All posts by hlancey@bloomberg.net

Ammonium Sulfate

Ammonium Sulfate, Brazil, China, Eastern Cornbelt, Market Watch, South Central, Southeast, Southern Plains, Turkey, U.S. Gulf, Western Cornbelt

US Gulf:

The ammonium sulfate barge market went on a wild ride during the week, with new sales indicating a significant jump from the prior week on continued reports of tight supply.

The action started at midweek with a trade at $335/st FOB for last-half March through May delivery, up from the prior week’s $310-$325/st FOB range. Business then heated up on March 14, with new trades for March barges confirmed at $340/st FOB, $355/st FOB, and ultimately $360/st FOB.

Eastern Cornbelt:

Granular ammonium sulfate prices continued to climb, fueled by new postings from AdvanSix and a surge in NOLA barge values. Sources pegged the regional market at $350-$385/st FOB in the Eastern Cornbelt, up $20/st from last week’s high, with some contacts speculating that new offers in the $380-$400/st FOB range are just around the corner.

AdvanSix on March 12 raised its granular ammonium sulfate posting in the Midwest to $375/st FOB river warehouses, with inland warehouses priced at traditional premiums to river locations.

Western Cornbelt:

The granular ammonium sulfate market firmed to $345-$370/st FOB in the Western Cornbelt, up $20/st from last week at the high end of the range.

Southern Plains:

Granular ammonium sulfate pricing strengthened to $350-$365/st FOB in the Southern Plains, up from the prior $340-$350/st FOB range, with the low confirmed at Houston, Texas, and the high at Catoosa/Inola. Sources confirmed a “decent” amount of volume moving at those levels from both locations.

South Central:

The ammonium sulfate market strengthened to $320-$375/st FOB in the South Central region, depending on grade and location, up from the prior $290-$350/st FOB range, with the low confirmed in Alabama and the high in Arkansas.

Southeast:

Ammonium sulfate reference prices at Hopewell, Va., remained at $350/st FOB for granular, $330/st FOB for mid-grade, and $310/st FOB for standard.

China:

The China ammonium sulfate price steadied in the low-$140s/mt FOB, as suppliers reported limited product availability and ongoing firm demand. Chinese NPK producers and Southeast Asian buyers have been providing a steady market for the amsul producers.

Larger buyers, including some from Brazil, are reportedly waiting until April 1 to begin securing tons for export. At that time, said sources, MAP will also be available. These buyers typically combine amsul with other fertilizer products in larger vessels to secure better freight rates.

Turkey:         

Turkey imported 169,000 mt of amsul in January, according to Trade Data Monitor, off 20% from the 211,000 mt reported one year earlier.China was Turkey’s sole supplier for the month.

Brazil:

Ammonium sulfate import prices pulled back 7.1% during the week, to $160-$170/mt CFR from the previous week’s $175-$180/mt CFR. Amsul purchases have been limited this offseason, with some buyers starting to request shipments in the third quarter.

Prices continued to fall in the Rondonópolis market. According to sources, the first negotiations for the 2025 second corn crop were closed as low as $270-$280/mt FOB ex-warehouse, while most other benchmarks indicated pricing at a $295/mt FOB high, off $5/mt from one week earlier.

January-February ammonium sulfate imports firmed slightly year-over-year, Trade Data Monitor reported, to 637,000 mt from 624,000 mt in the first two months of 2023. China supplied 92% of the month’s product, sending 587,000 mt. February imports of 231,000 mt – all from China – fell about 20% from the 211,000 mt received in February 2023.

DAP/MAP

Baltic Sea, Benelux, Brazil, Central Florida, China, DAP/MAP, Eastern Cornbelt, India, Market Watch, Morocco, South Central, Southeast, Southern Plains, U.S. Exports, U.S. Gulf, Western Cornbelt

Central Florida:

Central Florida phosphate truck prices continued at $630/st FOB for DAP and $655/st FOB for MAP. North Florida MAP postings were unchanged from the week-ago $650/st FOB level.

US Gulf:

NOLA DAP barge prices were reported at $610-$660/st FOB, narrowing from last week’s $600-$690/st FOB, while an upriver barge was noted trading at $675/st FOB. MAP prices pulled back to $620-$640/st FOB, off from the prior $640-$650/st FOB range. Prompt and loaded barges traded at the top of both the DAP and MAP ranges, sources said.

