All posts by hlancey@bloomberg.net

Tessenderlo Reports Lower 1H Revenues, Profit

Earnings, Europe, News Briefs, U.S.

Brussels-based Tessenderlo Group on Aug. 21 reported first-half revenues of €1.39 billion ($1.55 billion), down 15% from last year. Adjusted EBITDA was €150.7 million ($167.6 million), down 26.5% from 2023, while net profit was also down 26% year-over-year at €61.4 million ($68.3 million).

Revenue for the Agro division saw a 3.5% year-over-year increase, to €460 million ($512 million), while adjusted EBITDA for the segment was up 37% for the first half, to €59.5 million ($66.2 million). The improved performance was attributed to increased sales volumes, which offset lower prices.

Tessenderlo said it anticipates continued levels of economic uncertainty, pressuring demand as well as margins in a volatile geopolitical, economic, financial, and health environment. The company projects higher second-half EBITDA than in 2023, but its overall 2024 adjusted EBITDA was down of 5-10% from 2023.

Tessenderlo also provided updates on various projects, including its new liquid fertilizer plant in Defiance, Ohio. Construction began on the project in March 2023 (GM March 24, 2023), with operations targeted to start in the first quarter of 2024. The facility will focus on the company’s sulfur-based crop nutrition brands – Thio-Sul, KTS, and K-Row 23 – as well as sulfite chemistries for the industrial markets.

Tessenderlo also noted that construction in in the final stages at its Thio-Sul plant in Geleen, the Netherlands, with operations slated to begin in the third quarter of 2024.

SQM Posts 1H Loss; Launches Lithium Expansion

Chile, Earnings, Lithium, News Briefs, Potassium Nitrate

Chilean mining and chemical major SQM posting a net loss of $655.9 million for the first half of 2024, down from net income of $1.33 billion last year. First-half revenues came in at $2.37 billion, down 45% from the $4.32 billion posted last year. Second-quarter revenue was reported at $1.29 billion, down 37% from last year.

“In the second quarter, we continued to see positive sales volumes growth in the lithium, iodine, and fertilizer businesses,” said SQM CEO Ricardo Ramos. “While sales volumes in the lithium and iodine businesses again reached record levels, increasing by more than 20% and 11%, respectively, compared to the same period last year, sales volumes in the fertilizer business confirmed the strong demand recovery trends anticipated since the beginning of the year, increasing by more than 20% compared to the same period last year.”

First-half revenue for the Specialty Plant Nutrition business line totaled $468.2 million, nearly flat from last year’s $468.4 million, while second-quarter revenue of $260.5 million was up 5.3% from last year. SQM said the increase in 2Q revenues were driven by higher sales volumes, which offset a lower realized average price for the same period. Average prices for the quarter were down 13% from last year, while sales volumes were up 21%.

SQM noted positive trends in the potassium nitrate market during the first half of this year, characterized by robust demand growth and stable market prices. The company anticipates that total potassium nitrate market demand could increase by close to 13% compared to the total demand seen in 2023.

SQM highlighted its confidence in the long-term growth of the lithium industry, noting that it has launched SQM International Lithium to focus on developing SQM’s lithium business outside of Chile.

“Leveraging our expertise in exploration, project development, M&A, and innovation, SQM International Lithium’s objective is to expand the portfolio of lithium assets we have with various partners outside of Chile, allowing us to increase SQM’s production volumes by at least 100,000 mt of LCE per year by the end of this decade,” Ramos said.

Fertilizer Distribution Programs Launched in Africa

Africa, News Briefs

The Africa Fertilizer Financing Mechanism (AFFM) plans to launch the Fertilizer Financing for Sustainable Agriculture Management Project on Aug. 30 to boost access to fertilizer for 400,000 smallholder farmers in Uganda.

The AFFM is administered by the African Development Bank Group and is a special fund that provides financing solutions to increase fertilizer use and improve agricultural productivity across Africa. The project will provide a $2 million partial trade credit guarantee to fertilizer suppliers and distributors for the delivery of 60,000 mt of fertilizer to 400,000 smallholder farmers in 12 districts of the country.

As part of the project, AFFM and the project’s implementing partner, the African Fertilizer and Agribusiness Partnership (AFAP), will also support activities and training for smallholder farmers to promote soil health and good agriculture practices.

Another program in Kaduna saw the distribution of 500 trucks carrying approximately 15,000 mt of fertilizer to small holders across 23 local government areas of the state. Kaduna State Governor Sen. Uba Sani on Aug. 12 said the 240,000 bags of fertilizer would be distributed free to 120,000 small holder farmers, with each farmer receiving two bags, according to AllAfrica Global Media.

