All posts by dhouder1@bloomberg.net

Ammonia

Ammonia, Brazil, Cornbelt, Eastern Cornbelt, Market Watch, Middle East, Northern Plains, Northwestern Europe, Southeast Asia, Tampa, U.S. Exports, U.S. Gulf, U.S. Imports, Western Cornbelt

US Gulf/Tampa:

Tampa ammonia remained at September’s $530/mt CFR level, with no direction reported for October.

US Imports:

July ammonia imports moved up 14.4% to start the 2024/25 fertilizer year, according to US Census Bureau data, to 181,238 st from 158,358 st in July 2023. Canada sent 126,811 st to the US during the month, Trinidad and Tobago shipped 54,018 st, and South Korea sent 409 st.

US Exports:

July ammonia cargoes were noted at 113,416 st, a 15.9% increase from the 97,870 st reported one year earlier. The UK took 38,252 st, followed by Norway with 31,689 st. Morocco received 27,558 st and Mexico purchased 8,960 st.

Eastern Cornbelt:

Ammonia prices firmed to a high of $575/st FOB East Dubuque, Iowa, though most other Eastern Cornbelt terminals continued to be reported in the $545-$555/st FOB range.

Western Cornbelt:

Ammonia prices edged up to $545-$570/st FOB in the Western Cornbelt, with the high reported on a spot basis in Iowa and reflecting a $10/st increase from last week. Most terminals were holding at the $545-$555/st FOB level during the week, however.

The latest ammonia offers in the Southern Plains were quoted at $525/st FOB Coffeyville, Kan., above the prior $510-$515/st FOB peak. CF’s Verdigris, Okla., plant was reportedly back up and running after a lightning strike shuttered operations in mid-August, with the latest truck pricing pegged at the $500/st FOB level.

Northern Plains:

Ammonia was quoted at $535-$550/st FOB in the Northern Plains, depending on location, with delivered offers reported in roughly the same range.

Northwest Europe:

Recent spot activity was reported at the upper end of the $550-$560/mt CFR range. Still, with natural gas prices stable or easing and downstream demand yet to kick off, ammonia in Northwest Europe remained at $550-$560/mt CFR during the week.

Southeast Asia:

No new spot activity was reported in Indonesia and Malaysia this week amid muted regional demand. With global supply snug and Saudi Ma’aden headed into turnaround, ammonia prices found support at the prior $360-$380/mt FOB level.

Middle East: 

No new activity was reported from the area, leaving prices steady. Producers continue to fulfill contract obligations, but growing reserves in the region will eventually need to be sold on the spot market. A reported shutdown at the Ma’aden facility is expected to slow the buildup of extra material in the area, however.

Brazil:

Financial issues have kept ammonia production down in Brazil, sources reported. This has held Brazil out of the export market and forced buyers to step up imports. Exports were noted at just 120 mt in January-August, according to Trade Data Monitor, compared to the 48,000 mt shipped through the first eight months of 2023. All of the tons went to neighboring Uruguay.

January-August imports totaled 261,000 mt, a 25% increase from the year-ago 210,000 mt. Trinidad and Tobago shipped 221,000 mt and Turkey sent 25,000 mt. August imports were noted at 31,000 mt, down about 7% from the 33,000 mt purchased in August 2023.

Urea

Argentina, Black Sea, Brazil, China, Eastern Canada, Eastern Cornbelt, Egypt, India, Indonesia, Market Watch, Mediterranean, Middle East, Northeast, Northern Plains, South Korea, Southeast Asia, U.S. Exports, U.S. Gulf, U.S. Imports, Urea, Western Cornbelt

US Gulf:

NOLA urea trades during the week were reported at $311-$322/st FOB for September, up from last week’s $308-$318/st range, with the low concluded early in the week and the high reported for business on Sept. 12. First-half October business was reported at the $316/st FOB level at midweek.

US Imports:

July urea imports firmed 122.3%, to 147,494 st from the year-ago 66,358 st. Imports from Russia were 119,806 st, followed by 11,026 st from Canada. Trinidad and Tobago shipped 9,917 st.

