US Gulf:
NOLA potash was quoted at $330-$335/st FOB for the latest business, though sources described the market as “very quiet” with urea soaking up most of the energy during the week.
Potash was unchanged at $385-$400/st FOB in the Eastern Cornbelt, with the high out of inland warehouses and the low reported at Cincinnati, Ottawa, and other Ohio and Illinois river warehouses.
Western Cornbelt:
The potash market was quoted at $370-$390/st FOB in the Western Cornbelt, with low confirmed at St. Louis.
California:
Potash was steady at $495-$503/st FOB or DEL for the latest offers in California.
Pacific Northwest:
Potash was reported at $465-$488/st FOB or DEL in Pacific Northwest, with the high reflecting post-fill reference pricing for 62% MOP. The latest postings from Intrepid FOB Moab and Wendover, Utah, include $440/st FOB for 60% white standard and $435/st for 60% white granular.
Western Canada:
Potash truck pricing in Western Canada remained at C$545-$555/mt FOB Saskatchewan mines for post-fill offers, depending on grade.
India:
FACT on Sept. 5 issued a tender for two 30,000 mt shipments of standard grade red/pink potash for delivery to Tuticorin Port. The tender closes on Sept. 13, with the first shipment due on Oct. 25-Nov. 15 and the second on Dec. 1-15. Offers are required to remain valid for 15 days from the date of tender closing.
RCF, meanwhile, was reported to have received one offer from Uralkali under its tender for 35,000 mt of standard grade white/pink potash. Shipment is required in one lot in October. The tender closed on Sept. 4, and was part of a wider tender issued on Aug. 25 that also included DAP and MAP (GM Aug. 25, p. 10).
The price level of Uralkali’s offer is not known, but it is unlikely RCF will entertain a price much above India’s current contract price of approximately $319/mt CFR, which was reportedly secured by IPL and other contract buyers for the remaining deliveries under the six-month contracts running through Sept. 30 (GM Aug. 25, p. 14).
Brazil:
Import potash prices were unchanged at $350-$360/mt CFR on limited interest and minimal trading. Players reported forward sales priced on a formula basis, a common practice in a falling market.
Sentiment remained stable-to-firm at Rondonopolis, with prices lifting to $485-$500/mt FOB ex-warehouse from $470-$495/mt FOB at last report. Few deals were confirmed for the corn safrinha, while prices for the 2024/25 soybean crop were referenced above $500/mt FOB ex-warehouse.
Potash imports totaled 8.7 million mt in January-August, according to Trade Data Monitor, a 7% decline from the year-ago 9.4 million mt. August 2023 imports lifted to 1.6 million mt from 980,000 mt in August 2022. Canada supplied almost half of the month’s tonnage with 792,000 mt, followed by 357,000 mt from Russia.