U.S. Gulf: Prompt barges continued to be called $180-$190/st FOB, with unconfirmed reports that trades may have occurred as low as $175/st FOB.
Eastern Cornbelt: The potash market remained at $235-$245/st FOB in the region.
Western Cornbelt: The potash market was quoted in a broad range at $225-$245/st FOB in the Western Cornbelt, with the low confirmed in the St. Louis, Mo., market for new sales. One Missouri source pegged the warehouse market at $330-$335/st FOB in his trade area at mid-month.
Southern Plains: The potash market FOB Catoosa, Okla., was quoted at $230-$240/st FOB, down another $5-$10/st from last report. The most recent reference prices FOB Carlsbad, N.M., were quoted at $260-$267/st FOB, depending on grade.
SOP Magnesia FOB Carlsbad remained at $350-$355/st to the dealer.
South Central: The potash market was pegged at $230-$240/st FOB warehouses in the South Central region, down another $10/st from last report.
Southeast: Southeast sources quoted the potash market at $240-$245/st FOB port terminals in the Southeast, with reports of truckload sales concluded recently at $244/st FOB Morehead, N.C. Delivered potash was pegged at $242-
$252/st in the region, depending on grade and location.
Belarus: Belarus Potash Co. (BPC) said it expects a 30 percent fall in sales in the first quarter of 2016 due to the weak potash market, but did not quantify volumes. According to local media, Belaruskali’s production was down by more than one third year-over-year in January, at 544,000 mt.
Northwest Europe: With temperatures picking up across the region and the start of spring application anticipated, demand is said to be improving. Despite the uptick in interest, prices for granular potash were quoted lower at €275-€290/mt CIF.
India: The market remained quiet following the government’s decision last month to halt potash imports for the remainder of the fertilizer year, which ends on March 31 (GM Feb. 19, p. 8).
Imports of potash for direct application this fertilizer year stood at 3.102 million mt by the end of February, according to India’s Department of Fertilizers. That level falls well short of the estimated 4.5 million mt of firm quantities buyers agreed to under annual import contracts last May. This fertilizer year’s imports also are 26 percent less than the 4.197 mt imported for direct application in 2014/15.
Potash inventories remain high, and participants here are awaiting the announcement on final potash subsidies (GM March 4, p. 13). As previously reported, the country’s potash buyers will delay negotiations with suppliers for 2015/16 contract purchases, and according to some sources here, talks may not get underway until June.
No news was reported on MMTC’s tender for 1,350 mt +/-10 percent of potassium sulfate in bags for first-half April delivery. The tender closed on March 11 (GM March 11, p. 9).
China: Potash inventories remain high and demand slow, with no news of 2016 contract talks. Some sources said discussions could get started at an upcoming fertilizer conference in Beijing next month.
Southeast Asia: The current tendering season in Malaysia and Indonesia is now largely complete, with the next round of buying anticipated to start in the second half of May for second-half 2016 delivery. Some supplier sources put current prices for standard potash in these two markets in the $265-$275/mt CFR range. However, local buyer sources assessed prices at no more than $260/mt CFR.
Sources report that Vietnam remains one of the most active markets in the region. BPC said it recently sold 25,000 mt of granular potash to the country at the $315/mt CFR level. BPC said it has sold a further 25,000 mt of granular material to Thailand at the $300/mt CFR level.
Brazil: Demand has reportedly shown some improvement, with sources reporting prices finally starting to bottom out. One supplier source said granular prices dropped to as low as $220/mt CFR for March, but are now moving to $230/mt CFR.
Other sources said suppliers are targeting prices of $240/mt CFR and above for April-May shipments, with one supplier claiming April cargoes were committed at the $240/mt CFR level and May cargoes are now under discussion.