US Exports:

July urea exports were noted at 142,342 st, a 94.7% increase on the year-ago 73,109 st. Exports to Argentina totaled 42,265 st, followed by 37,580 st to Canada and 35,296 st to Chile.

Eastern Cornbelt:

Urea was unchanged at $350-$370/st FOB in the Eastern Cornbelt, with the low reported out of spot Illinois River terminals. The Cincinnati, Ohio, urea market remained at $360-$365/st FOB in early September.

Western Cornbelt:

Urea firmed to $345-$370/st FOB in the Western Cornbelt, up from the prior $340-$365/st range, with the low reported at Port Neal, Iowa. The St. Louis, Mo., market was pegged at $355-$365/st FOB during the week, up $10/st from last report.

Northern Plains:

Urea firmed to $355-$375/st FOB St. Paul, Minn., up from $350-$360/st FOB in late August, with delivered urea pegged at $385-$420/st in the Northern Plains, depending on location.

Northeast:

Urea prices in the Northeast edged up slightly, to $370-$380/st FOB from the prior $365-$380/st range, with the low reported at Fairless Hills, Pa., and the high at Baltimore, Md.

Eastern Canada:

Urea prices in Eastern Canada slipped to C$592-$645/mt FOB in early September, below the prior C$700/mt high.

India: 

National Fertilizers Ltd. (NFL) has formalized awards totaling 1.17 million mt from its Aug. 29 tender. Almost immediately, award winners began looking for ships to move about 600,000 mt out of the Arab Gulf. Additional tons are expected to come from Malaysia and Brunei.

The Indian government is reportedly watching the weather closely. The current rains appear strong, suggesting robust urea demand from farmers. There are reports that urea reserves, reported at 7 million mt when the tender closed, have since moved closer to 6 million mt, marking a significant drawdown in product.

Black Sea:

Prilled urea softened to $295-$300/mt FOB this week in the Black Sea.

Mediterranean:

Renewed urea activity in France was reported at $370-$375/mt CFR, but prices in the other Mediterranean markets were still circulating at $360/mt CFR, according to traders, and do not yet reflect updated Egyptian levels, which climbed to $360/mt FOB.

Southeast Asia:

There was limited granular urea activity reported in the region as the main exporters assess the feasibility of sending volumes to India. Theoretical netbacks from India were in the $325-$330/mt FOB range.

Small sales in the region at levels above $330/mt FOB were reported, but some producers continue to quote closer to $350/mt FOB, emboldened by rising prilled urea prices, while Pupuk’s most recent tender remained at $366/mt FOB. As a result, granular urea in Southeast Asia was noted at $330-$366/mt FOB.

Indonesia:     

Producers are waiting to see if the strengthening trend in urea prices holds before calling a selling tender, sources said. If Pupuk calls the tender too soon, said one trader, the injection of a large quantity of urea into the market could tank prices. If Pupuk waits too long, however, selling opportunities might disappear.

Egypt:

The week showed steadily strengthening urea prices out of Egypt. The week opened with MOPCO and NCIC each selling 10,000 mt at $355/mt FOB. Abu Qir quickly added another 10,000 mt at the same price. Toward the end of the week an unnamed producer sold a cargo for $357/mt FOB, and NCIC sold 6,000 mt at $360/mt FOB.

All the purchases were made for European deliveries in September, sources said. The price is expected to remain firm, as the Ethiopian Agricultural Businesses Corp. (EABC) will be closing its 250,000 mt tender on Sept. 17. Egyptian urea has played a growing role in the Ethiopian market.

Middle East: 

It appears that at least 600,000 mt has been booked out of the Arab Gulf to cover awards from the NFL/India tender. The onrush of traders talking with producers and vessel operators to secure loading times was the area’s main activity this week. No new spot inquiries or offers were reported, leaving the price in the upper-$320s/mt FOB.