US Exports:

No new DAP or MAP spot business was reported out of the US Gulf, leaving the market unchanged at $570/mt FOB.

Eastern Cornbelt:

Tight supply and the prior week’s rapid hike in NOLA barge prices pushed new DAP references to a broad $685-$760/st FOB in the Eastern Cornbelt, depending on location and time of delivery, up sharply from last week’s $675-$685/st FOB. While the low end of the range was quoted out of spot Illinois River terminals for April tons, prompt pricing at Cincinnati reportedly jumped to $735-$760/st FOB during the week.

MAP was quoted at $685-$725/st FOB in the region, with the low again reported on the Illinois River for April tons. The Cincinnati MAP market was pegged at $695-$725/st FOB at mid-month, up from last week’s $685-$690/st FOB range.

Western Cornbelt:

DAP and MAP prices continued to strengthen on limited prompt availability. DAP firmed to $680-$730/st FOB in the Western Cornbelt, with both the high and low reported at St. Louis, depending on time of shipment. MAP was quoted at $675-$720/st FOB in the region, with the low confirmed at St. Louis for April availability and the high for prompt tons at that location.

Southern Plains:

Phosphates were fetching a large premium for very limited prompt tons, with prices dropping for April business. DAP in the Southern Plains surged to $750-$760/st FOB Catoosa/Inola for prompt tons, with reports of April offers falling to $685/st FOB at the port. MAP was pegged at $770-$780/st FOB Catoosa/Inola for prompt and $695/st FOB for April.

South Central:

DAP pricing in the South Central region was quoted at $700-$720/st FOB, up from the prior $660-$680/st FOB range, with the low confirmed in Kentucky and the high in Arkansas. The Memphis DAP market was pegged at the $710-$715/st FOB level at mid-month.

Southeast:

Nutrien’s MAP postings at Aurora, N.C., and White Springs, Fla., were unchanged at $650/st FOB in mid-March.

Morocco:

Limited new Moroccan DAP business was reported into Europe, with netbacks range-bound at previous levels. No further spot business was heard from Tunisia, but theoretical netbacks on par with Morocco were described as workable by several sources.

Benelux:

Benelux DAP prices strengthened this week on reports that major Moroccan and Russian suppliers are committed through April, with weather improving significantly after several weeks of rain. With renewed buyer demand and limited restocking options, distributors with product on hand have raised offers to $655-$670/mt FCA, up $10/mt at the low end of the range.

Baltic:

With Russian availability tight, Lithuanian DAP prices firmed to $615-$620/mt FOB, reflecting values achievable in Western Europe. Baltic DAP prices were assessed in a wide range at $540-$615/mt FOB, with the low end reflecting Russian netbacks from non-European destinations and the high reflecting the low end of Lithuanian prices for Northwest Europe.

Baltic MAP prices also edged $5/mt higher at the low end of the range, reflecting Brazilian netbacks.

China:

The process to allow DAP and MAP exports has quietly begun, sources said, though no concluded deals or price levels have yet been reported. The export paperwork is expected to take up the rest of the month, allowing the first shipment of phosphates to release during the first week of April.

India: 

A DAP sale was rumored to conclude at $585/mt CFR, sources said. If confirmed, the deal would reflect a $10/mt drop from the last business done into India.

Indian buyers would welcome a lower price. Even at this new level, however, the price remains in excess of India’s breakeven level, based on the government’s maximum price allowed for product and the subsidy price for DAP.

Brazil:

The landed MAP price was unchanged at the week-ago $565-$570/mt CFR level. Multiple inland deals have been reported equivalent to $540/mt CFR, with discounts tied to the volume being purchased.

Companies entered the market with aggressive bids during this week’s Farm Show in Primavera do Leste. MAP trading fell to the $665-$685/mt FOB ex-warehouse range at Rondonópolis, down from $670-$700/mt FOB last week, with the price declines reportedly coming on small-volume trades. Inland SSP and TSP prices have also been discounted, increasing competition in the phosphate markets.

January-February MAP imports softened 44% year-over-year, Trade Data Monitor reported, to 401,000 mt from 712,000 mt. Russia sent 347,000 mt, for 87% of the total, followed by Morocco with 47,000 mt. February MAP imports were pegged at 257,000 mt, down 21% from 325,000 mt in February 2023.

