U.S. Gulf:
NOLA potash barges continued to be called $740-$770/st FOB.
Eastern Cornbelt:
Potash was quoted at $770-$785/st FOB in the Eastern Cornbelt, depending on location, with the Cincinnati market pegged at $775-$785/st FOB during the week.
Western Cornbelt:
Potash pricing was reported at $765-$780/st FOB in the Western Cornbelt, down $5-$10/st, depending in location, with the low reported at St. Louis.
Southern Plains:
Potash pricing was quoted at $760-$770/st FOB Catoosa/Inola and $770/st FOB Houston. Potash postings from Intrepid FOB Carlsbad, N.M., remained at $855/st for 60% white granular and $875/st FOB for 62% white standard.
South Central:
The potash market was quoted at $770-$785/st FOB in the South Central region, with the low confirmed at Memphis and in Kentucky and the high reported at Shreveport. Pricing out of most Arkansas River terminals was pegged at the $780/st FOB level.
Southeast:
The latest potash offers in the Southeast were confirmed at $790-$800/st FOB port terminals, with rail-DEL Canadian tons pegged at the $812/st level in the region, below the last reported $830/st DEL price.
Southeast Asia:
The standard potash price has softened at the lower end of the range on reports of cheaper tons offered from Laos in the region.
Brazil:
MOP prices in Brazil dropped as sellers were looking to clear out high portside inventories. Sources put the landed price at $1,000-$1,100/mt CFR.
Sources said the lower prices and the push to clear out warehouses have been happening even as buyer and traders remain nervous about replacement tonnage. With sanctions against major supplying countries Belarus and Russia, buyers have expressed concern that when the need for MOP steps up later in the year, the necessary tonnage may not be available.
Some of the concern was eased after a conversation between Russian President Vladimir Putin and Brazilian President Jair Bolsonaro reportedly included a pledge from the Russian leader that Brazil would not be wanting for fertilizers. A statement issued by the Kremlin said Russia would fulfill its obligations of fertilizers to the Brazilian farmers.
Brazil took 1.5 million mt of MOP from Russia in January-May 2022, an increase of almost 25% from the 1.225 million mt imported during the same period in 2021. Belarus sent 828,000 mt during the same period. For the whole of 2021, Russia sent 3.6 million mt, making it the second largest supplier to Brazil, exceeded only by Canada, which sent 4.2 million mt in 2021.
Rondonópolis prices also dropped a bit. Sources now call the market $1,150-$1,180/mt FOB ex-warehouse.
India:
January-April 2022 MOP imports were reported at 941,000 mt by Trade Data Monitor. This is down about 15% from the 1.1 million mt imported during the same period in 2021. The bulk of the imports – 845,000 mt – came from Belarus, Israel, Jordan, and Canada.
April 2022 imports were reported at 245,000 mt, up from the 173,000 mt imported during April 2021. Canada accounted for more than half of the imports with 135,000 mt.