US Gulf:
NOLA ammonium sulfate barge business was reported at the $400/st FOB level for confirmed trades of imported tons this week, up from last week’s $385-$400/st FOB range.
Eastern Cornbelt:
Granular ammonium sulfate prices inched up to $425-$450/st FOB in the Eastern Cornbelt, above last week’s $410-$440/st FOB range, with the low confirmed out of spot Illinois River terminals and the high in Ohio. The Cincinnati market reportedly firmed to $440-$450/st FOB for the latest offers, up from $415-$420/st FOB.
Western Cornbelt:
The granular ammonium sulfate market strengthened to $420-$440/st FOB in the Western Cornbelt, up $10-$20/st from last week, with the St. Louis market quoted at the $430-$440/st FOB level.
Southern Plains:
Granular ammonium sulfate prices were pegged at a solid $400/st FOB Houston and $440/st FOB Catoosa/Inola in late April.
South Central:
Ammonium sulfate prices strengthened to $430-$450/st FOB for limited tons in the South Central region, up from the prior $400-$440/st FOB range, with the low confirmed at Memphis and the high out of Ohio River terminals in Kentucky.
Southeast:
The latest ammonium sulfate reference prices at Hopewell, Va., were up $25/st, to $375/st FOB for granular, $355/st FOB for mid-grade, and $335/st FOB for standard. Other terminal offers for granular tons in the Southeast included $400/st FOB in Alabama and $380/st FOB in Florida.
Northwest Europe:
The sharp appreciation of the US dollar against the euro saw standard ammonium sulfate prices decline nominally to $155-$165/mt CFR in Northwest Europe. Product availability has also improved following previous reports of lower caprolactam operating rates and high sulfur prices.
Both buyers and sellers continue to eye broader nitrogen pricing, including ammonium sulfate prices in China and Brazil, as they attempt to anticipate further price direction.
China:
Ammonium sulfate prices in China moved down slightly, to $120-$125/mt FOB. No major shifts are expected until the second week of May, following the Labor Day Golden Week holiday break.
Regional demand for amsul appears to be the driving force in the market, rather than large buyers such as Brazil. One trader noted that sales into the Asian markets are easy to handle with small vessels, while sales to Brazil, for example, often require the amsul to share cargo space with another product such as MAP or urea.
With few urea and phosphate exports occurring from China so far this year, securing the necessary vessels for large buyers has been difficult. Asian buyers are looking at amsul as a cheap and steady alternative to urea for their NPK production, sources said.
Even considering the difficulty of shipping amsul cargoes to Brazil, the South American country remained China’s top amsul buyer, accounting for 18% of exports in the first quarter. The remaining 82% of sales were spread among nearly 60 other countries.
Trade Data Monitor noted first-quarter exports at 3.1 million mt, up 11% from the year-ago 2.8 million mt. Brazil took 553,000 mt, Myanmar bought 371,000 mt, and Vietnam received 313,000 mt. March 2024 exports were counted at 1.3 million mt, up 23% from the 1 million mt shipped in March 2023.
Brazil:
Ammonium sulfate lifted to $165-$170/mt CFR in Brazil, above last week’s $153-$165/mt CFR range. Demand remains strong, with buying spread between immediate demand and shipments in June, July, and August. Some sellers are predicting rising prices in the near-term due to higher freight cost and firmer values out of China.
Rondonópolis prices strengthened again for the week, with negotiations for cotton application reported at $270-$285/mt FOB ex-warehouse. Sources reported forward offers at $300/mt FOB for corn safrinha delivery.