Sources reported inquiries from traders looking for backing in the EABC/Ethiopia tender that will close on Sept. 17. In general, producers have been able to secure a premium on pricing into the Ethiopian tenders. In recent years, however, Egyptian producers have increased their presence in these tenders, replacing product from the Arab Gulf.

South Korea has been stepping up inquiries to Arab Gulf producers to replace tons that would previously have been supplied by China. The export restrictions imposed by the Chinese government have left South Korea desperate to find urea, mostly for its pollution-control programs.

Qatar has replaced China as South Korea’s single largest urea supplier. According to Trade Data Monitor, Qatar accounted for 23% of urea imports to South Korea in January-July – up 3% from the same period in 2023 – compared to 17% from China. The export restrictions imposed by Beijing have forced South Korea to look farther afield. Buying urea from the Arab Gulf is more expensive for the South Koreans, but a new government budget addendum is expected to help ease the pain of those higher costs.

MIS in Iran reportedly held a tender this week for three lots of 30,000 mt each. There were no details available as Green Markets went to press.

While the government and producers publicly set their lowest acceptable price at $295/mt FOB, most bids in private talks fell closer to $290/mt FOB, sources reported. The new official price reflects a drop of $2/mt from the old official price of $297/mt FOB. In addition to the tons from MIS, at least two other cargoes are reportedly available from Iran.

China:

Softer factory prices continue to circulate, with the latest price showing a $270-$275/mt FOB equivalent for prilled urea.

Sources said the estimated export price under discussion is just talk. Because the Chinese government is not allowing any urea to be exported in quantity, the export price is simply a mathematical exercise that is unlikely to reflect what the real price would be if exports were allowed.

One trader noted that these mathematical exercises will continue until Beijing eases its limits on urea exports. So far, it continues to appear as if the restrictions will stay in place through December.

South Korea:

When China first imposed restrictions on urea exports in 2021, South Korea was hit immediately, as the country depended on Chinese urea for its pollution-control devices. Without urea, diesel cars and trucks in the country would have to stop operating.

At the time, buyers for South Korea worked every contact available to secure the needed tons. Seoul also contacted Beijing to see if a government-to-government deal could be worked out that would not run afoul of the reasons China first imposed its export restrictions.

China’s up-and-down export policies prompted the South Korean government to begin easing its reliance on Chinese urea. Chinese urea accounted for 46-75% of South Korea’s total urea imports in 2020-2023. Unfortunately for buyers, urea from other sources was more expensive.

Qatar has replaced China as the single largest supplier to South Korea in the year-to-date. According to Trade Data Monitor, roughly 115,000 mt – or 23% of South Korea’s imports – have come from Qatar. Vietnam supplied another 22.5% of the imports, compared to China’s 17% share of the import market.

This year the South Korea government created a special committee to secure vital supplies for the country. In addition to urea, the committee looked at other chemicals and petroleum products. The government accepted a plan to help importers purchase urea from non-China sources, creating a $2.2 million fund to support urea importers.

According to a government release, the funds will be used to cover 50% of the difference between the Chinese price and the higher price from other sources, mitigating but not erasing the higher prices.

Brazil:

Brazil granular urea prices remained at $355-$360/mt CFR, unchanged from the prior week. Players reported limited liquidity, with buyers showing minimal interest north of $350/mt CFR while most sellers held offers at $360/mt CFR and above.

In the domestic market, urea prices rose to $480-$500/mt FOB Rondonópolis. With no significant movement observed in the international market and much of the global supply directed to India, Brazilian suppliers took the opportunity to increase inland prices.

August urea imports totaled 775,000 mt, a 60% increase from August 2023. Oman accounted for more than 200,000 mt in August, surpassing combined historical volumes from Oman and Iran, while Russia nearly doubled its year-ago totals to about 180,000 mt. Other origins such as Qatar and Nigeria also showed significantly higher volumes.

January-August totals were up 12% year-over-year, to 4.4 million mt, with Nigeria leading Oman as the largest supplier.

