AMMONIA
U.S. Gulf/Tampa: Yara concluded new business last week with major buyers at $345/mt DEL, up $20/mt from September.
As of Oct. 1, Direct Hedge (DH) called the October market at $335-$350/mt, with November at $310-$330/mt and December-March at $300-$320/mt DEL.
Eastern Cornbelt: Sources continued to report minimal fertilizer movement and few spot pricing changes. Anhydrous ammonia remained in the $350-$370/st FOB range for spot tons to the dealer. Forward contract ammonia for November and December was referenced by one supplier at $360-$370/st FOB in the region, depending on location.
Western Cornbelt: The ammonia spot market remained at $330-$355/st FOB in the region, with the low in Nebraska. A Missouri source reported delivered ammonia in the $340-$350/st range from southern production points. One supplier was offering forward contract tons for November and December at $330/st FOB in Nebraska, $355/st FOB Iowa terminals, and $360/st FOB in Missouri.
California: Things were exceptionally quiet on the fertilizer front in California last week. “People just aren’t buying right now unless they need it,” said one source. He noted that little or no alfalfa was being planted in his area, and the fields that were being planted were going in without fertilizer. “We should be moving forage mixes to the dairies, but they’re dragging their feet,” he added.
There were few changes to the spot fertilizer markets in late September. Anhydrous ammonia remained at $390/st truck-DEL in California, with rail-delivered ammonia referenced at the $435/st level. Aqua ammonia was posted at $110/st FOB in California.
Pacific Northwest: With harvest activity and wheat planting first on the agenda, sources said interest in fertilizer remained low. “You couldn’t find an empty conveyer belt to haul fertilizer right now anyway,” said one source. Expectations remain low in most quarters for fall fertilizer applications, with one source estimating that growers will apply roughly 50 percent of normal volumes due to flat markets and “little upside potential” going into spring.
On the spot market, sources said the anhydrous ammonia price had firmed slightly from last report. The dealer market was quoted at $337-$365/st DEL, with the low for railed tons and the upper end reflecting the truck-delivered market. One supplier was referencing forward contract ammonia for November and December at $370/st FOB Washington terminals. Forward contract aqua ammonia was referenced at $95/st FOB for November and December.
Western Canada: The anhydrous ammonia market remained at $595-$640/mt DEL in Western Canada, with no movement to test the market.
Black Sea: With the Yara deal in Tampa set at $345/mt CFR, sources say the effective Yuzhnyy price is now at $280-$290/mt FOB. There is also talk of deals approaching $300/mt FOB by traders, but by press time nothing was done at that level. Asian sources say any discussion this week of new deals will need to start close to, if not at, $300/mt FOB.
The steady and slow rise in prices is a joy to the producers. A steep rapid rise could mean an equally steep fall, said one observer. Sources say the current market level is sustainable and leaves room for further increases.
Once the price moves past the $300/mt FOB mark, said one trader, more producers will begin considering restarting their facilities.
Some plants, such as Gorlavka and OPZ, will be able to sell material at a profit under the current price. Others will have to wait for further increases.
The biggest danger to the continued strength of the market price is that the producers will all come back online quickly. The influx of new ammonia could once again cause the price to plummet.
As of Oct. 1, Direct Hedge reported October Yuzhnyy at $275-$285/mt, with lower numbers for November-December at $270-$280/mt.
Middle East: After a flurry of activity last month, spot buying in the area slowed down. Sources report contract tons continue to flow, giving producers healthy order books throughout the month.
No new spot deals for the last quarter of the year keeps the market price at the $300/mt FOB level. Producers are asking for more, but until a new spot purchase comes along or a contract buyer reveals a new formula price, sources are calling the market price steady.
UREA
U.S. Gulf: Players reported some buying to get barges upriver before closing. Granular was put between $255-$261/st FOB.
As of Oct. 1, DH reported October paper business at $260-$265/st, with a big fall-off for November-December to $247-$252/st FOB. January-March rebounded slightly, to $252-$257/st FOB.
Eastern Cornbelt: Granular urea was quoted at $310-$320/st FOB in the region, down slightly from last report.
Western Cornbelt: Granular urea pricing to the dealer was down slightly to $305-$315/st FOB regional terminals, with one Missouri source quoting the common dealer price at the $310/st FOB mark in his trade area. The Catoosa, Okla., market had reportedly dropped to $295/st FOB. One regional supplier was offering forward contract urea for November and December at $305/st FOB Inola, Okla., and $315/st FOB Pine Bend, Minn.
