LONDON (ICIS)–Urea buying continues to be slow. Indonesia granular tender bid in the low 410s FOB, which is below the last sale of 432 FOB from the region. But that sale was for small 6,000 tonne lots while this tender is for 45kt today.
-Nola barge values were up $7-8/short ton on Monday for March.
-No fresh word on Indian tender yet.
-In Europe, tariffs on Russian and Belarus nitrogen fertilizers are yet to implemented
-The EU on 24 February imposed a ban on any cargo being shipped from the ports of Ust-Luga and Primorsk on the Baltic Sea and Novorossiysk on the Black Sea, in its 16th sanctions package against Russia. It is not yet clear if this will apply to fertilizers or not.
Some Dubai news for you:
Frederick Grothe (CEO) and K.K. Gupta (#2 in the company) were both fired from ABTG.
Rajesh Somani has been rehired as CEO.
Good morning. Renewed buyer interest across all urea products. India tender is still widely expected next week. Markets framed at cob Fri:
AG
Mar $410//$415 – traded $400, $410
Apr $385//$397 – traded $380
May $375//$385
Cfr Brazil
Mar $405//$420
Apr $390//$405
May $375//$390
Jun $375//$388
Jul-Aug $370//$385
Egypt
Mar $435//$442 – traded $435
Apr $395//$405 – traded $398, $395, $390, $389
May $380//$400
Nola urea
Physical trades: Feb $393, $394, $395; Mar $393
Mar $395//$405 – traded $390, $400
Apr $385//$395 – traded $384
May $350//$360 – traded $357
Jun $335//$350
UAN Nola
Mar $260//$283
May $274//$290
Apr $280//$300
Q2 $285//$300
DAP Nola
Physical trades: FH Mar $600, $596
Mar $600//$615
Apr $580//$615
May $570//$600
INFRASTRUCTURE MEASURES
Full transaction ban on specific Russian infrastructures: This includes two Moscow airports (Vnukovo Airport and Zhukovsky Airport), four regional airports, and the Volga port Astrakhan and Makhachkala port on the Caspian Sea. The sea ports Ust-Luga and Primorsk on the Baltic Sea and Novorossiysk on the Black Sea were also included.
https://ec.europa.eu/commission/presscorner/detail/es/ip_25_585
Dear
Good Morning! I have some news to share with you. Currently, the price of potash alkali raw materials has increased significantly, which has led to a sharp rise in the prices of monopotassium phosphate and anhydrous potassium salts. Due to strong domestic and international market demand, the price of monoammonium phosphate has remained high. At present, there is an urgent shortage of MAP12 – 61 in the market.
However, our factory is still accepting orders and providing quotations as normal. If you have any needs, please feel free to contact Alin.
cfr spot sale into Morocco at a significant discount to fob business in Algeria was the headline deal in yet another busy week for the international ammonia market, one in which the strong dislocation between prices in the East and West was illustrated clearly again.
Trammo’s deal with OCP Group at $459pt cfr for a 25,000t cargo for March delivery to Jorf Lasfar came shortly after a fob sale in neighbouring Algeria at $535pt fob for loading next month.
While the origin of the cargo for the phosphates major has not been shared, it will almost certainly load in the Middle East given the abundance of tonnes in that region heard available at attractive prices.
Trammo has several 25,000t capacity vessels preparing to load in the region, any of which could perform the one-month voyage to the Atlantic port around the Cape of Good Hope.
News of the heavily discounted deal emerged ahead of talks over the Tampa contract for March loadings, with that settlement always eagerly awaited, but more so at present given the large gap between fob and cfr spot prices in North Africa.
While Algerian cargoes do not move to Morocco due to political tensions, a $459pt cfr sale would feature an estimated netback of around $430-435pt fob Arzew, a range that is $100pt below most recent fob spot business out of Algeria.
Robust European import demand offers pricing support
As has been the case so far this year, plenty of spot cargoes changed hands due to the amount of surplus volume. This was particularly evident in the East, where weak industrial demand has left manufacturers in Southeast Asia with high inventories.
Until the demand situation improves both there and in India, cargoes are likely to flow West from the Arabian Gulf with increasing frequency. Around 35,000t from that region have been sold into Turkey for prompt arrival, albeit at undisclosed prices.
Demand in the West is focused on Northwest Europe, with several deals struck amid regional capacity curtailments triggered by persistently high feedstock costs.