Argentina:

Urea prices in Argentina firmed to $370-$375/mt CFR despite a general pause in the market, rising from last week’s $365-$375/mt CFR range, with low-side offers reportedly no longer available as the market prepares for wheat planting. Domestic prices, reportedly holding below replacement levels, continue to stifle importer demand.

UAN

Eastern Canada, Eastern Cornbelt, France, Market Watch, Northeast, Northern Plains, U.S. Exports, U.S. Gulf, U.S. Imports, UAN, Western Cornbelt

US Gulf:

With no new NOLA UAN business reported, the barge market remained at the longstanding $202-$205/st ($6.31-$6.41/unit) FOB level. Sources described the market as “really quiet, with no real interest from buyers.”

US Imports:

July UAN imports were down 46.0%, to 121,445 st from 224,880 st. Canada sent 51,462 st while Russia shipped 39,151 st, ahead of 30,832 st from Trinidad and Tobago. 

US Exports:

July UAN shipments were 226,119 st, up 34.9% from 167,667 st in July 2023. Australia purchased 89,287 st of UAN from the US, Argentina took 53,881 st, and France received 33,069 st.

Eastern Cornbelt:

UAN-32 was steady at $235-$265/st ($7.34-$8.28/unit) FOB in the Eastern Cornbelt, with the low reported at Mount Vernon, Ind. Recent offers FOB Illinois River terminals were pegged at $245/st ($7.50/unit) FOB, while the Cincinnati market was unchanged at $245-$248/st ($7.50-$7.75/unit) FOB for UAN-32 and $214-$217/st ($7.64-$7.75/unit) FOB for UAN-28.

Western Cornbelt:

UAN-32 remained at $240-$260/st ($7.50-$8.13/unit) FOB regional terminals, depending on location, with the low reported at Port Neal. The St. Louis market was steady at $245-$250/st ($7.66-$7.81/unit) FOB during the week.

Northern Plains:

The UAN-28 market in the Northern Plains remained at $255-$265/st ($9.11-$9.46/unit) FOB and $275-$285/st ($9.82-$10.18/unit) DEL in early September.

Northeast:

The latest UAN-32 offers in the Northeast were quoted at $245-$255/st ($7.66-$7.97/unit) FOB Baltimore and Fairless Hills, up from $235-$245/st ($7.34-$7.66/unit) FOB at last report. Prompt UAN-32 out of terminals in upstate New York remained at the $300/st ($9.38/unit) FOB level.

The 28-0-0-5S market firmed to $250-$255/st FOB Baltimore in early September, up from $247/st FOB at last report. 27-0-0-3S pricing was pegged in the $220-$224/st range FOB Baltimore during the week, depending on supplier.

Eastern Canada:

UAN-28 in Eastern Canada was unchanged at C$406-$460/mt (C$14.50-$16.43/unit) FOB, with the UAN-32 market in Ontario steady at the C$464/mt (C$14.50/unit) FOB level.

France:

UAN demand at Rouen remains depressed, with many not expecting activity to pick up before October. Low liquidity has resulted in stable prices at the €240-€250/mt FCA level. While sellers cite robust ammonia costs, buyers are hesitant to engage, especially given the disappointing crop yields and quality.

Ammonium Nitrate

Ammonium Nitrate, Brazil, Market Watch, U.S. Exports, U.S. Imports, Western Cornbelt

US Imports:

July ammonium nitrate imports fell 24.3%, to 18,108 st from the year-ago 23,936 st. Canada sent 17,532 st, the Netherlands followed with 235 st, and Vietnam added 167 st.

US Exports:

July ammonium nitrate exports were reported at 142,019 st, a 178.4% rise from the 51,010 st recorded one year earlier. Mexico received 112,605 st of US product in July, and Canada purchased 29,414 st.

Western Cornbelt:

Ammonium nitrate was steady at $260-$290/st FOB in Missouri, with the low reported in southern areas of the state.

Brazil:

According to Trade Data Monitor, Russia continues to dominate the sale of ammonium nitrate into Brazil. January-August imports were reported at 660,000 mt, up about 4% from the 633,000 mt received during the first eight months of 2023, with about 92% of the tonnage originating from Russia. August imports stood at 205,000 mt, up substantially from the 97,000 mt received in August 2023.

