Figures

Figure 1: Normal Market Cycle Range: Morocco DAP fob Bulk ......................................................... 11
Figure 2: World Fertilizer Consumption 1961-2013 ...................................................................... 13
Figure 3: Major Crop Export Prices ......................................................................................... 13
Figure 4: World Grains Stock-to-Use Ratios ............................................................................... 14
Figure 5: Index of World Fertilizer Consumption 1998-2028 (1998=1) ................................................. 15
Figure 6: World Phosphate Fertilizer Consumption 1998-2028 ......................................................... 16
Figure 7: US renewable fuel requirement ................................................................................. 19
Figure 8: SSP in India: Major Producers and New Capacity ............................................................. 70
Figure 9: North American Ammonium Phosphates Capacity and Logistics ............................................ 90
Figure 10: Indian DAP Capacity by Phosphate Feedstock ............................................................... 94
Figure 11: China Incremental High-Analysis Phosphate Fertilizers Capacity, 2005-15 .............................. 99
Figure 12: Ammonium Phosphates Trade, 2000-11 ...................................................................... 104
Figure 13: Moroccan DAP and MAP Exports ............................................................................... 105
Figure 14: Chinese phosphates exports by product, 2005-13 .......................................................... 117
Figure 15: DAP fob Prices ................................................................................................... 129
Figure 16: Major Crop Export Prices ...................................................................................... 131
Figure 17: Sulphur Prices, cfr North Africa (contract) versus fob Vancouver (spot) ................................ 132
Figure 18: Yuzhnyy and Middle East Ammonia Prices ................................................................... 134
Figure 19: DAP Costs and Pricing (Morocco).............................................................................. 136
Figure 20: DAP Costs and Pricing (Morocco) 2004 Onwards ......................................................... 137
Figure 21: DAP: Phosphate Rock and Process Costs plus Margin ...................................................... 138
Figure 22: Normal Market Cycle Range: Morocco DAP fob Bulk ..................................................... 139
Figure 23: Morocco versus US Gulf DAP fob .............................................................................. 141
Figure 24: Baltic DAP versus MAP Prices .................................................................................. 144
Figure 25: Baltic DAP-MAP Differential ................................................................................... 145
Figure 26: Sulphur Prices, cfr North Africa (contract) versus fob Vancouver (spot) ................................ 146
Figure 27: TSP versus DAP prices .......................................................................................... 148
Figure 28: TSP versus DAP Prices: Nutrient Equivalent TSP Prediction ............................................... 149
Figure 29: TSP Nutrient Equivalent Prediction Differential ............................................................ 149
Figure 30: Phosphoric Acid Prices cfr India .............................................................................. 154

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Tables

Table 1: Phosphate Fertilizer Demand by Region, 1998 ................................................................. 16

Table 2: NPK Ratios, 2011/12 ............................................................................................... 17
Table 3: World Phosphoric Acid Production and Trade .................................................................. 28
Table 4: World Phosphoric Acid Production by Country, 2000-12 ...................................................... 29
Table 5: World Phosphoric Acid Imports, 2000-12 ....................................................................... 31
Table 6: World Phosphoric Acid Trade Matrix, 2012 ..................................................................... 32
Table 7: Major Exporters of Merchant Phosphoric Acid, 2000-12 ...................................................... 33
Table 8: Moroccan Phosphoric Acid Capacity ............................................................................. 39
Table 9: World Triple Superphosphate Production and Trade .......................................................... 41
Table 10: TSP Capacity 2013-17 ............................................................................................ 43
Table 11: Triple Superphosphate Production ............................................................................. 48
Table 12: Triple Superphosphate Major Producers .................................................................... 49
Table 13: Triple Superphosphate Exports ................................................................................. 50
Table 14: Triple Superphosphate Imports ................................................................................. 51
Table 15: Triple Superphosphate Trade Matrix, 2012 ................................................................... 52
Table 16: European Triple Superphosphate Imports ..................................................................... 53
Table 17: Latin American Triple Superphosphate Imports ............................................................. 53
Table 18: SSP Production, 1990-2011 ...................................................................................... 61
Table 19: SSP Exports, 1990-2011 .......................................................................................... 62
Table 20: SSP Imports, 1990-2011 .......................................................................................... 63
Table 21: SSP Consumption, 1990-2011 .................................................................................... 64
Table 22: Chinese SSP Exports .............................................................................................. 66
Table 23: Regional Shares of Production and Consumption in India ................................................... 67
Table 24: Rock Grades Offered by Rajasthan State Mines .............................................................. 69
Table 25: Oceania Single Superphosphate Capacity ..................................................................... 71
Table 26: Single Superphosphate Capacity in Brazil ..................................................................... 72
Table 27: Single Superphosphate Capacity in Egypt ..................................................................... 73
Table 28: World Diammonium Phosphate Capacity ...................................................................... 85
Table 29: World Monoammonium Phosphate Capacity .................................................................. 85
Table 30: Russian Ammonium Phosphates Capacity, 2013 .............................................................. 87
Table 31: Effective OCP Ammonium Phosphate Capacity, 2015-16 .................................................... 88
Table 32: US Production of Processed Phosphates ....................................................................... 92
Table 33: Growth in Brazilian Monoammonium Phosphate Capacity .................................................. 93
Table 34: Indian Ammonium Phosphates Capacity by Source of Phosphoric Acid .................................... 95

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