US Gulf:
NOLA potash barges were quoted in the $610-$620/st FOB range, down from the week-ago $625/st FOB. There were unconfirmed reports that a trade may have occurred as low as $600/st FOB.
US Imports:
MOP imports were off 28.8% in July, to 835,281 st from the year-ago 1.17 million st. Canadian imports for July stood at 745,956 st. Russia sent 70,110 st for the period, while material originating from Israel totaled 17,011 st.
US Exports:
Potash exported from the US in July softened 49.1%, to 219,093 st from the prior-year 430,291 st.
Eastern Cornbelt:
The potash market was tagged at $700-$725/st FOB in the Eastern Cornbelt. Warehouse pricing at Cincinnati reportedly slipped to the $700/st FOB level, down from last week’s $705-$710/st FOB, while Great Lakes sources confirmed new potash offers at $720/st FOB Toledo for September-October tons, and $735/st FOB for November-December.
Western Cornbelt:
Potash was reported at $700-$725/st FOB in the Western Cornbelt, down $10/st from last report, with the St. Louis market pegged at $700-$710/st FOB in mid-September.
Northern Plains:
Sources quoted potash pricing at $720-$730/st FOB and $750-$760/st rail-DEL in the Northern Plains. The latest prices FOB Saskatchewan mines were reported at $728-$740/st after netbacks, depending on grade and destination.
Northeast:
The potash market was pegged at $740/st FOB East Liverpool, with rail-DEL tons reported at the $760/st level in Pennsylvania, down $15/st from last report.
South Korea:
Imports of MOP for January-August 2022 were reported at 494,000 mt by Trade Data Monitor, down about 8% from the 540,000 mt imported during the same period in 2021. Canada dominated the market, sending 361,000 mt. The next highest supplier was Israel with 75,000 mt.
August 2022 imports were up dramatically, to 118,000 mt, compared with the 36,000 mt received in August 2021. Canada supplied about 80% of the material for August, with Israel taking up the balance.
Brazil:
High MOP inventories are keeping buyers from making any long-term buying decisions and giving them reason to keep asking for lower prices. The portside price is now reported at $700-$750/mt CFR, with more and frequent bids coming in at sub-$700/mt CFR.
Rondonopolis pricing is reported down to $820-$900/mt FOB ex-warehouse. Even with large reserves at regional distribution centers, some market observers are beginning to express concern that MOP supplies might drop, with fewer tons available for replacement.
A report from World Shipping Alliance showed that 28,000 mt of Belarus MOP is on its way to Brazil via a Russian port. The vessel is expected to arrive in Brazil later this month. The tonnage will be the first Belarus cargo sent to Brazil since February. Belarus shipments to Brazil stopped as the US placed sanctions against Belarus and many of its companies.