US Gulf:
The NOLA potash market slipped to $290-$305/st FOB for new business during the week, down slightly from last week’s $295-$305/st FOB range, with the low confirmed for prompt, loaded barge trades at midweek and the high reported for June business.
Potash was steady at $340-$370/st FOB in the Eastern Cornbelt, with the low reported on the Illinois River. The Cincinnati market remained at the $355-$370/st FOB level during the week. Delivered potash in central Michigan was pegged at the $388/st level.
Western Cornbelt:
Potash was flat at $340-$365/st FOB in the Western Cornbelt, depending on location, with the low reported at St. Louis and the high in Iowa.
California:
Potash continued at $525-$548/st FOB or DEL in California for the last offers.
Pacific Northwest:
Potash was reported at $490-$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:
There was no change to granular potash prices in Northwest Europe this week as demand remains seasonally muted. Some suppliers cited a modest uptick in buyer interest, but business should pick up in June when demand resumes in earnest for the new season. Standard potash pricing was also flat at €320-€335/mt CIF.
Southeast Asia:
No updates to standard and granular potash prices in Southeast Asia were heard during the IFA Singapore conference, with market participants still eyeing the imminent Indian contract settlement, particularly since expectations are that China may not settle before July given its high existing stocks.
Several small tenders in the region were reportedly awarded at the low end of the range, hinting that prices could head lower once activity resumes.
China:
Potash imports moved up 32% in January-April, according to Trade Data Monitor, to 4.7 million mt from the year-ago 3.5 million mt. Russia sent 1.6 million mt, Canada shipped 1.2 million mt, and Belarus added 936,000 mt. Laos has stepped up its exports to China in 2024, sending 619,000 mt in January-April, up from the 445,000 mt recorded through the same period of 2023.
April imports stood at 776,000 mt, a 17% decline from the 940,000 mt received in April 2023.
India:
First-quarter potash imports were counted at 503,000 mt, Trade Data Monitor reported, a 40% increase on the 360,000 mt received through the first three months of 2023. Russia and Canada dominated the imports with 183,000 mt and 173,000 mt, respectively. March imports were 46,000 mt, off from 95,000 mt in March 2023.
Brazil:
After more the two months of inactivity, Brazil potash shifted for the first time since the week of March 15, climbing $5/mt to $305-$315/mt CFR. Offers were noted as high as $320/mt CFR, but no transactions were confirmed at that level.
The year’s strong potash sales have left prices for remaining inventory on par with the May average. Prices widened to $420-$440/mt FOB Rondonópolis from the prior $430-$435/mt FOB range. Offers noted up to $465/mt FOB failed to transact, though higher prices may be achievable in other parts of Mato Grosso state, such as Sorriso and Sinop.