U.S. Gulf:
NOLA potash barges for the domestic market weakened, with the $740/st FOB touted in recent weeks for the forward market reported to be achieved for prompt product. Domestic product was put in the $740-$775/st FOB range, with export price ideas still called $810/st FOB.
U.S. Imports:
Potash imports for July-March were off 1.6% from the year-ago, to 10.13 million st from 10.30 million st. March imports declined 17.8% , to 1.17 million st from the prior 1.42 million st.
July-March imports originating from Canada totaled 8.53 million st, followed by Russia’s 677,028 st, and 565,355 st from Belarus.
U.S. Exports:
MOP exports moved up 38.5% in July-March, to 2.87 million st from the year-ago 2.07 million st. Offshore shipments totaled 331,402 st for March, a 231.9% increase from 99,860 st recorded in the prior March.
Eastern Cornbelt:
Potash pricing in the Eastern Cornbelt was quoted at $790-$805/st FOB, depending on location, down $10/st at the high end of the range. The Cincinnati market was pegged at $805/st FOB during the week, with Ottawa pricing reported at the $800/st FOB level.
Western Cornbelt:
Potash pricing slipped to $785-$800/st FOB in the Western Cornbelt, depending in location, with the St. Louis market quoted at $785-$795/st FOB during the week.
Northern Plains:
Sources quoted potash pricing at $790-$805/st FOB St. Paul in early May. The latest prices FOB Saskatchewan mines for 2Q tons were reported at $728-$740/st after netbacks, depending on grade and destination. Rail-DEL pricing in North Dakota was reported in the $840-$850/st range for limited tons.
Great Lakes:
Potash prices were quoted at $800-$815/st FOB in the Great Lakes region, down from $833-$855/st FOB at last report, with the low confirmed at St. Louis, Mich., for red potash and the high at Webberville for white tons.
Northeast:
Potash prices were under pressure in the Northeast. New levels were confirmed at $795-$850/st FOB, down from a broad range of $800-$900/st FOB at last report, with the low confirmed at East Liverpool and the high at Fairless Hills for May-June tons.
Eastern Canada:
The potash market in Eastern Canada was pegged at C$1,050-$1,060/mt FOB regional warehouses, down from a high of C$1,108/mt FOB in mid-April.
Bangladesh:
Sources said the Ministry of Agriculture has awarded a total of 257,000 mt of standard potash under its tender that closed last month (GM April 22, p. 15). The award prices reportedly ranged from $1,045-$1,250/mt CFR. No further details were immediately available.
Brazil:
Slight fluctuations in MOP pricing occurred, leaving the market at $1,150-$1,215/mt CFR. Sources said so far, despite some pressure on demand, the price is expected to remain stable.
Despite losing supplies from Russia and Belarus due to international sanctions, part of the optimism is from media reports that Arab Potash in Jordan has promised to step up its shipments to Brazil.
Last year Jordan sent 159,000 mt of potash to Brazil. APC is now promising to send 320,000 mt in 2022, and gradually increase shipments to 1.2 million mt/y in five years. So far this year, according to Trade Data Monitor, Brazil has not recorded any tons arriving from Jordan.
Rondonopolis pricing has tightened to $1,300-$1,350/mt FOB ex-warehouse as demand remains steady.
Imports of MOP in the first four months of this year are reported at 3.8 million mt, up 18% from the 3.2 million mt imported during the same period last year, according to Trade Data Monitor. The top three suppliers remain Canada with 1.1 million mt, accounting for 29% of imports; Russia with 1 million mt, for 27% of imports; and Belarus with 744,000 mt, for 20% of the market.
April 2022 imports were reported at 1.3 million mt, up 83.5% from April 2021 imports of 685,000 mt. Canada and Russia together accounted for about 58% of April imports with 377,000 mt and 354,000 mt, respectively.