California: Granular urea was pegged at $345-$360/st rail-DEL and $350-$375/st FOB to the dealer. One source said urea remains overvalued compared to UAN, so interest in urea is doubly slow. “There is some concern about urea inventories for spring,” he said. “The system won’t be full if retailers and farmers aren’t committing the tons. It’s just backing up right through the system.”
Pacific Northwest: Granular urea remained at $325-$330/st DEL in Montana, with the rest of the region reported in the $330-$345/st DEL range for spot tons. Forward contract urea for November was referenced by one supplier at $325-$330/st
DEL in Montana, $355/st DEL in Washington, Oregon, and Idaho, and $355-$365/st DEL in Utah, with a $10/st increase slated for December.
Western Canada: Granular urea was steady at $425-$450/mt DEL in the region.
Pakistan: The Trading Corp. of Pakistan called a series of tenders late last week to satisfy a need for 600,000 mt by the end of this month. The Economic Coordination Committee of the central government authorized TCP to call the tenders early last week. The ECC was initially ready to toss the job of importing the urea to the private sector for a maximum of 400,000 mt, but changed its mind at the last minute.
While TCP will retain the exclusive power to import urea, the National Fertilizer Corp. and National Fertilizer Marketing Ltd. will handle distribution.
The tenders came after the government’s Fertilizer Review Committee reported the urea requirement for the upcoming Rabi season would be about 3 million mt. The committee estimated the country would have only 2.8 million mt on hand for the season.
The FRC initially recommended importing 400,000 mt. That number was increased to 600,000 mt after further review of the potential Rabi season requirements.
The seven tenders TCP called require suppliers to ship the urea within 15 days of receiving an award. Sources say this tight shipping schedule eliminates the fully-booked Arab Gulf producers from contention.
Sources say even the material picked up in the Indonesian selling tenders late last week will be too expensive for TCP buying ideas.
Chinese material is out as well because of the 110 percent export duty in place until Nov. 1.
That leaves Yuzhnyy tons to compete in the tenders. Sources say some sub-$230/mt FOB deals from Yuzhnyy were concluded last week. With freight rates in the mid-$50s/mt, the best TCP can hope for is a delivered price in the mid $280s/mt.
The TCP tender schedule follows.
| Closing Date | Quantity (mt) |
| October 3 | 150,000 |
| October 6 | 150,000 |
| October 8 | 150,000 |
| October 10 | 150,000 |
| October 13 | 100,000 |
| October 15 | 100,000 |
| October 17 | 100,000 |
If TCP can get the full amount requested in each tender, it will only need the first four. Sources say, however, the game plan may be to take only the lowest offer and then move on. For example, the lowest offer in the first tender may include only 50,000 mt.
Rather than negotiate with the also-rans, TCP will make the award and then take the lowest offer in the next tender. Sources say this process may require the company to use all seven tenders to reach the 600,000 mt mark.
On the downside, said one trader, TCP is allowing companies that are not pre-qualified to make offers. This move could open the doors for non-traditional firms to participate.
The experience of BCIC in Bangladesh, which also allows all comers to participate, indicates that some of the awards’ lowest offers may have to be scrapped because the non-traditional firm may not be able to deliver as promised.
Bangladesh: The government on Sept. 25 approved the import of 200,000 mt of urea to meet the demand for the next season. This will be split evenly between the Mongla and Chittagong ports.
India: Just as the week closed, the State Trading Corp. of India called a tender to close Oct. 8. Delivery must be by the end of November. The firm kept to Indian practice by not declaring how many tons it was ready to buy. Sources say STC agents were floating the idea of paying no more than $270-$272/mt CFR for its purchases.
The problem is that the market has moved beyond that level.
On the buyer’s side, however, is the fact that STC is allowing for late November arrival of the urea. This late date could put Chinese tons in play if the Chinese producers are willing to shave a couple more dollars off their current price in the mid $250s/mt FOB bagged for prills. The buyer is looking for bulk delivery.
Indonesia: Kaltim, PIM, and Pusri were active last week, selling nearly 120,000 mt.
The first selling tender came from Pusri, for 50,000 mt in 5,000 mt lots.
