US Gulf:
NOLA potash barge prices saw a dramatic drop to $440-$445/st FOB from the previous $480-$490/st FOB. Sources said at least one player needed to move tons in a very quiet market, and the lower prices did the job.
Eastern Cornbelt:
The potash market was reported in the $530-$545/st FOB range in the Eastern Cornbelt, down another $10-$15/st from last report, with the low confirmed at Cincinnati.
Western Cornbelt:
Potash pricing dropped to $520-$545/st FOB in the Western Cornbelt, down $5-$20/st from late December.
Northern Plains:
Sources quoted potash pricing down to $540-$545/st FOB St. Paul, with delivered offers in the $560-$570/st range in the Northern Plains. The latest prices FOB Saskatchewan mines, based on current exchange rates, were reported at $543-$553/st, depending on grade and destination.
Northeast:
Potash pricing dropped to $550/st FOB East Liverpool and $580/st rail-DEL in the region, down significantly from December offers at $635/st FOB and $650/st DEL.
Eastern Canada:
The latest potash offers in Eastern Canada were quoted at C$840-$945/mt FOB regional warehouses, well below the C$1,040-$1,110/mt FOB range reported for the last fall business. Sources referred to the lower range as a “realignment” of pricing rather than a fill program, although some said they expect to see a winter fill program offer in January.
China:
As part of the new adjustments to China’s updated import-export tariffs announced in late December, the country’s State Council implement zero tariffs on potassium chloride in 2023. According to a statement cited by media outlet Yical Global, the decision is part of the country’s strategy “to strengthen resource supply capacity and improve the resilience of industrial and supply chains.”
Belarus:
Belarus expects potash prices to decline to a “more or less fair” $420-$450/mt, and may boost shipments to its traditional markets, according to Bloomberg, citing a Belta report quotingFirst Deputy Prime Minister Nikolai Snopkov. According to the report, Belarus plans to sell potash directly to African and Latin American countries, bypassing US and EU traders.
Brazil:
Stronger demand is moving potash prices up, with sources reporting the landed price at $500-$510/mt CFR. Talks reportedly moved closer to $520/mt CFR by the end of the week, but with nothing confirmed done.
The Rondonopolis price has not yet caught up with the price enthusiasm shown at the ports. However, sources said that it won’t be long before the $650-$690/mt FOB ex-warehouse price is seen in the rearview mirror.
Thailand:
January-November potash imports were reported at 712,000 mt by Trade Data Monitor, off 21% from the 899,000 mt recorded in the prior-year period. Canada dominated suppliers with 366,000 mt.
November imports were noted at 30,000 mt, down from 79,000 mt imported in November 2021. Canadian potash accounted for 75% of imported product, at 23,000 mt.