US Gulf:
The NOLA potash market tightened to $300-$305/st FOB for the latest trades, with the upper end of the range described as “easily done” in an active market. While reports of sub-$300/st FOB business continued to be heard, others attributed these deals to upfront rebates on imported tons.
Potash terminal prices remained at $340-$370/st FOB in the Eastern Cornbelt, with the low reported on the Illinois River and the high at Cincinnati. In the Great Lakes region, Michigan potash prices slipped to $365-$390/st FOB, depending on grade and location, with delivered red tons reported at the $393/st level.
Western Cornbelt:
Potash was quoted at $345-$365/st FOB in the Western Cornbelt, depending on location, with the low reported at St. Louis and the high in Iowa. In the Northern Plains, the latest St. Paul potash offers were pegged at $355-$365/st FOB.
California:
Potash continued at $525-$548/st FOB or DEL in California for the last offers.
Pacific Northwest:
Potash 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, were unchanged 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 was steady at C$540-$545/mt FOB for 2Q shipments, depending on grade.
Northwest Europe:
Minimal demand contributed to further downward pressure on potash prices in Europe this week, with additional price erosion expected to continue over the coming weeks. Granular potash prices in the region declined €5/mt on the high end, to €340-€360/mt CIF, with standard potash prices softening to €340-€360/mt CIF amid reports of ample stocks at warehouses.
Southeast Asia:
Standard potash prices in Southeast Asia saw a significant decline this week, falling to $280-$305/mt CFR on somewhat improved liquidity. Prices continued to show a wide range, with the low reflecting numbers achieved for larger volumes for palm plantations and the high reflecting values achieved on smaller parcels of 3,000-5,000 mt.
Granular prices in the region were flat at $335-$355/mt CFR amid no new business, with sources in Southeast Asia looking to neighboring India for further price guidance. No news was heard on the status of the Indian potash contract, but sources suggested a consensus pointing to a price around $290/mt CFR, sharply lower than the previous contract at $319/mt CFR.
Thailand:
Buyers have been aggressively building potash stockpiles in Thailand. First-quarter imports totaled 199,000 mt, Trade Data Monitor reported, a significant increase from the year-ago 95,000 mt. Canada led suppliers with 64,000 mt, Belarus shipped 53,000 mt, and Laos sent 41,000 mt. March imports were 68,000 mt, up sharply from 12,000 mt in March 2023.
Brazil:
Imported potash prices continued in the $300-$310/mt CFR range in Brazil, while prices were reported at a flat $430/mt FOB Rondonópolis during the week, narrowing from the week-ago $420-$435/mt FOB, with players attributing the resilient market to leftover soybean season demand.
January-March imports rose 2% year-over-year. First-quarter arrivals included material of Laotian origin, a new supplier to Brazil.