In addition, elevated nitrates prices mean producers’ appetite for offshore ammonia shows no sign of easing, with one trader’s vessels bouncing between ports in the UK and the Netherlands on a regular basis this month.
Apart from the imminent Tampa settlement, pricing direction in the West will be dictated by the next batch of spot deals into Northwest Europe.
In the East, a seasonal pick up in orders from Indian buyers should emerge next month to help soak up some excess tonnes from the Middle East and Southeast Asia, but bar plant turnarounds or unplanned production shutdowns, that region looks long for the foreseeable future.
China's capacity growth driven by CPL and LFP production
Chinese ammonium sulphate exports surged to 17.1 Mt in 2024 as expanding caprolactam and LFP production capacity underpinned a rapid growth in demand.
Between 2020 and 2023, exports grew steadily by 2 Mt per year before accelerating with a 3 Mt jump in 2024, according to Global Trade Tracker (GTT). AS exports have nearly doubled from the 8.7 Mt recorded in 2020.
This upward trend is expected to continue, with CRU forecasting AS exports to hit 19 Mt by 2028. Additional supply sources, including synthetic production and emission control-driven output, will further support long-term AS production growth.
In 2024, China’s AS capacity grew by 3.7 Mt, while output is rose by 1.3 Mt. By 2025, CRU projects total capacity to reach 27.5 Mt, with production climbing to 19 Mt.
However, this expansion will be partially offset by declining COG-based capacity, reflecting China’s broader shift away from coke production and toward lower-carbon steel making methods.
As a by-product, AS supply typically drives demand, but global consumption is growing, particularly in Brazil and Asia.
Brazil remains the largest AS importer, with 2024 imports reaching 6.3 Mt, a 27% increase from 4.9 Mt in 2023. This demand is driven by AS’s cost advantage over nitrogen fertilizers like urea and ammonium nitrate.
In Southeast Asia, a combination of crop types, climate conditions, and proximity to supply has fuelled demand, particularly in Indonesia recording a 66% year-on-year increase and Thailand seeing even stronger growth at 88%.
Myanmar is also a significant AS consumer. Although its 2024 imports were 27% lower than in 2023, the previous year saw imports double from 726,000 t to 1.5 Mt. Myanmar is expected to maintain these elevated import levels through 2028.
Elsewhere, Turkey has ramped up AS imports to 952,000 t in 2024, a 52% increase from 2023. South Africa is also emerging as a key market, with Chinese-origin AS imports reaching 373,000 t, marking a 57% year-on-year rise.
China Prices
Domestic urea prices rally before easing once again
Due to the increasing buying activities in northeast China and improved demand for spring application season, domestic prilled urea prices surged over the weekend. The highest price reached RMB1,770/t EXW ($243/t) on Monday, 17 February.
20 Feb 2025
AS market holds steady
Caprolactam-grade AS remained largely stable, with only a marginal $1/t drop at the lower end. Fujian TCC closed a 15,000 t tender at RMB1,000-1,010/t ($138-139/t), reflecting an export price of $147-149/t FOB on 18 February. Shipment is scheduled for before 25 March.
20 Feb 2025
Domestic ammonia prices slip with little upside forecast
Domestic prices for the most part trended to the downside again this week, amid a dearth of activity on the seaborne international market.
20 Feb 2025
Domestic MAP prices firm while DAP steady
China's domestic MAP prices firmed this week due to increasing demand for the spring application season, while DAP prices were unchanged.
20 Feb 2025
DAP+MAP production jumps 10% in 2024
China’s January-December DAP/MAP production increased 10% year on year to roughly 30.35 Mt from 27.48 Mt, according to updated CPFIA data.
Feb 21 (Reuters) – Chicago Board of Trade soybean futures ended lower on Friday as traders booked profits before the weekend.
Expectations for a record-large harvest in top-supplier Brazil hung over the market, analysts said.
Brazil has increased plantings of the oilseed for 18 consecutive years.
In the U.S., farmers are expected to reduce soy plantings this spring as corn looks more profitable to grow, traders said.
The U.S. Department of Agriculture is slated to issue planting forecasts at its annual Agricultural Outlook Conference next week.
USDA said weekly U.S. soybean export sales for 2024-25 were 480,300 metric tons, compared to analysts' estimates for 100,000 to 500,000 tons.