Ammonium Sulfate

Ammonium Sulfate, Brazil, China, Cornbelt, Eastern Canada, Eastern Cornbelt, Market Watch, Northeast, Northern Plains, Northwestern Europe, U.S. Exports, U.S. Gulf, U.S. Imports, Western Cornbelt

US Gulf:

The NOLA barge market remained at the $280/st FOB level for ammonium sulfate, reflecting the last confirmed business as well as recent indications based on terminal levels.

US Imports:

July ammonium sulfate imports moved up 149.6%, to 91,059 st from the year-ago 36,480 st. Imports from Canada were noted at 40,360 st, ahead of 30,568 st from Belgium. Russia shipped 18,165 st to the US.

US Exports:

Ammonium sulfate exports softened 67.3% in July, to 11,863 st from the year-go 36,277 st. Exports to Honduras totaled 7,336 st, followed by Canada with 3,164 st and Mexico with 812 st.

Eastern Cornbelt:

Granular ammonium sulfate remained at $320-$340/st FOB in the Eastern Cornbelt, with the Cincinnati market steady at $330-$340/st FOB.

Western Cornbelt:

Granular ammonium sulfate remained at $325-$350/st FOB in the Western Cornbelt, with the low confirmed at St. Louis.

Northern Plains:

The latest ammonium sulfate offers in the Northern Plains were unchanged at $340-$350/st FOB, with delivered tons pegged in the $335-$350/st range, depending on supplier and time of shipment.

Northeast:

Rail-DEL ammonium sulfate pricing was pegged at the $340-$350/st level in the Northeast, with terminal offers reported at $325-$345/st FOB, depending on location.

Eastern Canada:

Ammonium sulfate prices in Eastern Canada remained at C$525-$575/mt FOB for the latest offers.

Northwest Europe:

Ammonium sulfate in Northwest Europe traded in a wider range at $175-$190/mt FOB, with two confirmed sales reported. With improved liquidity, availability has come into question in some markets, with several players citing the possibility of deepwater imports into Europe over the coming months as agricultural demand picks up.

China:

Sources reported business from China priced around $148/mt FOB for caprolactam grade amsul. The deals most likely consisted of small lots shipped in containers, said one trader. Even with that caveat, sources were comfortable putting the market at $145-$148/mt FOB. Producers continue to call for $150/mt FOB.

Brazil:

Granular ammonium sulfate imports strengthened to $183-$190/mt CFR, up from last week’s $182-$185/mt CFR level. Market players expressed concerns over lengthy port lineups and sluggish demand at the farm level.

With the second corn crop approaching, planning focused on September and October shipments to ensure timely delivery for the 2025 planting season. Prices were stable in the $290-$305/mt FOB Rondonópolis range.

January-August ammonium sulfate imports were up 5%, to 2.37 million mt. August imports totaled 685,000 mt, a 50% increase from August 2023. Demand has remained consistent for both direct application and blending in 2024, supported by a favorable barter ratio.

DAP/MAP

Baltic Sea, Benelux, Brazil, Central Florida, China, DAP/MAP, Eastern Canada, Eastern Cornbelt, India, Market Watch, Morocco, Northeast, Northern Plains, U.S. Exports, U.S. Gulf, U.S. Imports, Western Cornbelt

Central Florida:

Central Florida DAP truck postings firmed to $580-$590/st FOB, up from previous $580/st FOB level. MAP softened to $660-$670/st FOB, however, down $10-$20/st from last week’s flat $680/st FOB. North Florida MAP continued at $650/st FOB.

US Gulf:

NOLA DAP barges softened $3/st at the bottom of the range, sliding to $550-$560/st FOB from last week’s $553-$560/st FOB, with most business reportedly focused on the lower end of the range. Despite ongoing near-term supply limitations, MAP barges fell to $625-$635/st FOB from the prior $635/st FOB level.

