US Gulf:
The NOLA potash market slipped slightly, to $315-$325/st FOB from last week’s $320-$325/st FOB range, with the low reported for prompt trades of imported tons.
Potash was quoted at $365-$395/st FOB in the Eastern Cornbelt, depending on location and time of shipment, with the low confirmed for 60% red MOP out of spot Illinois River terminals for January-February tons. The Cincinnati market was pegged at the $375-$380/st FOB level for January-February.
The order period for 1Q potash fill tons at the $385/st FOB level in the Midwest reportedly closed on Jan. 19-23, depending on supplier, with new postings up $30/st for 2Q shipments.
Western Cornbelt:
Potash was steady at $360-$390/st FOB in the Western Cornbelt, with the St. Louis market quoted at $360-$370/st FOB.
Northern Plains:
Potash was steady at $385-$410/st FOB in the Northern Plains, with delivered tons reported at the $400/st level. The latest prices FOB Saskatchewan mines were quoted at $363-$367/st FOB, depending on grade.
Great Lakes:
Potash pricing in the Great Lakes region ranged broadly at $380-$423/st FOB, depending on location, with most Michigan warehouses quoted at the $415/st FOB level for red and $423/st FOB for white MOP.
Northeast:
Potash pricing in the Northeast was pegged at $355-$380/st FOB, up $20/st from last report, with the low confirmed at Baltimore and the high at East Liverpool. No current prices were reported at Fairless Hills in late January.
Eastern Canada:
After slipping to the C$580/mt FOB level for 1Q fill offers at mid-month, potash prices in Eastern Canada were reportedly up C$45/mt, moving to C$625/mt FOB for 2Q business. “There was quite a bit of business done on this program,” reported one regional contact.
China:
China imported 11.7 million mtof potash in 2023, Trade Data Monitor reported, a 46% increase on the year-ago 8 million mt. Belarus sent 29% of the tonnage with 3.4 million mt, while Russia sent 3 million mt and Canada added 2 million mt. December imports nearly doubled, to 1.3 million mt from 644,000 mt in December 2022. Russia, Belarus, and Canada were each responsible for about 25% of the month’s imports.
Brazil:
Potash prices in Brazil continued their retreat, softening $5/mt at the bottom of the range to $285-$300/mt CFR, while lower pricing was reported inland. Despite reports of healthy demand and steady deliveries, oversized inventories are keeping pressure on the market, sources said.
Increased aggressiveness from potash producers dragged Rondonópolis levels as low as $405-$410/mt FOB this week, while unconfirmed small-lot trades rumored below that level hinted at further softening ahead. Prices at the top end remained unchanged at $435-$440/mt FOB, however, leaving the market at a wide $405-$440/mt FOB ex-warehouse for the week.