CBOT May soybeans SK25 closed 5-3/4 cents weaker at $10.57-1/4 per bushel after rising earlier to the highest level since February 11. For the week, the contract edged up 0.4%.
CBOT May soymeal SMK25 ended down $0.70 at $303.90 per short ton, and May soyoil BOK25 slipped 0.45 cents to close at 47.34 cents per pound.
//ACCOUNT WARNING -FERTISTREAM FREIGHT DMCC //
We fixed a voyage contract with “fertistream freight dmcc” on one of our vessels.
Discharging has been commenced and it will be finished tomorrow morning based on their continuous confirmation they will pay for the freight asap but we haven’t got the freight yet so we are preparing for the stoppage of discharging with an immediate effect and taking our next step.
In addition to the freight payment issue they were asking us to issue two mate’s receipt-one was to kohsichang(real discharging port) and the other one was to Ethiopia- and they tried to connect the issuance of mate’s receipt to Ethiopia for the vessel’s sailing from the loading port.
For owners and operators who are in my circulation list, please take an extra vigilance for this account on bills of lading(the mate’s receipt) and freight payment.
Qte(full style)
FERTISTREAM FREIGHT DMCC
UNIT NO: ONEJLT-02-B ; ONE JLT ; PLOT NO: DMCC-EZ1-1AB
JUMEIRAH LAKES TOWERS ; DUBAI ; UNITED ARAB EMIRATES
unqte
-INDIA'S DELAYED ANNOUNCEMENT OF A NEW UREA TENDER INFLICTED A HAMMERING ON US/NOLA BARGE MARKET WITH VALUES FALLING ACROSS THE BOARD
-PROCESSED PHOSPHATE PRICES ARE IN LINE FOR DOWNWARD ADJUSTMENT WITH THE ANTICIPATION OF CHINESE EXPORTS TO RESUME
-POTASH PRICES ARE UP ON INCREASED DEMAND
-AMMONIA PRICES ARE FALLING IN VIEW OF AMPLE SUPPLY
Urea price rises came to a sudden halt this week with major concerns over the delayed India tender where an announcement is still forthcoming. In the highly liquid US/NOLA the urea price took a hammering with February barge values trading USD 38 per short ton below the mid-month peak with the market losing USD 30 per short ton in just a handful of trading sessions. The US market still has a few weeks to go before the main import season starts but the market anticipates strong demand vs the anticipated planting intentions. In addition, Brazil is out of season and only scattered demand is seen for small volumes. Australian spot urea buying has also come to a standstill with fears that farmers will delay buying until the season starts in May onwards resorting to hand to mouth buying due to challenging weather conditions and deteriorating farm economics. Thailand imports are mostly on contract formula basis mainly from the major producers in the Middle East with spot buying far in between at prices less than previous. Producers in the Middle East are holding the fort and not offering, having decided to wait and see on the timing of an India tender announcement. The last known spot price in the Middle East is at USD 437 PMT FOB ex Qatar for a full cargo and producers are trying to get above USD 440 PMT FOB with little or no traction. SE Asian producers are also seeing demand with lower price expectations. The last Indonesia export tender for 6 KT of prilled urea ex Gresik saw bids in the middle/high 430s PMT FOB with owners floor price of USD 441 PMT thus the tender was scrapped. A Pupuk Indonesia granular urea export tender is expected to be announced soon. Current granular urea prices in SE Asia is around the USD 430 PMT FOB mark give or take a couple of dollars. Dangote of Nigeria failed to sell two cargoes of granular urea on offer expecting a price of around the USD 435-440 PMT FOB mark with bids said to be in the USD 420s PMT FOB. Indorama, the other Nigerian producer is not offering due to contract commitments and with one urea production line being down. The EABC Ethiopia urea tender received seven valid offers in the latest tender closing on the 20th of February for multiple lots of 50,000 MT. In total 300 KT sought with shipment required from March through May/June. The lowest offer in the tender was at USD 427 PMT FOB Oman. The next lowest offer was at USD 437.50 PMT FOB Oman.
The underlying outlook for the Urea market is still stable to firm but subject to an imminent announcement of an India urea purchasing tender.