US Imports:

July DAP imports softened 67.9%, to 62,355 st from 194,481 st in July 2023. Imports from Jordan were counted at 60,630 st, followed by 798 st from Mexico and 485 st from Canada.

July MAP/Other imports were 4,085 st, a sharp 94.7% decline from the year-ago 77,750 st. Mexico topped the seller list with 1,416 st, beating 863 st from Canada and 580 st from China.

US Exports:

DAP exports from the US Gulf continued at $610/mt FOB for DAP and $570/mt FOB for MAP, though MAP pricing is expected to move closer to DAP in the next round of business.

July DAP shipments rose 56.9%, to 41,695 st from 26,575 st in July 2023. US DAP sellers sent 21,042 st to Peru for the month, ahead of 6,612 st to Argentina, 5,765 st to Honduras, and 4,886 st to Colombia.

MAP/Other exports moved 74.8% higher in July, to 91,467 st from 52,327 st in July 2023. Canada received 74,595 st of MAP from the US, Brazil took 7,715 st, and Colombia received 4,792 st.

Eastern Cornbelt:

DAP was reported at $597-$605/st FOB and MAP at $687-$700/st FOB in the Eastern Cornbelt, with the lower end of both ranges confirmed on the Illinois River. The Cincinnati market was pegged at $600-$605/st FOB for DAP and $690-$695/st FOB for MAP during the week.

Western Cornbelt:

DAP continued at $585-$610/st FOB in the Western Cornbelt, with the low reported at St. Louis. MAP remained at $680-$700/st FOB in the region.

Northern Plains:

DAP was up $5-$10/st, to $600-$610/st FOB St. Paul, with MAP unchanged at the $695-$700/st level FOB St. Paul.

Northeast:

DAP was quoted at $620/st FOB East Liverpool, Ohio, with MAP pegged at the $705/st FOB level at that location. No current MAP prices were reported out of Fairless Hills in early September.

Eastern Canada:

The latest MAP offers in Eastern Canada firmed to C$980-$1,025/mt FOB, above the prior C$980-$995/mt FOB range. DAP remained at C$960/mt FOB Montreal in early September.

Benelux:

DAP activity in the Benelux region has yet to pick up in earnest, with buyers in no rush to secure product for the new season. Price indications around €620/mt FCA prevail, which equates to $683-$685/mt FCA at midweek exchange rates.

Baltic:

DAP prices in the Baltic were stable at $560-$615/mt FOB, with the low reflecting netbacks from at least two cargoes sold by a Russian producer into India. Netbacks from Latin America are estimated some $20/mt higher, with the $615/mt FOB high end confirmed by smaller sales into Western Europe.

Morocco:

Moroccan DAP FOB levels edged higher based on several sales into Europe, yielding a netback of $635/mt FOB. As a result, prices this week firmed to $575-$635/mt FOB, with the low end reflecting Indian netbacks and the high reflecting European sales.

China:

All phosphate exports remain prohibited from China. Beijing has indicated the restrictions will not be lifted anytime soon, sources reported.

India: 

India remains desperately short of DAP, sources said. Three companies held tenders for DAP this week, with unsatisfying results.

Rashtriya Chemicals and Fertilizers (RCF) closed a tender for two lots of 10,000 mt, with only Midgulf reported offering tons at $650/mt CFR. The tender was scrapped and reissued, with the new tender set to close on Sept. 13. The buyer requested the lots to be shipped to both East Coast and West Coast ports by Sept. 30.

A second RCF tender for DAP or MAP will close on Sept. 14. The tender is for two lots of 20,000 mt each. The first lot is to be shipped within 30 days of the issuance of a purchase order, with the second to be shipped by Nov. 15.

NFL closed a DAP tender on Sept. 9 for two lots of 30,000-50,000 mt. Again, one lot was earmarked for an East Coast port and the other for a West Coast port. No details of this tender were available at press time.

Hindustan Fertilizers reportedly received two offers in its tender for two lots of 50,000 mt of DAP. Midgulf and Agrifields submitted offers in the tender, sources reported, but there was no word on the prices offered. Shipment for the two lots was requested by the end of September.