Swiss Singapore was the highest bidder at $257.55/mt FOB in the tender that closed Sept. 28. Pusri opened talks with the other bidders, but got nowhere.
The price paid was dramatically higher than other potential buyers had expected. At the same time, it showed a softening in the Indonesian market from the last selling tender.
The softness in the market was made clear by the unwillingness of the other companies to match the Swiss Singapore bid, said one trader.
Bids in the tender follow.
Bids in Sept. 28, 2009 Tender by Pusri in lots of 5,000 mt each |
|
| Company name | Bid US$/mt FOB |
| Swiss Singapore | 257.55 |
| Toepfer | 248.36 |
| Limardi | 246.50 |
| Summit | 246.00 |
| Youngwoo | 244.50 |
| BBSC | 244.00 |
| Universal | 244.00 |
| RCL | 243.00 |
| Unitrade | 243.00 |
| Profeta | 241.00 |
| Graja | 238.80 |
| Indevco | 237.50 |
| Diva | 236.00 |
| Liven | 234.00 |
Sources say the aggressive Swiss Singapore bid indicated a strong need for tons immediately.
Because the other buyers were unwilling to match the Swiss Singapore bid, Pusri rolled over the remaining 45,000 mt it offered to a tender that closed late Thursday.
Bids in the Oct. 1 tender were more in line with the results of the Sept. 29 tenders held by PIM and Kaltim.
As with the first tender, the second Pusri tender was for lots of 5,000 mt each. Results follow.
Bids in Oct. 1, 2009 Tender by Pusri in lots of 5,000 mt each |
|
| Company name | Bid US$/mt FOB |
| Limardi | 252.50 |
| Diva | 252.00 |
| Urbantara | 252.00 |
| Summit | 251.75 |
| RCL | 251.00 |
| BBSC | 251.00 |
| Prada | 251.00 |
| Swiss Singapore | 250.95 |
| Toepfer | 250.76 |
| Profeta | 250.00 |
| Youngwoo | 248.05 |
| Consul | 248.00 |
| Indevco | 247.50 |
| Parnaria | 245.00 |
Sources report Pusri immediately awarded a cargo to Limardi. It started talks with the other companies right away. One trader noted that after the jolt of the first Pusri tender and then the more sobering results from the Kaltim and PIM tenders, bids in the second Pusri tender were closer together and more manageable.
Kaltim and PIM awarded cargoes Sept. 29 well below the Pusri price of $257.55/mt FOB level, but still strong enough to put the market solidly in the low-$250s/mt FOB.
The PIM tender ended up with 59,000 mt of prilled urea awarded to the following companies at $255.02/mt FOB.
| Company | Quantity (mt) |
| Keytrade | 10,000 |
| Helm | 32,000 |
| Universal Harvest | 7,000 |
| Swiss Singapore | 5,000 |
| Davos | 5,000 |
The Kaltim selling tender for granular urea for 50,000 mt went for $250/mt FOB. Kaltim awarded 20,000 mt to Keytrade and 30,000 mt to Summit.
The lower price for granular urea, say sources, is an indication of how the urea market has changed in recent years. More granular urea production has come online recently. At the same time, buyers are less willing to stay with only one flavor of urea. They now tend to look at the price instead of the process.
Correction: The price reported in the PIM tender in the Green Markets Alert of Sept. 30 was incorrect due to a transcription error. The actual price awarded was as is reported here, $255.02/mt FOB.
Black Sea: Traders are looking to Yuzhnyy to supply material in the upcoming series of TCP tenders. Sources say the Middle East suppliers are comfortable for at least the first half of this month. One trader said that even if they wanted to, the producers do not have the tons to load and ship in the next fortnight.
China still has a 110 percent duty on its exported urea. Freight rates to Pakistan from Indonesia make the Kaltim and PIM material noncompetitive, say sources. That leaves Yuzhnyy.
Sources report that a deal just under $230/mt FOB for 40-50,000 mt was concluded late last week. That deal could set the floor for any tons offered to Pakistan.
Producers are looking at the seven Pakistan tenders and the STC/India tender as a way to make some money before the Chinese tons push prices down again.
Sources now peg the Yuzhnyy market at $229-$232/mt FOB.
Sources say producers will be arguing for higher prices as the TCP tenders progress. Observers say, however, that TCP could reject offers and roll over to the next tender. Likewise, STC could scrap its tender if prices are not to their liking.