Ammonia

Ammonia, China, Eastern Cornbelt, India, Market Watch, Middle East, Northern Plains, Northwestern Europe, South Korea, Southeast Asia, Tampa, U.S. Gulf, Western Cornbelt

US Gulf/Tampa:

No news was reported regarding the Tampa ammonia settlement for September, though sources continue to expect an increase from the August price of $475/mt CFR.

Eastern Cornbelt:

Ammonia firmed to $545-$560/st FOB in the Eastern Cornbelt, depending on location, up from last week’s low of $535/st FOB.

Western Cornbelt:

Ammonia pricing remained at $545-$560/st FOB in the Western Cornbelt, unchanged from last week.

Northern Plains:

Prompt and fall pricing for ammonia was quoted in the $535-$545/st FOB range in the Northern Plains. The last confirmed offers for delivered ammonia remained at $530-$550/st in the region, depending on location and supplier.

“Most retailers are full and are reluctant to buy additional prepay for fall until the farmer starts buying,” said one regional contact. “Wheat in the Pacific Northwest and Montana is about to start, and farmers are starting to buy for September application.”

Northwest Europe:

No further ammonia spot deals were reported since last week’s Trinidad cargo into Northwest Europe, leaving prices unchanged at $550-$560/mt CFR. Natural gas prices, which spiked on news of Ukraine’s incursion into Russian territory, have corrected with the TTF forward month now 5% lower than the prior week, at just below $11/MMBtu.

Southeast Asia:

No fresh spot ammonia business was reported in the region, despite improved supply in both Indonesia and Malaysia. Price ideas from producers are currently in the $360-$380/mt FOB range.

India: 

No new spot deals have been reported since FACT scrapped its tender earlier this month, leaving the public price at $397/mt CFR.

Middle East: 

Arab Gulf producers are slowly rebuilding their ammonia reserves. For now, producers are reportedly claiming to be sold out through September, leaving no tonnage available for the limited spot market.

Any discussions seem to be focused in the low-$350s/mt FOB, sources said, a slight dip from recent talks noted up to $360/mt FOB.

The Egyptian government reported that MOPCO has produced 138% of its targeted ammonia output for the year. The accomplishment came despite production cutbacks forced by limited natural gas supplies.

China:

While China is primarily an ammonia importer, the country will also act as a major regional ammonia exporter when prices are right and when the country is oversupplied. However, neither prices nor supplies have allowed for serious exports this year.

July ammonia exports were reported at 9,400 mt, according to Trade Data Monitor, unchanged from July 2023. January-July exports were noted at 41,000 mt, however, down 71% from the year-ago 144,000 mt, with Vietnam taking 36,000 mt.

January-July imports were 313,000 mt, about 30% below the 449,000 mt received through the first seven months of 2023. Indonesia sent 188,000 mt and Saudi Arabia shipped 67,000 mt. July imports of 22,000 mt were off from the 59,000 mt received in July 2023.

South Korea:

South Korea imported 714,000 mt of ammonia through the first seven months of 2024, Trade Data Monitor reported, up 10% from the 649,000 mt received one year earlier. Saudi Arabia sent 308,000 mt, followed by Indonesia with 298,000 mt. July imports stood at 116,000 mt, a 28% jump from the 91,000 mt received in the previous July.

Urea

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

US Gulf:

The NOLA urea market was quoted at $303-$313/st FOB for August-September trades during the week, down from last week’s $305-$317/st FOB range.

Eastern Cornbelt:

Urea was steady at $360-$370/st FOB in the Eastern Cornbelt, with the low confirmed at Cincinnati, Ohio. Delivered urea in central Michigan was pegged at the $395/st level for August-September shipments.

Western Cornbelt:

Urea fell to $340-$365/st FOB in the Western Cornbelt, down $5/st from last week, with the low reported at Port Neal, Iowa. The St. Louis, Mo., market was steady at $345-$350/st FOB.

Northern Plains:

The urea market dropped to $350-$360/st FOB St. Paul, Minn., down $5/st from last report. Delivered urea was down $10-$15/st, to $385-$420/st in the Northern Plains, depending on location.

Northeast:

Urea slipped to $365-$380/st FOB in the Northeast, with the low confirmed at Baltimore, Md. The Fairless Hills, Pa., market remained at the $370/st FOB level at mid-month.

India: 

The National Fertilizers Ltd. (NFL) urea tender is set to close on Aug. 29. Offers are expected to run below the $350-$365/mt CFR awarded in the last tender, with traders reportedly focused on pricing in the $340s/mt CFR. Additionally, players noted a building consensus that NFL will take 700,000-1 million mt in the tender.

Traders pointed to the long shipping period – through Oct. 31 – as one factor that could allow for up to 1 million mt to be awarded without pushing prices higher. Even with China out of the global market, urea reserves are building in the Arab Gulf, sources noted. These reserves, along with additional production in September and October, could easily allow for the 1 million mt target to be achieved without disrupting the market.

