For the Quarter Ending December 2025
North America
• In USA, Di Ammonium Phosphate Price Index fell by 1.66% quarter-over-quarter, reflecting muted seasonal demand.
• The average Di Ammonium Phosphate price for the quarter was approximately USD 752.33/MT delivered broadly.
• Di Ammonium Phosphate Spot Price eased on ample imports while inland freight inventories remained sufficient.
• Di Ammonium Phosphate Price Forecast suggests spring recovery supported by pre-planting purchases and logistics normalization.
• Di Ammonium Phosphate Production Cost Trend remained flat with stable ammonia and natural gas pricing.
• Di Ammonium Phosphate Demand Outlook is subdued amid constrained farm budgets and soft application rates.
• Di Ammonium Phosphate Price Index remained range-bound as import reopenings increased supply and tempered confidence.
• Terminal inventories in Illinois remained adequate while export demand and freight guided delivered DAP pricing.
Why did the price of Di Ammonium Phosphate change in December 2025 in North America?
• Ample imports reopened supply channels, increasing availability and applying downward pressure on delivered Midwest values.
• Stable ammonia and Henry Hub gas costs prevented cost increases during December, limiting upward pressure.
• Normalized river drafts eased inland freight constraints, improving deliveries and reducing urgency for spot buying.
APAC
• In Japan, the Di Ammonium Phosphate Price Index fell by 6.55% quarter-over-quarter, reflecting reduced domestic agricultural demand.
• The average Di Ammonium Phosphate price for the quarter was approximately USD 741.33/MT, reflecting CFR Tokyo calculations.
• Di Ammonium Phosphate Spot Price stayed muted as balanced imports and conservative buying limited spot transactions.
• Di Ammonium Phosphate Price Forecast indicates modest stability with slight upside risk into spring planting.
• Di Ammonium Phosphate Production Cost Trend shows exporter margin compression as freight and feedstock partially offset increases.
• Di Ammonium Phosphate Demand Outlook remains weak owing to precision agriculture adoption and MAFF usage constraints.
• Di Ammonium Phosphate Price Index showed limited resilience because port inventories and steady exports constrained gains.
• Export demand and logistical stability, including low port congestion, limited price volatility and encouraged restrained contractual buying.
Why did the price of Di Ammonium Phosphate change in December 2025 in APAC?
• Reduced domestic fertilizer application and precision-ag efficiency lowered demand, pressuring CFR Tokyo price levels further.
• Stable import flows and sufficient port inventories mitigated spikes despite freight and inspection-driven landed cost pressure.
• Policy measures and substitution toward MAP and complex blends constrained DAP procurement, reinforcing bearish market dynamics.
Europe
• In Germany, the Di Ammonium Phosphate Price Index fell by 8% quarter-over-quarter, reflecting weaker demand and ample imports.
• The average Di Ammonium Phosphate price for the quarter was approximately USD 799.67/MT, per reported Q4 data.
• Di Ammonium Phosphate Spot Price weakened amid competitive Moroccan and Baltic imports pressuring regional landed economics.
• Di Ammonium Phosphate Price Forecast shows modest recovery potential from spring stocking and any global supply tightening.
• Di Ammonium Phosphate Production Cost Trend subdued as ammonia and phosphoric acid input costs flattened.
• Di Ammonium Phosphate Demand Outlook is cautious with distributors hand-to-mouth and regulatory application limits in place.
• Di Ammonium Phosphate Price Index volatility moderated by efficient Hamburg port operations and normal Rhine barge flows.
• Domestic inventories remained near seasonal averages, limiting urgent buying and keeping FD quotations range-bound in Germany.
Why did the price of Di Ammonium Phosphate change in December 2025 in Europe?
• Ample imports from Russia, Morocco and Baltic origins increased supply, reducing upward pressure on prices.
• Flattening ammonia and phosphoric acid costs removed feedstock-driven pressure, supporting stable delivered quotations during December.
• Efficient Hamburg port operations, short vessel waits and Rhine barge normality limited logistics disruption thereby.
MEA
• In Saudi Arabia, the Diammonium Phosphate Price Index fell by 7.4% quarter-over-quarter, reflecting reduced export enquiry.
• The average Diammonium Phosphate price for the quarter was approximately USD 696.00/MT, based on FOB Jeddah spot levels.
• Diammonium Phosphate Spot Price volatility eased as sellers held offers amid inventories and steady run-rates.
• Near-term Diammonium Phosphate Price Forecast shows limited upside while the Price Index remains under bearish pressure.
• Diammonium Phosphate Production Cost Trend benefited from subsidised gas, supporting competitiveness despite higher sulphur costs.
• Diammonium Phosphate Demand Outlook is subdued as India and Latin buyers delay purchases, keeping offers constrained.
• High domestic run-rates and ample stocks limited urgency, compressing export parity and moderating Price Index.
• Export logistics improvements narrowed insurance surcharges, marginally stabilising Diammonium Phosphate Spot Price offers to buyers.
Why did the price of Diammonium Phosphate change in December 2025 in MEA?
• Muted export demand from India and Latin buyers reduced buying interest, deepening discounts, pressuring prices.
• Freight and sulphur cost increases squeezed margins, but subsidised natural gas limited production cost escalation.
• High plant run-rates and ample inventories removed urgency to restock, prolonging sideways to downward momentum.
South America
• In Brazil, the Di Ammonium Phosphate Price Index fell by 1.44% quarter-over-quarter, reflecting abundant imports.
• The average Di Ammonium Phosphate price for the quarter was approximately USD 799.67/MT, reported stable.
• Di Ammonium Phosphate Spot Price softened amid abundant imports, thereby weighing on the Price Index.
• Di Ammonium Phosphate Price Forecast anticipates recovery if pre-planting purchases accelerate and imports moderate supply.
• Di Ammonium Phosphate Production Cost Trend materially eased as ammonia and sulphur benchmarks softened recently.
• Di Ammonium Phosphate Demand Outlook remains subdued as farmers delay purchases pending planting season timing.
• Di Ammonium Phosphate Price Index reflected comfortable inventories and eased inland logistics, limiting upside pressure.
• Moroccan and Saudi export flows kept offers competitive, while Amazon droughts sporadically constrained northern logistics.
Why did the price of Di Ammonium Phosphate change in December 2025 in South America?
• Abundant imported volumes in December increased local availability, exerting downward pressure on DAP Price Index.
• Softer international ammonia and sulphur benchmarks eased production costs, reducing upward cost pressure on DAP.
• Improved port discharge rates and manageable inland inventories mitigated logistical premiums, stabilising near-term trading dynamics.
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.
