US Gulf:
The NOLA potash market slipped to $270-$280/st FOB based on the latest business, down from last week’s $275-$285/st FOB.
Potash was quoted in the $320-$335/st FOB range in the Eastern Cornbelt with the low reported in Illinois for July-August offers. The Cincinnati market was pegged at $320-$330/st FOB in early July, with inland warehouses in Ohio quoted at the $335/st FOB level.
The latest offers out of warehouses in the Great Lakes region reportedly moved to $358/st FOB at the low end.
Western Cornbelt:
Potash dropped to $320-$330/st FOB in the Western Cornbelt, with the low confirmed at St. Louis.
California:
Potash fill offers in California were pegged at the $468/st FOB level, give or take, down from $525-$548/st FOB for the last prompt business.
Pacific Northwest:
The latest potash fill offers in the Pacific Northwest were reported at $435-$443/st FOB, down from the last prompt business at $490-$503/st FOB or DEL, with the high reflecting reference pricing for 62% MOP and the low for 60%.
Western Canada:
Potash fill offers in Western Canada were quoted at C$475/mt FOB the mine. Prices officially moved to C$505/mt FOB on June 28, though sources said the new levels remain untested.
Northwest Europe:
Potash prices in Northwest Europe were flat this week and new-season offers are absent. Suppliers cited an increase in inquiries and were optimistic about demand in the coming weeks, however, citing a correlation between phosphate and potash prices. Granular potash in Northwest Europe remained at €330-€350/mt CIF, with standard potash at €315-€330/mt CIF.
Southeast Asia:
Potash market activity in the region remained muted. Standard potash prices declined to $275-$295/mt CFR, while granular was flat $335-$345/mt CFR. There is still no update regarding the Indian contract settlement, with several suppliers stating that they intend to wait for the settlement before updating their offers into the Southeast Asia region.
Thailand:
Potash imports to Thailand increased dramatically following the start of contract talks between potash producers and buyers in India and China.
January-May imports totaled 373,000 mt, according to Trade Data Monitor, a103% increase from the 184,000 mt received through the first five months of 2023. May imports were also up year-over-year, to 130,000 mt from 49,000 mt in May 2023.
Brazil:
Potash prices slipped by $5/mt at the top of the range, to $305-$310/mt CFR. Despite multiple sellers offering at $320/mt CFR, buyers remain unwilling to purchase at that level.
Potash prices edged up to $435-$450/mt FOB Rondonópolis. The quiet international market is allowing growers more time to buy product for both the summer and second corn crops, while the market’s balanced fundamentals contributed to a favorable barter ratio for potash.
January-May imports were up 12% year-over-year, though June data has not yet been released. Roughly 1 million mt of potash are expected in the July import lineup, a typical volume for this time of year.