US Gulf:
NOLA potash barges weakened a bit as the week wore on, to $380-$400/st FOB from $390-$400/st FOB reported last
Potash was unchanged at $435-$460/st FOB in the Eastern Cornbelt, with the low confirmed at Cincinnati. The market FOB Toledo, Ohio, was reported at $445-$450/st FOB for May-June tons.
Western Cornbelt:
Potash remained at $425-$445/st FOB in the Western Cornbelt, with the low confirmed at St. Louis.
Northern Plains:
Potash slipped to $450-$460/st FOB St. Paul, with delivered tons quoted at the $450-$470/st level in the Northern Plains. The latest prices FOB Saskatchewan mines were reported at $462-$472/st, depending on grade.
Northeast:
Potash was quoted at $455/st FOB East Liverpool, down roughly $10/st, with the last Fairless Hills offers reported at the $460/st FOB level for May-June pull. Delivered potash in central Pennsylvania was quoted at the $465/st level in late May.
Eastern Canada:
Potash pricing in Eastern Canada was steady at the C$740/mt level FOB regional warehouses.
Jordan:
Arab Potash Co. (APC) on May 24 signed a third potash supply contract with an Indian customer, the company said in a May 30 filing to the Amman Stock Exchange. APC clarified that it signed two supply contracts with Indian customers earlier in May (GM May 19, p. 14) after agreeing on issues, including volumes, following “tentative agreements” reached on April 11 and April 12.
APC on May 14 reported signing new contracts with its customers in India to supply potash for a period of six months, at a price in line with the $422/mt CFR set by Canpotex and Uralkali in early April, and followed by ICL in early May (GM April 7, p. 14;May 5, p. 13). There were reports in April that APC had reached a new supply contract with India’s biggest potash importer, IPL (GM April 21, p. 13).
The Jordanian producer has not disclosed the volumes agreed with its Indian customers, which, in addition to IPL, is understood to include Zuari Agro Chemicals.
Brazil:
The price tightened to $330-$360/mt CFR. The market lost about 10% of its value in May. Further declines are expected, as both sides of the negotiating table have expressed negative views on pricing.
Rondonopolis also came down slightly to $450-$480/mt FOB ex-warehouse. The market’s subdued nature is frustrating players. Sources said that purchases for the soybean crop are still off 10-15% from the norm, and potash holders are wondering when that remaining portion of the market will come in. At the same time, buyers are holding off due to the continued decline in prices. All sides are looking for a floor.
Thailand:
Potash imports softened 47% in January-April, Trade Data Monitor reported, to 135,000 mt from the year-ago 253,000 mt. Imports were noted at 40,000 mt in April, off from 83,000 mt logged in April 2022. Imports from Canada and Russia accounted for a combined 77% of April tonnage, while up-and-coming supplier Laos sent 5,600 mt.