As of Oct. 1, DH had October-December Yuzhnyy product at $230-$235/mt FOB, with January at $235-$245/mt FOB.
Middle East: The tenders in Pakistan and India will help give market players a better idea of where the Arab Gulf market sits.
At present, prices remain stuck in the mid-$250s/mt FOB. Sources report contract tons continue to move out at a steady pace.
The shortness of time between award and loading for the first few TCP tenders could eliminate Middle East suppliers, say sources. Producers may offer tons, but at a significant premium.
Sabic already has a deal with Pakistan. Sources report the governments of Pakistan and Saudi Arabia finally came to an agreement on the soft loan program for Pakistan. The loan will be for US$20 million, which should cover at least two cargoes from Sabic to Pakistan.
Sources say Sabic is in no rush to move the tons and may ship only after deliveries to the United States and Latin America slow down.
China: Prilled urea remains in the mid-$250s/mt FOB bagged before the export duty is added. Sources say granular is going for $5-$7/mt more.
Reportedly, producers are concerned that the global market may not recover enough to push the price out of China into the $260s/mt FOB once the export duty drops back to 10 percent Nov. 1.
Sources say many of the producers need the $260/mt FOB price to clear their own production costs. For the more efficient producers, $260/mt FOB is a means to a healthier balance sheet.
NITROGEN SOLUTIONS
U.S. Gulf: The UAN barge market is called in the $125-$130/st FOB range ($3.91-$4.06/unit). Sources reported less excitement in the market last week after a round of buying that pulled the market into the $120s/st.
As of Oct. 1, DH had October-December at $135-$140/st FOB. First-half 2010 product is $147-$152/st FOB.
Eastern Cornbelt: UAN remained at $5.47-$5.94/unit FOB regional terminals. Forward contract UAN-32 for November and December ranged from $185.60-$201.60/st ($5.80-$6.30/unit) FOB in the region.
Western Cornbelt: The UAN-32 market remained at $165-$185/st ($5.16-$5.78/unit) FOB regional terminals to the dealer, depending on location, with the upper end reported in Missouri on a spot basis.
California: UAN-32 remained at $200-$210/st ($6.25-$6.56/unit) FOB and $190-$200/st ($6.09-$6.25/unit) railDEL in California.
Pacific Northwest: Delivered UAN-32 was pegged at $190-$215/st ($5.94-$6.72/unit) in the region, with the low for railed tons and the upper end for truck-delivered UAN. Those numbers reflected a slight drop from last report.
Western Canada: UAN-28 was unchanged at $271-$287/mt ($9.68-$10.25/unit) DEL in Western Canada.
AMMONIUM NITRATE
U.S. Gulf: Most players call barges in the $200-$205/st FOB range.
As of Oct. 1, DH is showing forward paper business at $200-$210/st FOB October-December.
Western Cornbelt: Ammonium nitrate was unchanged at $255-$265/st FOB in the region, with some suppliers referencing a $275/st FOB price to the dealer.
California: No market was reported for ammonium nitrate in California. CAN-17, however, was unchanged at $235-$245/st FOB in the state.
Pacific Northwest: Ammonium nitrate was pegged at a nominal $335-$350/st DEL for the last done business. CAN-17 was steady as well at $245-$250/st FOB and $260/st DEL in the region.
AMMONIUM SULFATE
Eastern Cornbelt: Granular ammonium sulfate was steady at $160-$180/st FOB.
Western Cornbelt: Granular ammonium sulfate was quoted at $160-$180/st FOB or rail-DEL in the region.
California: Ammonium sulfate was steady at $235-$272/st FOB, with the low for standard grade and the upper end for granular product in desert locations.
Pacific Northwest: Granular ammonium sulfate was quoted at $215-$225/st DEL in the region, reflecting a slight drop from last report.
Western Canada: Granular ammonium sulfate was quoted at $300-$305/mt DEL to the dealer.
PHOSPHATES
Central Florida: No new prompt phosphate railcar deals were found last week, but truck loads – at least a few – were done. Producers and traders were both saying they were still waiting for dealers to begin ordering, but dealers were still waiting for the farmers to make a move. Rain in the Midwest last week was not helpful.
