U.S. Gulf:
NOLA potash barges were unchanged at $775-$830/st FOB for the week, sources said. Tons slated for export reflected the upper end of the spread.
Eastern Cornbelt:
Potash pricing in the Eastern Cornbelt was reported at $805-$830/st FOB during the week, depending on location, with the Cincinnati market quoted at $805-$815/st FOB.
Western Cornbelt:
Potash pricing was quoted at $795-$830/st FOB in the Western Cornbelt, depending in location, with the St. Louis market pegged in the $795-$810/st FOB range for the week. The St. Paul potash market was reported in the $790-$820/st FOB range in early April.
Southern Plains:
The Catoosa/Inola potash market was quoted at $800-$835/st FOB, with Houston pricing reported as high as $875/st FOB at midweek. Intrepid announced a $50/st increase on April 1, with new postings FOB Carlsbad, N.M., firming to $855/st for 60 percent white granular and $875/st FOB for 62 percent white standard.
South Central:
The potash market firmed to $810-$835/st FOB in the South Central region, up $15/st from last report, with the low confirmed at Memphis and the high at Shreveport.
Southeast:
Potash pricing was pegged at $760-$800/st FOB port terminals in the Southeast, with the high reflecting the more common level in early April.
India:
RCF re-tendered on April 1 for 105,000 mt of white/pink standard potash for delivery in three 35,000 mt lots in April, May, and June to MBPT HB. The tender closes on April 11.
The buyer first closed a tender for this volume on Jan. 28, but subsequently re-issued the tender more than once. Sources said offers into the tenders were few and far between, hence the re-tendering.
Like National Fertilizers Ltd. (NFL) last week, RCF has included a clause in this latest tender, stating euros, Indian rupees, and Russian rubles, in addition to U.S. dollars, would all be acceptable for offers into the tender.
NFL last week extended its Request for Proposals (RFP) for entering into a long-term agreement/MOU with potash producers for the supply of potash during FY2022/23 (GM April 1, p. 14). The RFP, first issued on Feb. 17 (GM Feb. 18, p. 15), originally had been due to close on March 21.
NFL last week also included a new clause in the RFP, stating that while the preferred currency of the purchase order (PO) will be U.S. dollars, NFL would also issue the PO in euros, rubles, or Indian rupees if sellers requested. The buyer is looking for firm quantities of 200,000 mt of standard pink/red potash.
Indonesia:
There has been no news of any awards in PT Pupuk Indonesia’s tender for the purchase of 300,000-400,000 mt of standard potash. Sources said offers into the tender were north of $900/mt CFR. The buyer is looking for the volumes to be shipped starting in the current quarter and running to the end of calendar 2022.
Thailand:
Imports of MOP for January and February 2022 were drastically down from the same period in 2021. The 2022 imports were reported at 7,000 mt by Trade Data Monitor, against 31,000 mt for the same period in 2021.
February 2022 imports were reported at 5,500, almost doubling the February 2021 imports of 2,600 mt.
Brazil:
The price of MOP tightened toward the upper end of the range as concerns grow about access to the product. Sources put the price at $1,150-$1,250/mt CFR.
Media reports said the Brazilian government is looking for exemptions from the U.S.-initiated sanctions against Belarus and the U.S.-E.U. sanctions against Russia. Industry watchers said Brazil is looking at using alternate currencies, such as the Chinese yuan, to pay for the potash they need to work out barter arrangements similar to those for Iranian urea.
The concern of being caught short of product was also felt in Rondonopolis. Prices inland were reported at $1,250-$1,398/mt FOB ex-warehouse.