Local media reported a new study showing that India will become less dependent on imported urea in the current fiscal year than in previous years. Imports will represent only 10-15% of total fertilizer use this fiscal year, the report indicated, down from 30% just three years earlier.

The drop in demand for imported product will result from stepped-up urea production and the use of nontraditional fertilizer products. For some time, the government has promoted the use of liquid nano urea in lieu of traditional dry urea. The nano urea, according to the government, more efficiently targets the needs of crops, thereby reducing the amount of product required for each farm. Nano urea is also a domestic product, further reducing the need for imported urea.

Black Sea:

Prilled urea prices remained steady at $295-$305/mt FOB in the Black Sea. The flat pricing in the region was in line with most major urea markets, which have gone quiet in anticipation of the India tender set to close next week.

Mediterranean:

Urea offers in the Mediterranean region were reported lower at $370-$375/mt CFR, with unconfirmed sales suggested as low as $365/mt CFR. The wide shipment window for the Aug. 29 India tender, as well as seasonally slow business in August, have reportedly turned the regional mood bearish.

Southeast Asia:

In the absence of fresh granular urea business, regional indications slipped to $340-$366/mt FOB. Sources remain skeptical that any business can be concluded ahead of the Aug. 29 India tender deadline, as most regional markets are out of season.

Middle East:

Despite last week’s $357/mt FOB sale by MOPCO, the company reported a 10,000 mt granular urea deal late this week at $345/mt FOB. Just prior to the sale’s closing, sources said producers were attempting to hold to a $350/mt FOB price floor.

The drop in prices came quickly. Most bids are now reportedly in the $340s/mt FOB, while the paper market is indicating a decline into the $330s/mt FOB by November. Sources attributed the price slump to a lack of buying interest from Europe combined with a general decline in the global urea market.

There are rumors that aggressive buyers are trying to push the Arab Gulf price into the $320s/mt FOB. However, traders reported a general view that the Arab Gulf will show a netback in the $330s/mt FOB once the India tender numbers are released.

Sources described Arab Gulf producers as having a certainty that they will act as the main suppliers in the upcoming NFL/India tender. Traders point to China being out of the export business and freight costs forcing Russian Baltic material to levels deemed unagreeable to producers. Even with that advantage, sources described the growing urea reserves in producer warehouses and the tender’s extended shipping period as allowing buyers to be aggressive in their pricing ideas.

The last of the 100,000 mt of Iranian granular urea has arrived in China. The tons are reportedly being stored in bonded warehouses for re-export. Some of the tonnage could end up going to regional buyers in search of product they once procured from China. There is also a possibility that at least one 40,000 mt lot could be offered in the India tender.

Bids for Iranian granular continue to be indicated in the low-$290s/mt FOB, against a government desire to hold the line at $296/mt FOB.

China:

Recent price drops reported from domestic factories now put the estimated export price for prilled urea at just under $300/mt FOB. Traders have previously stressed that these pricing estimates are only useful for comparing price trends and should not be taken as viable export prices.

So far, the market’s only talk has centered on prilled urea, and no granular price shifts have been reported. A greater focus on prilled product over granular would not be surprising, one trader noted, due to the limited volumes of granular produced in China relative to prilled urea. At the same time, domestic demand for granular product usually takes most available supply once the product arrives at local distributors.

The lower price, stepped-up production, and growing local reserves have prompted urea producers to once again approach the government to request that export restrictions be lifted or modified. So far, sources said, the government appears unwilling to alter its position on severely limiting the amount of urea for export. Earlier predictions, claiming there will be no new exports for the rest of the year, now appear increasingly likely.

Trade Data Monitor put January-July urea exports at 219,000 mt, down 84% year-over year from the 1.3 million mt recorded in 2023, reflecting the country’s aggressive export restrictions. South Korea led buyers with 77,000 mt, while Japan followed with 27,000 mt. Both countries were said to buy product for industrial use. July imports were 79,000 mt, down 75% from the 323,000 mt shipped in July 2023.

South Korea:

Due to China’s reduced urea exports during the past year, South Korea experienced a near-crisis in its anti-pollution sector as companies have traditionally depended on Chinese urea as a vital component of their pollution-control devices. In response, the government has called on companies to diversify their supply chains. The results of those efforts were apparent in the country’s latest urea import numbers.

South Korea imported 492,000 mt of urea in January-July, Trade Data Monitor reported, a 17% increase from the 420,000 mt received through the same period of 2023. Qatar topped the supplier list with 115,000 mt, while Vietnam sent 111,000 mt. Chinese imports totaled 85,000 mt, down nearly 60% from the year-ago 203,000 mt.

July imports were 66,000 mt, up significantly from 21,000 mt in July 2023.

