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.

Latest phosphate news
16/07/25

Pakistan's DAP stocks build in June

Pakistan's DAP stocks build in June

London, 16 July (Argus) — Pakistan's national DAP stocks grew throughout June to 324,000t, the sixth consecutive monthly stockbuild in the country, according to data from Pakistan government agency National Fertilizer Development Centre. DAP cargoes lined up by importers ahead of global price increases earlier this year more than replaced early buying in the domestic market in anticipation of rising domestic costs. The country started June with 236,000t of DAP in stock. It imported 128,000t and produced a typical quantity of 75,000t in the month, outweighing sales of 115,000t by 88,000t. DAP offtake so far through Kharif, starting in April, now totals 308,000t. This remains below the 367,000t average for the same period over the three years up to the devastating floods that hit Pakistan in mid-June 2022. But it is 20pc above April-June offtake in 2024. Global DAP prices have escalated in recent months, pushing Pakistani import prices up by nearly $150/t from a midpoint of $652.50/t cfr at the beginning of April. This, coupled with higher raw material prices boosting production costs, has forced domestic DAP prices up to as high as 13,000 rupees/50kg bag ex-Karachi. The firm price trend spurred early domestic buying, but with farmer economics still poor thanks to low crop prices, distributors expect to see a downwards correction in domestic DAP offtake volumes throughout the remainder of Kharif and into Rabi, which starts in October. Cumulative DAP imports throughout Kharif comes to 219,000t, a significant rebound from the 113,000t average for April-June imports over the previous three years. But importers are now showing little interest in adding to the DAP line-up. Latest sales for Chinese DAP are reported in the $790s/t cfr, equivalent to a landed cost in the range Rs14,130-14,320/bag ex-Karachi at current exchange rates. This is well above current domestic prices, which are already leading to demand destruction among farmers. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Latest phosphate news

India signs phos agreements: Update


14/07/25
Latest phosphate news
14/07/25

India signs phos agreements: Update

Adds Ma'aden's involvement in the five-year deal with Saudi Arabia in paragraph six of that section. London, 14 July (Argus) — Several Indian fertilizer importers have secured more Saudi DAP/NPS and Moroccan DAP and TSP through offtake agreements. The agreements come at a time when India has struggled to maintain comfortable DAP inventories, largely because of a lack of supply from China, which has drastically reduced its phosphates exports this year. Indian DAP stocks fell throughout June to begin July well below typical levels, at about 1.56mn t, provisional data show. Five-year deal with Saudi Arabia Indian importers IPL, Kribhco and Coromandel have signed an offtake agreement with Saudi Arabia for 3.1mn t/yr of phosphates over the coming five years. The quantity will mostly be DAP but also includes NPS. The deal covers five years starting from India's 2025-26 fiscal year (April-March), and includes an option for a five-year extension. The delegations discussed developing customised fertilizers specifically for India and have established a joint working group to explore long-term collaboration. The cargoes will be priced on a spot basis. The agreed quantity will surpass the 1.88mn t of DAP and 250,000t of NPS — totalling 2.13mn t — that India imported from Saudi Arabia over the 2024 calendar year, according to Argus line-up data. Most of the product will come from Saudi Arabia's largest phosphates producer, Ma'aden. The agreement stands as an additional memorandum of understanding (MoU) between Ma'aden and its regular Indian private and public-sector offtakers, with whom Ma'aden has existing MoUs including for supply and product development. Additional DAP, TSP from Morocco's OCP Six Indian importers have signed another agreement with Moroccan producer OCP for the supply of DAP and TSP up to the end of the current calendar year, Argus understands. This brings the total agreed quantities between Morocco and India to 1.5mn t of DAP and 1mn t of TSP. The latest agreement is for an additional 300,000t of DAP and 200,000t of TSP, adding to the 1.2mn t of DAP and 800,000t of TSP agreed in April . The cargoes will be priced on formula. The importers are IPL, NFL, Hurl, PPL, RFC and Fact. OCP did not comment on the deal. India has imported 730,000t of DAP and 285,000t of TSP from Morocco since the beginning of April. India has so far not taken TSP from any other origin since it began importing the product in June 2024. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Latest phosphate news

India signs phos agreements with Saudi Arabia, Morocco


14/07/25
Latest phosphate news
14/07/25

India signs phos agreements with Saudi Arabia, Morocco

London, 14 July (Argus) — Several Indian fertilizer importers have secured more Saudi DAP/NPS and Moroccan DAP and TSP through offtake agreements. The agreements come at a time when India has struggled to maintain comfortable DAP inventories, largely because of a lack of supply from China, which has drastically reduced its phosphates exports this year. Indian DAP stocks fell throughout June to begin July well below typical levels, at about 1.56mn t, provisional data show. Five-year deal with Saudi Arabia Indian importers IPL, Kribhco and Coromandel have signed an offtake agreement with Saudi Arabia for 3.1mn t/yr of phosphates over the coming five years. The quantity will mostly be DAP but also includes NPS. The deal covers five years starting from India's 2025-26 fiscal year (April-March), and includes an option for a five-year extension. The delegations discussed developing customised fertilizers specifically for India and have established a joint working group to explore long-term collaboration. The cargoes will be priced on a spot basis. The agreed quantity will surpass the 1.88mn t of DAP and 250,000t of NPS — totalling 2.13mn t — that India imported from Saudi Arabia over the 2024 calendar year, according to Argus line-up data. Additional DAP, TSP from Morocco's OCP Six Indian importers have signed another agreement with Moroccan producer OCP for the supply of DAP and TSP up to the end of the current calendar year, Argus understands. This brings the total agreed quantities between Morocco and India to 1.5mn t of DAP and 1mn t of TSP. The latest agreement is for an additional 300,000t of DAP and 200,000t of TSP, adding to the 1.2mn t of DAP and 800,000t of TSP agreed in April . The cargoes will be priced on formula. The importers are IPL, NFL, Hurl, PPL, RFC and Fact. OCP did not comment on the deal. India has imported 730,000t of DAP and 285,000t of TSP from Morocco since the beginning of April. India has so far not taken TSP from any other origin since it began importing the product in June 2024. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Latest phosphate news

Jordan’s JPMC sells DAP in $810s/t fob


08/07/25
Latest phosphate news
08/07/25

Jordan’s JPMC sells DAP in $810s/t fob

London, 8 July (Argus) — Jordanian producer JPMC has sold a 45,000-50,000t DAP cargo to a trading firm in the $810s/t fob Aqaba. The cargo will load in late July and will probably be shipped to India. The price is $814/t fob, market sources said, netting forward to the high $820s/t cfr west coast India. JPMC did not confirm the quantity or shipment time and did not give an exact price, but said the price is higher than $814/t fob. No confirmation was forthcoming from the buyer. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Latest phosphate news

Indian phosacid demand firm despite price hike


03/07/25
Latest phosphate news
03/07/25

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.

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