US Gulf:
The NOLA potash market dropped to $275-$285/st FOB based on the latest offers, down from the prior $290-$300/st FOB range. The drop was fueled by lower offers for imports and Nutrien’s July 20 fill program prices for third-quarter shipment.
US Imports:
Potash imports for April moved 19.6% higher year-over-year, to 1.60 million st from 1.34 million st. July-April imports firmed 20.5%, to 12.18 million st from 10.11 million st in the prior July-April. Imports from Canada were reported at 10.39 million st in July-April, Russia sent 1.37 million st, and Israel added 297,033 st.
US Exports:
Potash exports rose 41.6% in April, to 543,084 st from 383,422 st in April 2023. July-April totals softened 0.2% year-over-year, however, to 3.127 million st from 3.133 million st. Exports to Brazil totaled 670,554 st for the July-April fertilizer year-to-date, followed by 582,456 st to China and 327,809 st to South Korea.
Nutrien announced a summer fill program for potash on June 20, with orders required by June 27 for tons shipped before Sept. 30. Fill prices were reported at $330/st FOB Midwest river terminals and $335/st FOB inland warehouses, with a $20/st increase for 4Q shipments.
Prior to the program announcement, sources were reporting prompt potash pricing in the $340-$360/st FOB range in the region, depending on location.
Western Cornbelt:
Potash fill offers on June 20 were reported at $330-$335/st FOB in the region for tons pulled in the third quarter, with the low out of river terminals and the high at inland warehouses. The last prompt business was quoted in the $340-$360/st FOB range in the Western Cornbelt.
Northern Plains:
The latest potash offers in the Northern Plains were quoted at $335-$365/st FOB and $360-$380/st DEL, with the lower end of the FOB range reflecting summer fill pricing.
Northeast:
Potash in the Northeast dropped to $365-$385/st FOB for the latest prompt offers, down from the prior $385-$393/st FOB range, with the low reported at Fairless Hills and the high at East Liverpool. Nutrien on June 20 reportedly came out with summer fill offers down to $335/st FOB out of East Coast warehouses for the third quarter.
Eastern Canada:
Potash was steady at C$580/mt FOB regional warehouses for prompt red granular tons in Eastern Canada. While potash fill offers were reportedly circulating late in the week, no details were available on pricing.
Northwest Europe:
Potash prices in Northwest Europe were flat this week following last week’s decline. Muted demand and a lack of fresh new-season prices are expected to continue weighing on both standard and granular potash in the weeks to come. Sources reported ample supplies of standard product and adequate supply of granular.
Granular potash in Northwest Europe was quoted at €330-€350/mt CIF, while standard potash was reported at €315-€330/mt CIF.
Southeast Asia:
Declining palm oil prices and a lack of market direction from the delayed Indian contract resulted in flat potash prices in Southeast Asia. Standard potash was quoted at $280-$300/mt CFR, with Belarusian product reportedly offered within this range. Granular product was pegged at $335-$355/mt CFR, with lower offers of Russian origin suggested but not yet confirmed.
India:
January-April potash imports firmed 47% year-over-year, Trade Data Monitor reported, to 712,000 mt from 483,000 mt. Canada sent 307,000 mt, Russia shipped 183,000 mt, and Jordan added 109,000 mt. April imports were 209,000 mt, up significantly from the 124,000 mt received in April 2023.
China:
January-May potash imports totaled 5.7 million mt, according to Trade Data Monitor, a significant increase from the4.2 million mt purchased during the same period of 2023. Russia supplied 1.8 million mt, followed by Canada and Belarus with 1.3 million mt each. May imports were 1 million mt, rising from 659,000 mt in May 2023.
Brazil:
Potash import prices were steady at last week’s $305-$315/mt CFR, while offers noted up to $320/mt CFR reportedly failed to attract a buyer. Rising imports and stable demand held Rondonópolis prices at $420-$450/mt FOB, with most business trending toward the upper end of the range.