US Gulf:
The NOLA potash market was quoted at $305-$310/st FOB for the latest business, down $5/st from last week.
US Imports:
Potash imports lifted 33.4% in February, to 1.34 million st from 1.00 million st in February 2023. Imports moved up 18.7% in July-February, to 9.03 million st from the prior year’s 7.61 million st. Imports from Canada were reported at 7.80 million st in July-February, Russia sent 915,788 st, and Israel added 200,280 st.
US Exports:
July-February potash exports were counted at 2.17 million st, down 3.8% from the year-ago 2.26 million st. February shipments fell 12.7%, to 279,080 st from 319,607 st in the prior February. Exports to China totaled 437,295 st for the July-February fertilizer year-to-date, followed by 304,685 st to Brazil and 283,989 st to Malaysia.
Potash was quoted at $365-$375/st FOB in the Eastern Cornbelt, depending on location, with the low reported at Cincinnati.
Western Cornbelt:
Potash was steady at $355-$375/st FOB in the Western Cornbelt, with the low reported at St. Louis. Rail-DEL offers were quoted at the $385/st level in Iowa at mid-month.
California:
Potash continued at $525-$550/st FOB or DEL in California for the last offers.
Pacific Northwest:
Potash pricing was unchanged at $495-$503/st FOB or DEL in the Pacific Northwest, with the high reflecting reference pricing for 62% MOP and the low for 60%. Potash postings from Intrepid FOB Moab and Wendover, Utah, remained at $455/st FOB for 60% white standard and $460/st for 60% white granular.
Western Canada:
Truck pricing for potash at the mine in Western Canada remained at C$540-$545/mt FOB for 2Q shipments, depending on grade.
Northwest Europe:
Granular potash prices in Northwest Europe were unchanged at €355-€375/mt CIF amid low seasonal demand. Standard potash prices were similarly stagnant at €325-€345/mt CIF. Distributors and buyers continue to expect further downward pressure on prices as suppliers chase liquidity.
Southeast Asia:
Potash prices in Southeast Asia were flat this week with muted activity during the Eid holiday, but sources said they expect a wave of demand emerging after the holiday week.
No updates on Israeli offers were heard in the region, underscoring once again the freight disadvantage and difficult logistics in the Near East. There have been no further updates on the potash contract from nearby India, with some regional sources suggesting that Indian buyers may be able to delay purchases in the hope of lower prices.
Brazil:
Potash imports held steady for a fifth consecutive week, at $300-$310/mt CFR. Offers noted at $315/mt CFR failed to attract a buyer, players said.
Rondonópolis prices were stable at $420-$435/mt FOB, unchanged from last report. With large portions of the market already covered for the season, sources reported fewer negotiations during the week.
Brazil imported 2.5 million mt of potash in the first quarter, Trade Data Monitor reported, up slightly from the year-ago 2.4 million mt. Canada led suppliers with 842,000 mt, followed by Russia with 766,000 mt. March imports of 1 million mt were down 7% from the 1.1 million mt received one year earlier.