US Gulf:
The NOLA potash barge market was quoted at $260-$275/st FOB based on new reported business, down from last week’s $265-$275/st FOB range.
Potash was unchanged at $320-$335/st FOB in the Eastern Cornbelt, with the low reported in Illinois for July-August offers. The Cincinnati market remained at $320-$330/st FOB.
Western Cornbelt:
Potash was quoted at $315-$330/st FOB in the Western Cornbelt, with the low confirmed at St. Louis.
California:
Potash was unchanged at the $465-$470/st FOB level in California.
Pacific Northwest:
Potash pricing in the Pacific Northwest was quoted at $410-$443/st FOB or DEL for the last confirmed business, depending on grade.
Western Canada:
The potash market in Western Canada remained at C$475-$505/mt FOB from the mine, with the higher end of the range reflecting untested postings from producers.
Northwest Europe:
Potash prices in Northwest Europe were unchanged this week amid seasonally low demand. Sources reported no updates to producers’ offers, but buyers are intently looking to global markets, where the recent Chinese and Indian settlements were significantly lower than prior contracts.
Granular potash in Northwest Europe remained at €330-€350/mt CIF, while standard potash was unchanged at €315-€330/mt CIF.
Southeast Asia:
While spot business was limited this week, news of another contract settlement in China captured market players’ attention in the Southeast Asia region. ICL is reported to have settled at $273/mt CFR, the same price achieved by Uralkali two weeks prior, for the supply of around 850,000 mt of standard potash to Chinese importers.
Standard potash prices in Southeast Asia were stable at $275-$290/mt CFR. Granular potash is facing some downward pressure and has been assessed at $330-$340/mt CFR based on business and offers reported in Vietnam and Thailand.
Israel:
Standard potash prices ex-Israel and Jordan have been revised lower, in line with netbacks from the recent Chinese and Indian contract settlements. While spot business in the region remains thin and logistical challenges in the Red Sea persist, the latest contracts have resulted in netbacks in the $235-$245/mt FOB range.
China:
First-half potash imports in China saw a notable increase compared to the same period of 2023. Trade Data Monitor put January-June imports at 6.5 million mt, a 25% increase from the 5.2 million mt received in first-half 2023. Russia sent 2.1 million mt, while Belarus added 1.5 million mt. Canada shipped 1.3 million mt, ahead of 1 million mt from Laos.
June potash imports fell year-over-year, to 837,000 mt from 1.1 million mt. Second-quarter imports of 2.6 million mt were down marginally from the year-ago 2.7 million mt.
Brazil:
Potash imports remained at the week-ago $290-$305/mt CFR level, with some offers reported at $310/mt CFR for September delivery. The Brazilian market remained well supplied, with January-June imports tracking 16% ahead of last year.
Domestic potash prices dropped $5/mt, to $425-$440/mt FOB Rondonópolis, amid a backdrop of solid supply and steady 2024 sales in Brazil, higher inventories, and a lack of international purchasing. India recently finalized its supply contracts, while Europe has faced weak seasonal demand. Additionally, potash contracts in China were closed at lower prices, contributing to downward pressure on key global potassium markets.