TSP

Brazil, Eastern Cornbelt, Market Watch, South Central, Triple Superphosphate, U.S. Gulf, Western Cornbelt

US Gulf:

NOLA TSP fell $20/st at the top of the range, to $440-$465/st FOB from the prior $440-$485/st FOB.

Eastern Cornbelt:

TSP firmed to $530-$545/st FOB in the Eastern Cornbelt, up $10/st from last week.

Western Cornbelt:

TSP was unchanged at $515-$535/st FOB in the Western Cornbelt, with the low confirmed at St. Louis. Offers at Caruthersville, Mo., were pegged at the $520/st FOB level at mid-month.

South Central:

TSP was pegged at $515-$525/st FOB in the South Central region, with the low reported at Memphis and the high in Arkansas.

Brazil:

Imported TSP prices moved up $5/mt at the bottom of the range, to $425-$435/mt CFR from last week’s $420-$435/mt CFR. Rondonópolis prices softened to $520-$530/mt FOB, however, off from last week’s $530-$535/mt FOB range, as suppliers sought to foster demand for the 2024/25 soybean season.

SSP

Brazil, Market Watch, SSP

Brazil:

SSP 19-21 imports firmed slightly, to $195-$230/mt CFR. Lower-quality product was reportedly priced at the bottom of the range, while the week’s price ceiling was set by material of higher concentrations and quality.

Prices fell to $295-$315/mt FOB ex-warehouse at Rondonópolis. Sales of SSP-19 set the low side of the range, while SSP-21 was associated with the high. SSP-23 prices fell sharply in Farm Show trading, to $345-$360/mt FOB from the week-ago $360-$380/mt FOB.

Ammonium Polyphosphate

Ammonium Polyphosphate, Eastern Cornbelt, Market Watch, Southern Plains, Western Cornbelt

Eastern Cornbelt:

10-34-0 was unchanged at $530-$540/st FOB for the latest offers in the Eastern Cornbelt.

Western Cornbelt:

10-34-0 was steady at $530-$550/st FOB in the Western Cornbelt, depending on location and time of shipment, with the high reported in Iowa.

Southern Plains:

10-34-0 remained at $515-$535/st FOB in the Southern Plains. The 11-37-0 market was quoted at $550-$580/st FOB in Texas, depending on location, with the Houston market pegged at the $575/st FOB level in mid-March.

Muriate of Potash

Brazil, Eastern Cornbelt, Market Watch, Northwestern Europe, Potash Muriate, South Central, Southeast, Southeast Asia, Southern Plains, U.S. Gulf, Western Cornbelt

US Gulf:

NOLA potash business slipped to $310-$320/st FOB, down from last week’s $315-$320/st range, with most sources quoting new prompt barge trades in the $310-$315/st FOB range for the week. While some suggested that sub-$310/st FOB deals were also done depending on freight rates, others were skeptical.

Eastern Cornbelt:

Potash was steady at $365-$395/st FOB in the Eastern Cornbelt, depending on location, with the low reported at Illinois River terminals and the high out of inland warehouses in Ohio. The Cincinnati market remained at $365-$375/st FOB in mid-March.

Western Cornbelt:

Potash remained at $360-$385/st FOB in the Western Cornbelt, with the low confirmed at St. Louis and the high in Iowa. The Caruthersville market was quoted at the $370/st FOB level.

Southern Plains:

Potash was unchanged at $370-$380/st FOB Catoosa/Inola and Houston for prompt truck tons. Potash prices from Intrepid FOB Carlsbad, N.M., included $460/st for 60% white granular and $468/st for 62% white standard, up $15/st from the previous postings.

South Central:

Potash remained at $365-$375/st FOB warehouses in the South Central region, depending on location.

Southeast:

Potash slipped to $335-$340/st FOB port terminals in the Southeast, down another $10/st from last report. The latest offers in the Northeast were down slightly as well, to $360-$380/st FOB, depending on location. Potash pricing at Fairless Hills was pegged at $365/st FOB for March and $370/st FOB for April-May.

Northwest Europe:

No further price development was reported for granular potash in Northwest Europe, with demand still muted before application can begin after soils dry. Producers and distributors are in no rush to slash prices, however, as they continue to eye international developments, such as shipping disruptions in the Red Sea and pending contract negotiations in China and India.