The processed phosphate market is expecting China to emerge again in the export market with a 27 KT DAP late March shipment deal rumored for Thailand. A Chinese entrance will certainly change the pricing dynamics of DAP/MAP/NPS with expectations of prices dropping opening up for traders shorting the market. With China on the sidelines, both Ma'aden and OCP enjoyed much less competition in major markets. Ma'aden this week sold a DAP cargo to India at a slightly higher price of USD 636 PMT CFR compared to the latest price of USD 633 PMT CFR. India's government has increased the NBS for the Kharif season but still short for importers to make money. India is in desperate need for DAP with inventories at much lower levels than each of the previous five years. Pakistan is struggling with drought and significant economic hardship and the latest bulk imports of DAP was in November 2024. Last week it emerged that 21 KT of DAP was brought in by containers at prices ranging between USD 608-615 PMT CFR with traders selling OCP origin. In Brazil MAP prices have been carved in stone since July 2024 at around the USD 630-635 PMT CFR range. This is due to slow demand supported by limited availability. Ethiopia's EABC closed a tender for 540,390 t DAP 20 February, receiving offers on six of the nine lots in the session, according to sources.The loading laycan requirements for the nine lots ranged from early March to mid-May 2025.Offers came from 10 traders (with two subsequently cancelled) and comprised supply from Russia, Saudi Arabia, China, Egypt, and Kazakhstan. FOB prices per MT ranged from a low of USD 625 PMT to a high of USD 641.75.
Ma'aden Phosphate Company has started construction of Phase 3 at a cost of USD 7.5 billion, which will see total production capacity by 2029 increase to 9 million MT. The first 1.5 million MT is expected to be completed by the end of 2026.
LIFOSA of Lithuania is making progress in its production of DAP/MAP with full year 2024 resulting in 250 KT up from around 110 KT the year before. However, it will take some time for LIFOSA to get back to its glory days with production reaching around 900 KT.
Potash prices rose in China, Brazil, and the US, while other regions saw little change, as Pupuk Indonesia closed two tenders and Uralkali cut production in Q2. The Southeast Asia MOP market took the spotlight this week as Pupuk Indonesia closed two tenders. The importer received five offers for their 20,000 t sMOP tender, with initial offers ranging from $335-360/t CFR for May shipment. The volumes for this tender are much lower than the previous tender volumes of 350,000 t issued on 29 January, which was scrapped after suppliers rejected the new price formula process. Pupuk Indonesia’s gMOP tender received six offers from suppliers, ranging between $335- 435/t CFR. Neither of the tenders has been reported as awarded yet at the time of writing. In the meantime, prices in the region held at an average of $310/t CFR for standard MOP material, with gMOP priced at an average of $335/t CFR. Chinese port wholesale MOP prices jumped to an average of RMB2,925/t FCA ($402/t), fuelled by stronger demand for the spring application season and constrained supply. A bullish sentiment is prevailing in the market. Potash prices in northwest Europe have shifted, with most deals now occurring at the higher end of the range. Still, larger buyers suggest that lower levels are still possible. With the global market strengthening, strong demand for sMOP and limited availability for March loading are expected to drive prices higher in the coming weeks. The bullish outlook from producers has been strengthening week on week in the region. Spot prices in Brazil increased by $5/t despite the limited demand, as bids at $315/t CFR were firmly rejected. Demand is expected to pick up after the carnival in Rio de Janeiro. Producers are still aiming for higher prices, with an unconfirmed rumour of a deal at $330- 335/t CFR for March delivery. In the US, the potash market was rather stagnant as cold weather dampened buying interest. Benchmarks modestly rose despite the limited demand, with an increase expected as the weather improves in the weeks ahead. In the northwestern European standard SOP market, prices stayed at an average of €580/t FCA this week. However, strong demand and rising MOP prices suggest that prices may rise in the coming months. In other news, Uralkali plans to cut MOP production by 300,000 t at its Berezniki-2, Berezniki4, and Solikamsk-3 in Q2 for maintenance. CRU does not expect this to support significant price increases.
On the ammonia side, to underscore the bearish sentiment on pricing over the past few weeks, Trammo sold 25,000 MT of ammonia to phosphate major OCP at $459/t CFR for 2H March delivery to Jorf Lasfar, sources confirmed 20 February. The previous sale into Morocco was concluded at $535/t CFR in December 2024, with that deal also involving Trammo.Latest business should impose further downward pressure on regional FOBs west of Suez. The figure is $41/t below February's Tampa ammonia settlement between Yara and MOSAIC, amid speculation that benchmark could decline again for March. The outlook for east of Suez remains weak on healthy supply and subdued demand. In the West, although NW European demand appears to be providing token support for pricing both there and in Algeria, this uptick is not anticipated to last, with the March Tampa settlement likely to further weigh on regional prices.
