Phosphate prices have continued to firm, but gains remain moderate compared with the sharper rally in nitrogen markets.

This week in Brazil, MAP has moved up to $850-860/t cfr, while Indian DAP indications have strengthened towards $800/t cfr at the high end, with limited spot activity. Chinese DAP export prices have also edged up at the low end to $755-765/t fob, though producers remain cautious on offering.

In contrast, nitrogen markets have surged, with urea prices rising by around 10% over the past week amid Middle East supply concerns and expectations of South Asia tender. The stronger response in nitrogen reflects its more direct exposure to gas supply disruptions, while phosphates are seeing a more gradual, cost-driven increase.