U.S. Gulf: Potash barge prices continued to be battered last week, with most now calling the market $240/st FOB, down from the previous $240-$250/st FOB. Sources said quotes of $240/st FOB were now common, and it would likely take a $235/st FOB to win the next round of business.
Eastern Cornbelt: The regional potash market was pegged at $280-$295/st FOB in the Eastern Cornbelt, down $10-$15/st from last report, depending on location.
Western Cornbelt: Potash was pegged at $280-$290/st FOB regional warehouses in the Western Cornbelt, down another $5-$10/st from last report, with the low out of spot river locations in Missouri and the upper end quoted in the Iowa market.
California: The potash market was quoted at $425-$430/st FOB California warehouses, down some $40/st from fall pricing levels. Delivered potash tons were also lower at $430-$440/st.
Sulfate of potash (SOP) was pegged at $682-$695/st FOB or DEL in California, reflecting a $40/st drop from last report.
Crystalline potassium nitrate remained at $950/st FOB for bulk and $1,020/st FOB for bags.
Pacific Northwest: Potash pricing FOB Utah mines was down a full $45/st from last report, with the market quoted at $315/st FOB for 60 percent standard and $320/st FOB for 60 percent granular. The regional warehouse market had declined as well, to $360-$375/st FOB in the region, with delivered tons reported in the $375-$385/st range.
The sulfate of potash (SOP) market continued to be reported at $727-$737/st FOB in the Pacific Northwest.
SOP Magnesia pricing remained at $463-$483/st FOB in the region.
Western Canada: Sources reported lower potash prices in Western Canada at year’s end. The potash market was quoted at $450-$460/mt FOB regional warehouses, down some $20/mt from fall pricing levels, with the Saskatchewan mine price pegged at $425-$430/mt FOB to Canadian customers.
India: Buyers remain reluctant to confirm if they have secured a discount on the contract price of $332/mt CFR with 180 days credit, which was agreed to early in 2015 with international suppliers for potash import volumes during the current fertilizer year (April 1, 2015-March 31, 2016).
Suppliers maintain that they continue to ship volumes at the agreed-upon contract price and are not applying any discounts. However, some buyer sources indicate that discounts are being applied. The discount is reported to be $15/mt on the official contract CFR price, and is rumored to apply to all cargoes loading since Oct. 1.
Indian buyers agreed to annual contracts for the supply of an estimated 4.5 million mt of firm quantities of potash for shipment in the 2015/16 fertilizer year, with a further 600,000 mt or so estimated as optional quantities.
Data from India’s Department of Fertilizers shows that the country’s imports of potash for direct application totaled 2.412 million mt in the first seven months of 2015/16, about nine percent less than the 2.647 million mt imported during the same period in 2014/15. The imported quantities included product bought under tender as well as contract tons.
Sources said data from the Fertilizer Association of India puts November potash imports at about 180,000 mt, taking the estimated eight-month total to just over 2.5 million mt.
Southeast Asia: More potash purchase tenders are reported to have emerged in the past few weeks, with Felda and United Plantations reported to have issued tenders in Malaysia.
Suppliers said prices for standard material in Malaysia and Indonesia remain at the $290-$295/mt CFR level after earlier tender awards in Indonesia. However, buyer sources claim price i