautious market sentiment and significant headwinds, setting a challenging tone for DAP market performance moving into early 2025.
APAC
In the fourth quarter of 2024, Diammonium Phosphate (DAP) prices experienced a 3.93% decrease compared to the previous quarter. This price decline was largely influenced by a combination of sluggish demand, seasonal factors, and supply chain disruptions. While the market initially saw stability due to balanced demand-supply dynamics, the latter part of the quarter witnessed a slowdown in fertilizer industry activity, driven by off-season procurement and weaker Urea production. Production rates for DAP remained intermediate, with moderate availability of feedstock like Phosphoric Acid and fluctuating Ammonia costs. The Chinese government’s decision to halt DAP exports from December 2024 until April 2025 exacerbated supply tightness, but this was countered by a steady domestic demand from China’s agricultural sector. The supply chain disruptions, including those caused by Typhoon Kong-Rey and the approach of Chinese New Year, further limited global availability. Additionally, the reduced demand from regional markets like India and lower exports to the Far East contributed to the overall price decline. Despite these challenges, the global supply of DAP remained constrained, supporting the price stability at the end of the quarter. The steady domestic demand in China, combined with the logistical disruptions, helped prevent a more significant drop in prices. Moving forward, the market is expected to stabilize as global supply dynamics balance out with improved demand in early 2025.
Europe
The Diammonium Phosphate (DAP) market in Europe recorded a slight 0.20% price increase from the previous quarter. Prices remained largely stable as supply and demand dynamics stayed balanced amid various challenges. In October, robust production activity, supported by a 2.4% year-on-year rise in agrochemical output by PhosAgro, maintained consistent market supply. Moderate demand from the agricultural sector ensured equilibrium in pricing despite a prolonged downturn in European manufacturing output. By November, feedstock Ammonia availability tightened due to increased natural gas demand during winter, impacting DAP production rates. Adverse weather conditions and subdued trading activity further dampened agricultural demand, leading to cautious procurement and inventory stockpiling by buyers. In December, disruptions caused by storms, port congestion, and weak crop performance due to heavy rainfall affected logistics and demand. However, DAP production rates remained stable, with manufacturers leveraging backlogs to maintain market availability. The modest quarterly price increase reflects manufacturers’ cautious supply strategies and consistent agricultural sector support, despite seasonal and logistical challenges that restrained overall market activity.
South America
In the fourth quarter of 2024, the Diammonium Phosphate (DAP) market in Brazil experienced a slight 1.57% price decrease compared to the previous quarter. The decrease can be attributed to a combination of supply and demand factors that shaped market conditions during the period. On the supply side, DAP production remained moderate due to limited availability of feedstock Phosphoric Acid and reduced cost support from Ammonia, influenced by weaker demand from fertilizer manufacturers. Additionally, port congestion at Santos caused occasional delays, further complicating supply chains. Despite these issues, production rates remained steady, with exporters managing to meet market needs with moderate supplies. Demand for DAP remained relatively stable, though subdued, driven by steady fertilizer needs linked to agricultural output. However, limited purchasing activity and tight supply conditions tempered market growth. Strong demand for potash helped maintain pricing stability for DAP, but overall, the market faced reduced growth prospects, contributing to the slight price decline. The 1.57% decrease in DAP prices reflects a well-balanced supply-demand dynamic, where moderate production and logistics disruptions offset steady demand, resulting in a slight retreat in pricing compared to the previous quarter.
MEA
In Q4 2024, Diammonium Phosphate (DAP) prices saw a 5.91% increase compared to the previous quarter. The price rise was driven by moderate production rates and supply chain disruptions, coupled with limited availability of key feedstocks like Phosphate Rock and Ammonia. Throughout the quarter, DAP production remained steady despite weak Phosphate Rock supplies and reduced Ammonia cost support due to sluggish demand from fertilizer manufacturers. While the global export market faced challenges, businesses proactively advanced shipments to mitigate supply shortages, contributing to the price increase. Demand remained subdued but steady, with consistent fertilizer requirements driven by ongoing agricultural activities. Seasonal weakening in demand was observed, particularly in key importing regions like India, due to slower procurement activities and weather-related crop concerns. Despite these challenges, the agricultural sector continued to support demand, maintaining overall stability in the market. The combination of constrained supply, steady agricultural demand, and supply chain adjustments helped drive the 5.91% price increase, positioning the DAP market for a stable outlook as it enters the new year.
