US Gulf:
The NOLA potash market remained at $265-$275/st FOB for the latest business, unchanged from last week.
US Imports:
June potash imports totaled 1.27 million st, a 43.0% increase from 886,256 st in June 2023. July-June imports were counted at 14.91 million st, up 24.2% from the year-ago 12.01 million st. July-June imports from Canada were reported at 12.95 million st, Russia sent 1.49 million st, and Israel added 312,765 st.
US Exports:
Potash exports for June rose 900.9% year-over-year, to 642,160 st from 64,161 st. Shipments were 34.6% higher for the full July-June fertilizer year, at 4.43 million st compared to 3.29 million st through the same period of 2022/23.
Exports to Brazil totaled 1.46 million st for the fertilizer year, followed by 693,856 st to China and 420,748 st to South Korea. Australia and Malaysia took 294,123 st and 284,485 st, respectively.
Potash was unchanged at $315-$335/st FOB in the Eastern Cornbelt, with the Cincinnati market pegged at the $320-$330/st FOB level at mid-month.
Western Cornbelt:
Potash was steady at $315-$330/st FOB in the Western Cornbelt, with the low reported at St. Louis and the high in Iowa on a spot basis.
California:
Potash was quoted at $480-$488/st FOB warehouses in California, with the low for 60% and the high for $62% MOP.
Pacific Northwest:
Potash pricing in the Pacific Northwest was reported a $435-$443/st FOB or DEL, with the low for 60% and the high for 62% MOP.
The latest potash reference prices from Intrepid FOB Moab and Wendover, Utah, dropped to $400/st FOB for 60% white standard and $405/st FOB for 60% white granular, down $55/st from the company’s previous postings.
Western Canada:
The potash market in Western Canada remained at C$475-$505/mt FOB the mine for the latest sales, with the higher end of the range reflecting post-fill reference prices from producers.
Northwest Europe:
The potash market in Northwest Europe remains largely illiquid, with demand expected to return in early September for autumn application. Prices were unchanged as a result, with granular potash at €330-€350/mt CIF and standard at €315-€330/mt CIF.
Southeast Asia:
The potash market in Southeast Asia was described as stable and seasonally slow, resulting in flat prices. Suppliers have been indicating higher prices following the recent Indian and Chinese contract settlements, but so far buyers have resisted, with $290/mt offers FOB Laos for standard potash not finding acceptance on the buy side.
Demand should gain some momentum towards the end of the month, when a number of import tenders are expected. Prices are stable for now, with standard potash at $275-$290/mt CFR and granular at $330-$340/mt CFR.
Brazil:
Potash imports held steady at last week’s $290-$300/mt CFR level.
Strong supply continued to support a favorable barter ratio for inland growers, both for the purchase of standalone tons and for use in blends. Domestic players noted a $5/mt increase at the top of the range, lifting the market to $420-$435/mt FOB Rondonópolis.
The projected vessel lineup shows more than 1 million mt of potash expected for August – in line with typical volumes for the month – allowing growers to adequately plan for their needs.