The overall picture for phosphate during the next several months appears to be restrained. The domestic market has been barely breathing for nearly two years, and this Fall has been a disappointment. The export market has more than likely nearly come to an end, and the lack of markets could very well lead to increased curtailments by producers. The only real hope is for a surge during the next two weeks, after crops in the Midwest begin to be harvested. Whether the surge will be a ripple or a tsunami was hard to judge last week, because wet weather delayed field activity.
Ammonia prices were settled last week at an increase of $20/mt, which will add only a little more than $4/st in production costs for DAP. Quarterly sulfur prices were scheduled to begin sometime early this month.
The Central Florida DAP price range was unchanged last week at a flat $275/st FOB. Both Mosaic and PCS Sales had a $10/st FOB additional charge for MAP. Agrifos, which had a slight uptick in sales, was charging $300/st FOB for DAP and $305/st FOB for MAP.
U.S. Gulf: Sellers were still hopeful the rain delay in the Midwest last week will ease and farmers will be able to begin harvesting corn and soybean crops this week, so dealers can begin making sales. Then – and only if that happens – will there be a chance to salvage the fall season. If that does not happen within the next two weeks, it will be a very bleak period.
As of last week, there were no serious moves to begin re-supplying the upriver areas, and that will soon not be possible due to the closed river starting around the middle of this month.
Meanwhile, producers have been able to keep inventories low with a heavy export schedule, but that business will be coming to an end by around Oct. 15, and curtailments could be on the horizon.
Most in the industry were predicting a robust spring season because the two previous springs have been well below expectations. If farmers feel confident that they can get a decent price for their crops and fertilizer prices do not rise too much or too fast, that is a possibility. Last week corn prices were on the upswing, and late in the week the price for December corn was around $3.43/bushel and about $0.50/bushel higher for December 2010.
Congress was considering a proposal from farm state members to increase the amount of ethanol in gasoline from 10 to 15 percent. However, the auto industry was warning that such an increase could damage engines in many vehicles, and the measure will likely meet with stiff resistance.
Warehouse prices, which were too low to support NOLA DAP barge prices, were softer last week, although sales from terminals were taking a slight upturn. Oklahoma and Kansas, wheat country, and Texas were ahead of the rest of the Midwest, which was normal for this time of year.
The NOLA DAP barge price range moved down last week, from $276-$280/st FOB the previous week to $272-$275/st FOB. Mosaic was seeking $295/st FOB. Both Mosaic and CF were charging a $10/st FOB premium for MAP.
As of Oct. 1, DH had paper trades at $270-$280/st for October-December.
Eastern Cornbelt: DAP remained at $310-$320/st FOB regional warehouses to the dealer, with MAP $10/st higher. Forward contract DAP for November and December was posted at $320-$325/st FOB regional warehouses from one supplier.
10-34-0 was pegged at $315-$325/st FOB in the region.
Western Cornbelt: Movement remained on the backburner. While many were predicting usage cutbacks this fall, particularly for potash and phosphates, others were optimistic that fall volumes will still be decent if the weather cooperates.
DAP pricing was down slightly to $305-$315/st FOB warehouses to the dealer, with MAP $10/st higher. One regional supplier was referencing forward contract DAP for November and December at $320/st FOB St. Louis, and $325/st FOB Inola and Pine Bend.
10-34-0 was quoted at $310-$325/st FOB in the region. Effective Oct. 1, Agrium’s phos acid postings moved to $670/st rail-DEL for both super phosphoric acid (SPA) and merchant grade acid (MGA) in Colorado, Iowa, Kansas, Minnesota, Nebraska, New Mexico, North Dakota, South Dakota, Oklahoma, Texas, and Wyoming.
California: DAP and MAP were steady at $370-$375/st FOB or DEL in California. 16-20-0 remained at $270-$277/st FOB and $270/st rail-DEL, and the 10-34-0 market in California was pegged at $333-$354/st FOB, with the low in the Central Valley and the upper end at desert locations.
SPA and MGA were unchanged at $7.40/unit DEL in California, with Simplot referenced at $7.60/unit FOB the warehouse for MGA. Agrium’s phos acid postings for October remain at $740/st rail-DEL for both SPA and MGA in Arizona and California.
Pacific Northwest: DAP and MAP were steady at $360-$370/st DEL in the region, depending on location. 10-34-0 was tagged at $350-$375/st FOB, and 16-20-0 was quoted at $265-$270/st DEL in the region.