Southeast Asia:

Russian standard potash was reportedly offered at $295/mt ex-warehouse in Malaysia, confirming the low end of the range. With the Indonesian import tender award not yet confirmed but offers reported in the $302-$307/mt range, the high end of this week’s range was revised lower to reflect the midpoint of known offers at $305/mt CFR.

Granular potash demand is reportedly muted in Thailand amid ample stocks. Prices remained at $345-$355/mt CFR for now, but downward pressure is likely to mount, with one source citing offers in the low-$340s/mt CFR for product of Israeli origin.

Brazil:

Landed potash prices continued to strengthen during the week, firming to $300-$310/mt CFR from last week’s $295-$300/mt CFR. With the needs of domestic buyers mostly covered, multiple sellers are reporting limited availability and showing higher prices for forward deliveries.

Anticipated potash demand continued to pressure the Rondonópolis market, as suppliers are reportedly seeking better margins. While offers remained stable at $400-$420/mt FOB ex-warehouse amid a week of slow trading, sub-$400/mt FOB offers have all but disappeared after being reported frequently just two weeks earlier.

Brazil imported 1.4 million mt of potash in January-February, according to Trade Data Monitor, up 10% from the year-ago 1.3 million mt. Canada sent 487,000 mt, Russia shipped 453,000 mt, and Uzbekistan added 145,000 mt. February imports were 591,000 mt, falling from 790,000 mt in February 2023.

Sulfur

ADNOC - Abu Dhabi, Alberta, Brazil, China, Market Watch, Qatar, Sulfur, Tampa, U.S. Gulf, Vancouver, West Coast

Tampa:

Second-quarter Tampa molten sulfur contracts settled at $81/lt CFR, a 17.4% increase from $69/lt CFR in the first quarter. Market players expressed surprise at how early the contract settled, while some expected a higher price given that the market’s current supply and demand balance is not anticipated to last the entire quarter.

US Gulf:

US Gulf sulfur pricing strengthened 15.4% following the Tampa settlement, players said, to $80-$81.50/mt FOB from last week’s $69-$71/mt FOB.

Brazil:

Brazil import prices continued at $105-$110/mt CFR. Market players expect higher prices in the next round of transactions.

Vancouver:   

Vancouver prills remained at $77-$80/mt FOB for the week.

Alberta:

The rising Tampa contract pushed Alberta netbacks to (-)$34-$11/mt FOB, with both molten sulfur cargoes contracted into the US market and solid material shipped offshore through the Vancouver export market represented in the range.

West Coast:

West Coast prills continued in the $77-$80/mt FOB range, and first-quarter molten contracts were valued at $50-$55/lt FOB. Updated second-quarter pricing is expected soon.

China:

China import prices remained at $100-$105/mt CFR, steady from the prior report. With port inventories at China reportedly reaching the 3 million mt mark, some market players anticipate softening prices in the short-term.

ADNOC:

Abu Dhabi National Oil Co. (ADNOC) sulfur firmed to $78/mt FOB Ruwais for March loading, up 13% from $69/mt FOB in February.

Qatar:

March Muntajat prices were posted at $78/mt FOB Ras Laffan, sources said, a 13% increase from February’s $69/mt FOB posting.

Ammonium Thiosulfate

Amthio, Eastern Cornbelt, Market Watch, South Central, Southern Plains, Western Cornbelt

Eastern Cornbelt:

The ammonium thiosulfate market strengthened to $275-$300/st FOB in the Eastern Cornbelt, up from last week’s $265-$275/st FOB range. The low was confirmed out of spot Illinois River locations, while Cincinnati offers jumped to $285-$300/st FOB at mid-month. Postings at Terre Haute, Ind., were also up $20/st, to $290/st FOB.

Western Cornbelt:

Ammonium thiosulfate strengthened to $280/st FOB Waterloo, Iowa, up $20/st from last report.

Southern Plains:

Ammonium thiosulfate prices firmed to $200-$250/st FOB for the latest offers in the Southern Plains, with the high noted at Houston. Previous reports of offers in the mid-$100s/st FOB on a spot basis in Kansas are reportedly no longer available.

South Central:

Ammonium thiosulfate pricing in mid-March was unchanged at $250-$255/st FOB Memphis.