Stein Chingen Haugan
Managing Director
fertiMetrics pte ltd
Mobile / Whats App: +65 8328 7681 – Singapore
Email: stein@fertimetrics.com
Skype: steinhaugan1955
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www.fertimetrics.com
Feb 20 (Reuters) – The U.S. dollar dropped against major currencies on Thursday, as investors took a step back and assessed President Donald Trump's latest tariff plans, while the yen rose to 11-week peaks versus the greenback as bets increased for further rate hikes by the Bank of Japan (BOJ).
U.S. data showing initial jobless claims, which were in line with expectations, and a report indicating factory output growth slowed in the mid-Atlantic region in February had minimal impact on the currency market. The reports have not changed expectations that the Federal Reserve will remain on hold for several months.
Tariffs, however, remained a major focus for currency investors even though their impact has weakened for now.
Trump said on Wednesday he will announce fresh tariffs over the next month or sooner, adding lumber and forest products to previously announced plans to impose duties on imported cars, semiconductors and pharmaceuticals.
"The market has reached tariff-fatigue where it's just not reacting…as it did right after the election in November, December and even in January," said Paresh Upadhyaya, director of fixed income and currency strategy, at Amundi U.S. in Boston.
"It's now operating using the government shutdown playbook, where everyone thinks they have seen this dog-and-pony show before and expects the same thing. There is the threat of tariffs, leading to negotiations and a reprieve and some form of resolution."
In afternoon trading, the euro rose 0.7% against the dollar to $1.0499 EUR=EBS, rising after three straight days of losses, while the greenback slid 0.7% versus the Swiss franc to 0.8979 franc CHF=EBS.
The dollar earlier slipped after data showed initial claims for state unemployment benefits rose 5,000 to a seasonally adjusted 219,000 for the week ended February 15. Economists polled by Reuters had forecast 215,000 claims for that week.
Also marginally weighing on the dollar was a separate report indicating the Philadelphia Fed's monthly manufacturing index tumbled by 26.2 points – the most in nearly five years – to 18.1 in February from 44.3 in January.
"The U.S. economic momentum is slowing…and not providing a supportive backdrop to the dollar," said Boris Kovacevic, global macro strategist at payments firm Convera in Vienna. "The Fed's hawkish monetary policy…can only do so much to help the greenback and the pause is already fully priced in."
The yen, meanwhile, rose to an 11-week peak JPY=EBS of 149.40 per dollar. The U.S. currency last traded down 1.1% at 149.77 yen, driven mostly by safe-haven buying amid worries about Trump's tariffs and rising expectations of more BOJ hikes this year. 0#JPYIRPR
The euro also dropped against the yen to a more than one-week low, last down 0.5% at 157.21 yen EURJPY=EBS.
BOJ Governor Kazuo Ueda said on Thursday he met Prime Minister Shigeru Ishiba for a regular exchange of views on the economy and financial markets, suggesting that the government has no objections to hiking rates and normalizing policy.
"We have been early and patient with the bullish call on the yen and are sticking with it – the currency should be far closer to 120 or 130 yen," wrote David Rosenberg, founder and president of research firm Rosenberg Research.
Markets are also monitoring geopolitical developments after Trump and Ukrainian President Volodymyr Zelenskiy traded barbs on Wednesday, with the U.S. president calling the latter "a dictator".
Zelenskiy on Thursday, however, took a more constructive tone, saying Ukraine is ready to work quickly and tirelessly to produce a strong and useful agreement on investments and security with the United States. He said on social media site X that he had a "good discussion" with Keith Kellogg, the U.S. envoy for Ukraine and Russia.
The euro, the most sensitive currency to Russia-Ukraine news, hit session highs against the dollar after the Zelenskiy headlines.
Investors also weighed Trump's comments saying "it's possible" for the United States and China to have a new trade deal. He expects Chinese President Xi Jinping to visit the U.S., without saying when.
The Australian and New Zealand dollars, whose countries have huge exposure to Chinese trade, gained on the China headlines.