Phosphoric acid pricing remained at $7.40/unit DEL in the region for SPA and MGA. Both Agrium and Simplot announced no pricing changes for October.
Western Canada: MAP to the dealer remained at $440-$460/mt DEL in Western Canada.
U.S. Export: The export season was drawing to a close last week, and no new deals were found. India’s RCF was scheduled to act on its offer to buy 200,000 mt very soon, but no bids were made by North American suppliers. Latin America was also moving out of the picture late last month, and no new business prospects were waiting in the wings.
The export market has kept inventories low and shipments to India under previous agreements will continue for another few months, but with a lackluster domestic market, curtailments of phosphate production could be on the horizon.
The export price range last week was unchanged at $310-$312/mt FOB due to a lack of new sales.
As of Oct. 1, DH had Tampa paper trades at $300-$310/mt for October and $290-$300/mt for November-December.
POTASH
Eastern Cornbelt: Spot quotes for potash were reported in the $465-$500/st FOB range in the region, with the low for Russian tons out of spot river locations in Illinois.
Western Cornbelt: The regional potash market was quoted at $465-$500/st FOB, with the low reported for Russian product on a spot basis. One source put the market for Canadian product in his location at $485/st FOB for red granular and $493/st FOB for white granular.
California: Potash was tagged at $530-$565/st FOB or DEL, depending on grade and supplier. Potassium nitrate remained at $1,080/st FOB for bulk tons and $1,150/st FOB for bags.
Sulfate of potash pricing had reportedly dropped to $685-$730/st FOB for bulk tons, depending on grade and supplier.
Pacific Northwest: Rail-delivered potash was pegged at $515-$530/st in the region, depending on grade, with the lower numbers for 60 percent muriate and the upper end for 62 percent.
Western Canada: Potash postings to Canadian customers FOB Saskatchewan mines remained at $560-$569/mt, depending on grade.
China: Migao Corp., a China-based specialty fertilizer producer, reports that it has agreed to several contracts to deliver 75,000 mt of the company’s specialty potash fertilizers to high-value-crop customers across China. Three large contracts comprise the majority of the 75,000 mt. The orders, to be delivered by the end of the year, are from recurring customers for tobacco, as well as fruit and vegetable applications. Along with existing delivery commitments, Migao’s core products are all sold forward until Dec. 31, 2009.
“As expected, demand for our products has increased as the crops we serve prepare for the more intense fertilizer application seasons. This season goes all the way through to March for much of the country given the climate for the concentrated agricultural regions of China,” said Liu Guocai, Migao CEO. “A somewhat more stable potash price recently, combined with lower than ideal applications of fertilizer earlier this year, has created an improved environment for Migao’s fertilizers.”
Migao’s annual production capacity for its core potassium nitrate and potassium sulfate fertilizers is 320,000 mt. Major repairs and maintenance were completed earlier in the year, and there are no other scheduled major shutdowns at any of the facilities in China for the balance of the calendar year.
SULFUR
Tampa: The new quarter began last Friday. PotashCorp had begun negotiations with its suppliers, but Mosaic had not.
Sulfur producers’ hopes for a sharp price increase, which they were touting at the TFI World Conference in Washington last month, were apparently being tempered by reality last week. With the phosphate industry in the dumpster in terms of a spring season and the export market’s season coming to an end, demand for sulfur to produce phosphate will likely abate during the next several months, and any increase was likely to be modest if at all, said sources.
At the same time, supply and demand were nearly in balance, because the summer driving season was coming to an end and less was being sold. Refineries were continuing to use more sweet crude than normal.
Prill operations on the Gulf were running around 50 percent of capacity, but the world market was beginning to make a retreat. About 30,000 mt of prill was exported in September, and about 40,000-45,000 mt will be done this month. The price was still $20/mt or above.
Correction: The contract prices for the Price Scan for Tampa, Houston, and New Orleans changed in Green Markets Aug. 10 from the second quarter to the third quarter, and this was reflected in the fine print on page five. However, starting with the Aug. 17 issue up until this issue, dated Oct. 5, the fine print incorrectly showed second quarter instead of third quarter.
West Coast: Prill production was down and no vessels were scheduled for loading this month as of late last week.
Vancouver: China has about 2 million mt of sulfur stored at its docks, and at least one source said the Chinese will probably use that as a wedge to hold down prices – a tactic it has used in the past with phosphate.