US Gulf:
The NOLA potash barge market firmed to $322-$335/st FOB for confirmed business during the trading week, up from last week’s $320-$325/st FOB range.
Potash rose slightly to $385-$400/st FOB in the Eastern Cornbelt, with the low reported at Cincinnati.
Western Cornbelt:
The potash market was steady at $375-$390/st FOB in the Western Cornbelt, with the St. Louis market quoted in the $375-$385/st FOB range during the week.
Northern Plains:
Potash pricing was reported at $380-$400/st FOB St. Paul, with delivered tons pegged at the $390-$400/st FOB level for 4Q shipment. The latest prices FOB Saskatchewan mines were quoted at $350-$357/st FOB, depending on grade.
Great Lakes:
Potash pricing in the Great Lakes region edged up to $395-$408/st FOB Michigan warehouses, with the low for red and the high for white tons.
Northeast:
Potash slipped to $355/st FOB Baltimore for 60% MOP, with rail-DEL pricing for Canadian tons reported in the $390-$400/st range in the Northeast. The East Liverpool potash market was reported at the $400/st FOB level for Canadian tons.
Eastern Canada:
The Eastern Canada potash market remained at C$545-$585/mt FOB regional warehouses in late August.
China:
January-July potash imports firmed 31% year-over-year, Trade Data Monitor reported, to 6.3 million mt from 4.8 million mt. July imports were noted at 1 million mt, above the 693,000 mt received in July 2022. Belarus sent about 373,000 mt for the month, Laos added 199,000 mt, and Canada sent 124,000 mt.
Seven-month potash imports from Belarus totaled 2.34 million mt, up 48% increase from the 1.21 million mt imported from Belarus in the same period last year.
July potash imports from Russia totaled 112,688 mt, down from 151,837 mt in June. Imports from Russia during the first seven months reached 1.24 million mt, down 2% from the year-ago 1.28 million mt.
India:
Reports continue to circulate that major potash suppliers to India, including ICL, Arab Potash Co., Uralkali, Belarusian Potash Co., and Canpotex, have over the past month signed revised contracts with Indian Potash Ltd. (IPL) at approximately $319/mt CFR for the remaining deliveries under the six-month contracts that run through Sept. 30.
The new price is more than $100/mt below the original price of $422/mt CFR concluded in April (GM April 7, p. 14), and follows demands from IPL and other Indian buyers for renegotiations after the China contract price was concluded in June at $307/mt CFR (GM June 9, p. 15).
India imported 1.5 million mt of potash in the first half of 2023, according to Trade Data Monitor, a marginal increase from the 1.4 million mt received in January-June 2022. Second-quarter imports were 1.1 million mt, up 50% from 740,000 mt in April-June 2022.
June imports firmed significantly, to 409,000 mt from the year-ago 136,000 mt. Russia led June suppliers with 200,000 mt, Canada added 82,000 mt, and Jordan sent 69,000 mt. India purchased no Russian potash in either June 2021 or June 2022.
South Korea:
January-July potash imports firmed slightly year-over-year, Trade Data Monitor reported, to 395,000 mt from 377,000 mt. South Korea brought in 69,000 mt in July, above the 7,000 mt reported for July 2022. Canada supplied 92% of the July imports.
Brazil:
Port prices in Brazil dropped slightly on reports of increased availability, to $350-$360/mt CFR from the prior $355-$365/mt CFR. Offers were reported at $375/mt CFR, with no sales confirmed at that level.
Rondonopolis potash prices softened to $470-$490/mt FOB ex-warehouse for both immediate and corn safrinha demand, down from the prior $480-$505/mt FOB. Prices for the 2024/25 soybean season – with deliveries expected in first-half 2024 – were reported above $500/mt FOB ex-warehouse.