US Gulf:
The NOLA potash market was reported at $265-$275/st FOB during the week, based on recent trades and the latest indications for new barge business.
US Imports:
July potash imports totaled 1.10 million st, a 27.9% increase from 857,695 st in July 2023. Imports from Canada were reported at 977,048 st, while Russia sent 65,140 st and Israel added 43,594 st.
US Exports:
Potash exports for July rose 90.1% year-over-year, to 351,238 st from 184,745 st. Exports to Brazil totaled 129,434 st, followed by 95,621 st to China, 53,740 st to South Korea, and 23,244 st to Colombia.
The potash market continued at $315-$335/st FOB in the Eastern Cornbelt, with the Cincinnati market pegged at the $320/st FOB level in early September.
Western Cornbelt:
Potash was steady at $315-$330/st FOB in the Western Cornbelt, with the low reported at St. Louis.
Northern Plains:
The potash market was unchanged at $325-$335/st FOB and $330-$345/st DEL for the last offers in the Northern Plains. Potash FOB Saskatchewan mines remained at the $315-$336/st FOB level, depending on grade.
Northeast:
Potash in the Northeast was steady at $320-$335/st FOB, with the low reported at Baltimore and the high at East Liverpool. Delivered potash was unchanged at $335-$345/st in the region, depending on location.
Eastern Canada:
Potash pricing in Eastern Canada continued at C$515-$545/mt FOB for red granular MOP, unchanged from last report.
Southeast Asia:
Minimal activity was reported in the Southeast Asian potash market. Reports suggest that the recent Indonesian tender for 145,000 mt of standard potash will be scrapped after receiving bids of $303-$304/mt CFR, significantly above current market levels of $280-$290/mt CFR.
Demand in Malaysia is currently sluggish but a few tenders by palm oil growers are expected soon. Offers into Vietnam and Thailand are at range-bound prices, with limited buyer interest. Standard potash remained at $280-$290/mt CFR this week, with granular also unchanged at $330-$340/mt CFR.
Brazil:
The Brazil potash market held steady at $290/mt CFR. Some market participants reported downward pressure, however, citing rumors of Chilean product available at $285/mt CFR. Domestic prices fell in the $410-$430/mt FOB Rondonópolis range.
Following several months of high import volumes, August potash imports fell nearly 300,000 mt year-over-year, to 1.33 million mt, an 18% decline. The lower volumes were primarily attributed to reduced volumes from Canada, which faced export difficulties last month. Russia shipped 480,000 mt, Canada added 435,000 mt, and Uzbekistan sent 250,000 mt.
Brazil imported 9.94 million mt in January-August, a nearly 14% increase compared to 2023. Despite its challenges, Canada led importers with 3.6 million mt, followed by Russia with 3.5 million mt. August imports were 1.3 million mt, an 18% decline from the 1.6 million mt received in August 2023.