US Gulf:
The NOLA potash market slipped to $270-$275/st FOB based on the latest trades, down from last week’s $270-$280/st FOB range.
US Imports:
May potash imports totaled 1.46 million st, a 44.3% increase from 1.01 million st in May 2023. July-May imports were counted at 13.64 million st, up 22.7% from the year-ago 11.12 million st. July-May imports from Canada were reported at 11.80 million st, Russia sent 1.41 million st, and Israel added 297,077 st.
US Exports:
Potash exports for May rose 616.6% year-over-year, to 657,994 st from 91,825 st. July-May shipments were 17.4% higher, at 3.79 million st compared to 3.23 million st through the same period of 2022-2023. Exports to Brazil totaled 1.06 million st for the July-May fertilizer year-to-date, followed by 607,809 st to China and 360,879 st to South Korea.
Potash remained at $320-$335/st FOB in the Eastern Cornbelt, with the low reported in Illinois for July-August offers. The Cincinnati market was unchanged at $320-$330/st FOB. The latest offers out of warehouses in the Great Lakes region reportedly slipped to $345/st FOB at the low end, down from last week’s $358/st FOB.
Western Cornbelt:
Potash dropped to $315-$330/st FOB in the Western Cornbelt, down from last week’s $320-$330/st FOB range, with the low confirmed at St. Louis.
Northern Plains:
The potash market was pegged at $325-$340/st FOB and $330-$345/st DEL for fill offers in the Northern Plains. Potash FOB Saskatchewan mines was quoted at the $315-$336/st FOB level, depending on grade.
Northeast:
Potash in the Northeast dropped to $325-$335/st FOB for the latest offers, down from the prior $335-$350/st FOB range, with the low reported at Baltimore and the high at East Liverpool.
Eastern Canada:
The latest potash business was pegged at C$515-$545/mt FOB for red granular potash in Eastern Canada, with the low reflecting June fill offers and the high for post-fill pricing.
Northwest Europe:
Potash prices in Northwest Europe were unchanged again this week, with no new-season offers put forward by suppliers. Some buyers hinted at lower prices available in the market, but these could not be confirmed. Granular potash in Northwest Europe was quoted at €330-€350/mt CIF, while standard was reported at €315-€330/mt CIF.
China:
Russian producer Uralkali reportedly inked a supply contact for standard potash with Chinese buyers CNAMPGC, Sinochem, and CNOOC at $273/mt CFR for tons shipped through Dec. 31, 2024. The new level is down from 2023’s $307/mt CFR annual contract. Further details on volumes were not immediately available.
Southeast Asia:
Standard potash prices declined to $275-$290/mt CFR in Southeast Asia based on lower prices seen in Malaysia and Indonesia. Granular potash was flat $335-$345/mt CFR, with minimal liquidity reported. The market was overall muted, with limited activity for most of the week as players awaited further price direction from the Indian contract settlement.
India:
News of the Indian settlement finally emerged at midweek after prolonged delays. The contract for standard potash was settled between IPL and an unnamed producer at $279/mt CFR, sources reported, some $40/mt lower than last year’s settlement. Other terms were not disclosed.
Brazil:
Potash prices in Brazil slipped to $290-$310/mt CFR from the week-ago of $305-$310/mt CFR. With demand largely covered in Brazil, news of softer long-term contracts in Asia led buyers to focus interest on vessels loading in September.
Prices were reported at $430-$445/mt FOB Rondonópolis, depending on delivery needs, while fourth-quarter deliveries were priced up to $460/mt FOB.
Imports totaled 1.6 million mt in June, a 30% year-over-year increase. Tons loading from Canada increased 80% from June 2023, while Russian material jumped 30% year-over-year to 700,000 mt.