In the past, Indian buying houses have used DAP tenders to nail down prices for large DAP contracts. Just last month, however, India closed a large deal with OCP for DAP shipments into March 2025 at $620/mt CFR. Sources were not surprised to see reports of higher prices in the three recent tenders. The smaller amounts sought in each tender alone would demand a higher price, players said.

With China out of the phosphate export market, sources said India’s main options for product are Saudi Arabia, Jordan, and Morocco. India has already closed a deal with OCP/Morocco, leaving just the other two Arab Gulf producers. One trader noted that neither producer has any incentive to drastically lower prices, only to make India happy.

To satisfy some phosphate needs, FACT announced a tender for 30,000 mt of NPK 15-15-15 to close on Sept. 23. The company called for prompt shipment of the material.

Russian suppliers seem to be avoiding making a major play for Indian business. Instead, one source said the Russians seem to be concentrating on the Brazil MAP market for a better return.

Brazil:

Landed MAP prices softened for a second consecutive week, to $625-$635/mt CFR from $630-$635/mt CFR at last report, pressured by limited end-season demand.

In the domestic market, MAP offers were limited despite some last-minute purchases of high-concentration product. Concerns over potential delivery delays caused anxiety among growers awaiting favorable weather to begin planting the 2024-2025 soybean crop. Prices ranged at $780-$800/mt FOB at Rondonópolis, reflecting a $5-$10/mt increase.

August MAP imports firmed 6% year-over-year, to 570,000 mt. Morocco supplied nearly 200,000 mt, a 54% increase from August 2023, while Russia fell short of expectations with 180,000 mt. January-August imports were down 14% from last year, driven by reduced volumes from heavyweights Russia, Morocco, and Saudi Arabia. Russia remained the leading supplier with about 1.5 million mt, followed by Morocco with nearly 770,000 mt.

TSP

Brazil, Eastern Cornbelt, Market Watch, Triple Superphosphate, Western Cornbelt

US Gulf:

NOLA TSP barges were steady at last week’s $505-$510/st FOB level.

Eastern Cornbelt:

TSP remained at $555-$565/st FOB for limited tons in the Eastern Cornbelt, with the Cincinnati market quoted at the low end of the range for mid-September tons.

Western Cornbelt:

TSP was unchanged at $550-$560/st FOB for limited prompt tons in the region, with rail-DEL offers also reported at the $550/st level in Iowa.

Brazil:

Imports declined $5/mt at the bottom of the range, to $505-$510/mt CFR, reflecting weak offseason demand. TSP offers remained limited as well, with the September import lineup estimated at 150,000 mt.

Despite the low demand, prices widened to $635-$660/mt FOB Rondonópolis from $635/mt FOB at last report.

SSP

Brazil, Market Watch, SSP

Brazil:

SSP 19-21 imports were unchanged at the week-ago $200-$225/mt CFR level. Steady demand for SSP was balanced by ample supply from imports – projected above 200,000 mt in the September lineup ­– and consistent domestic production.

Inland prices held firm, with offers circulating in the $355-$365/mt FOB Rondonópolis range. SSP-23 remained available at $380-$410/mt FOB Rondonópolis

Phosphoric Acid

Eastern Cornbelt, Market Watch, Northern Plains, Phosphoric Acid, U.S. Exports, Western Cornbelt

US Exports:                                 

Wet-process phosphoric acid exports firmed 37.6% in July, to 48,232 st from 35,056 st in July 2023. India took 39,574 st of US product, followed by Canada with 4,582 st and Mexico with 4,008 st.

Eastern Cornbelt:

Phos acid reference prices for September were reported at $11.50/unit rail-DEL in the Eastern Cornbelt.

Western Cornbelt:

The phos acid market in the Western Cornbelt was quoted at $11.50/unit rail-DEL for September shipments.

Northern Plains:

Phos acid pricing for September was up $0.25/unit from August, to $11.50/unit rail-DEL in the Northern Plains.