Saudi Arabian phosphates producer Maaden has reported selling 50 000 t of DAP to Ethiopia in the low to mid-US$800s/t cfr via Djibouti, according to findings from Argus Media.
The cargo will load and ship out of Saudi Arabia's western port of Yanbu in the Red Sea rather than the typical Ras Al-Kair on the east coast, avoiding the Strait of Hormuz. The price nets back to the high US$760s/t to about US$770/t fob via Yanbu.
This is the second vessel Maaden has lined up to export phosphates from Yanbu.
Maaden sold 15 000 t of MAP to South America in the prior week, the second week of March. According to Argus Media’s findings, MAP will ship in combination with 40 000 t of DAP/MAP which Maaden sold in January for shipment to Latin America.
This brings the DAP/MAP export line-up at Yanbu to about 105 000 t for April with expectations for that number to increase.
Original article written by Tom Hampson on Argus Media.