The Aussie dollar AUD=D3 last traded up 0.9% at US$0.6401, also reacting to a mixed jobs report showing employment outpaced forecasts for a second successive month in January, yet the unemployment rate still ticked higher.
The New Zealand dollar NZD=D3 also posted sharp gains, rising 1% to US$0.5764.
Sterling GBP=D3 was also up, gaining 0.6% against the dollar to $1.2664.
LONDON (ICIS)—Sentiment is softer for urea after 11 weeks of price increases and as an Indian tender is awaited. The only liquid market has been Nola where prices dropped again last night by over $10/short ton for Feb from earlier in the day. Nola Feb done at 380st and March at 387.
Global Urea Market Update
The global urea market has seen mixed price movements across regions, with notable shifts in Baltic, Black Sea, Middle East, and other key markets this week.
Baltic Market
Urea prices have firmed further, particularly for prilled urea, which rose by $5/t, now ranging from $385 to $400/t FOB. Prices to Latin America defined the low end, with a supplier selling 20,000t to the region at around $390/t FOB. Granular urea also saw a $5/t increase, settling at $400-415/t FOB. The
Black Sea Region
Granular urea prices remain largely stable at $405-420/t FOB for Central Asian material, with offers reaching up to $425/t for larger cargoes. Limited availability is driving prices for bulk shipments, with one firm securing 30,000t for February-March delivery, likely to North America.
Middle East
The Middle East has led the charge this week, with granular urea prices jumping to $430-440/t FOB. A notable tender from QatarEnergy sold 45,000t of granular urea at $436-437/t FOB, while a Middle Eastern producer sold a part-cargo in the mid-$440s/t FOB. There are also four vessels set to load for India under RCF’s January 23 tender.
Iran
Iranian urea prices remained stable around $377/t FOB, but the high end of the assessment has been raised to reflect the overall market firmness, now at $390/t FOB.
Turkey
Urea offers in Turkey remained limited, with prices ranging from $460-475/t CFR. Iranian urea is priced at around $420/t CFR duty unpaid.
Nigeria
Dangote’s recent tender offering two 30,000t granular urea cargoes saw prices potentially reaching up to $430/t FOB Lekki.
South Africa
Prices for granular urea in South Africa moved up to around $470-475/t ex-warehouse, equivalent to $450-455/t CFR Durban.
Egypt
Egypt's granular urea prices firmed to $455-459/t FOB for European markets, following a series of successful deals from Mopco. The recent output reduction to 70-80% capacity by one producer has had little effect on overall pricing.
India
India’s urea market remains dynamic, with expectations of a tender issuance in the next week or two to secure urea supplies. India’s RCF secured approximately 559,000t in January.Urea stocks in India are under pressure, having decreased significantly since last year.
Sri Lanka
Sri Lanka received prilled urea offers in the $480-490/t CFR range,.
Southeast Asia
while Southeast Asia saw firming prices, with granular urea offered at around $450/t CFR.
Philippines & Vietnam
The Philippines has seen tenders for prilled and granular urea, with offers around $470-475/t CFR and $450/t CFR, respectively. Vietnam’s urea exports saw firm prices of $450-460/t FOB for bulk shipments, while domestic prices have also been rising.
Brazil
Meanwhile, Brazil’s urea market remains relatively stable, with prices holding around $430-440/t CFR, though liquidity remains minimal.
Argentina
Profertil, Argentina's domestic producer, has raised urea prices to $450/t CFR. Import demand remains low.
Dead as a dodo out there
Subdued market activity defined the start to the week. May AG found selling support at $385. Market was closed in the US, due to public holiday.
AG
Feb $423//$435
Mar $405//$425
Apr $390//$415
May $370//$385 – traded $381 today
Cfr Brazil
Feb $425//$438
Mar $415//$425
Apr $400//$415
Jun $379//$390
Jul-Aug $375//$385
Egypt
Feb $455//$460
Mar $437//$445
Apr $410//$420
Nola urea
Feb $398//$410
Mar $410//$420
Apr $405//$415
May $370//$390
Jun $335//$350
UAN Nola
Feb $272//$282
Mar $260//$283
May $274//$290
Apr $280//$300
Q2 $285//$300
DAP Nola
Feb $595//$605
Mar $605//$615
Apr $580//$615