Brazil:

Brazil granular urea edged higher in a quiet trading week, to $355-$360/mt CFR from last week’s $350-$360/mt CFR, as players await the results of the India tender. Reports of firming demand have begun to circulate as market players anticipate a surge in seasonal purchasing. Players noted an unconfirmed transaction at $350/mt CFR, while bids were noted in the $345-$350/mt CFR range.

Prices moved up $5-$15/mt at Rondonópolis, to $480-$490/mt FOB. While the corn market remains a significant driver of demand, buyers for other crops such as sugarcane, coffee, cotton, HFF, and reforestation are more active in the market, though many buyers secured supply during the recent price dip.

Urea imports met expectations in August, while the vessel lineup shows a relatively modest 350,000 mt in the September import forecast. The numbers suggest balanced supply/demand fundamentals, though inventories are expected to strengthen in the coming months as the peak of seasonal demand approaches.

UAN

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

US Gulf:

No new NOLA UAN business was confirmed during the week, leaving the last reported indications in the $202-$205/st ($6.31-$6.41/unit) FOB range.

Eastern Cornbelt:

UAN-32 was unchanged at $240-$265/st ($7.50-$8.28/unit) FOB in the region, with the low confirmed at Mount Vernon, Ind. Recent offers FOB Cincinnati included UAN-32 at $245-$248/st ($7.50-$7.75/unit) and UAN-28 at the $217/st ($7.75/unit) FOB level.

Western Cornbelt:

UAN-32 was unchanged at $240-$260/st ($7.50-$8.13/unit) FOB terminals in the Western Cornbelt, depending on location, with the low confirmed at Port Neal. The St. Louis market was quoted at the $244-$245/st ($7.63-$7.66/unit) FOB level during the week.

Northern Plains:

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

Northeast:

The UAN market at Baltimore, Md., was pegged at $235-$245/st (7.34-$7.66/unit) FOB for UAN-32 and $225/st ($7.50/unit) FOB for UAN-30. Prompt UAN-32 offers out of terminals in upstate New York remained at the $300/st ($9.38/unit) FOB level.

The 28-0-0-5S market was unchanged at $247/st FOB Baltimore in mid-August.

France:

No UAN business was reported at Rouen this week, with market participants largely inactive in August. Indications at Rouen slipped €5/mt lower in the absence of new business, however, resulting in a price range of €240-€250/mt FCA for the week.

Ammonium Nitrate

Ammonium Nitrate, France, Market Watch, Western Cornbelt

Western Cornbelt:

The latest ammonium nitrate prices in Missouri were unchanged at $240-$250/st FOB in mid-August.

France:

September ammonium nitrate pricing in France remained at €355/mt CPT. Yara posted a new price of €375/t bulk CPT for October deliveries, however, up €20/mt from its previous price. Demand remains muted in France as concerns around crop yields and quality intensify.

Ammonium Sulfate

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

US Gulf:

New NOLA ammonium sulfate business was reported at the $280/st FOB level during the week, reflecting the low end of last week’s $280-$285/st FOB range.

Eastern Cornbelt:

Granular ammonium sulfate remained at $325-$350/st FOB in the Eastern Cornbelt, with the low reported out of spot river terminals in Illinois and the upper end confirmed at Cincinnati. Delivered tons in central Michigan were reported at the $375/st level at mid-month.

Western Cornbelt:

Granular ammonium sulfate pricing narrowed to $340-$350/st FOB in the Western Cornbelt, with rail-DEL offers reported at the $340/st level on a spot basis.

Northern Plains:

The latest ammonium sulfate offers in the Northern Plains were quoted at $340-$350/st FOB, with delivered tons pegged in the $325-$350/st range in the region, depending on supplier and time of shipment. Some suppliers are reportedly sold out for the third quarter and offering only 4Q tons.

Northeast:

Rail-DEL ammonium sulfate pricing was pegged at the $330-$350/st level in the Northeast, with terminal offers reported in the $325-$345/st FOB range.

Northwest Europe:

An uptick in ammonium sulfate demand resulted in several sales in the €160-€165/mt FOB range in Northwest Europe, which reflected around $177-$182/mt at midweek exchange rates.

China:

Because of reduced industrial output at China, many grades of ammonium sulfate are in short supply. That action has increased demand and pricing for caprolactam grade amsul, players said.

Sources pegged capro grade product at $139-$140/mt FOB, based on recent Southeast Asian purchases and Chinese producer tenders. The demand is so great that sources reported some buyers requesting 20,000 mt at $140/mt FOB through a TCC tender offering just 10,000 mt.

International buyers are reportedly pressing China for tons. Brazil remained the single largest buyer of Chinese amsul in January-July, taking 2 million mt, while 89 countries snapped up the remaining tonnage. January-July exports firmed 15% year-over-year, Trade Data Monitor reported, to 7.9 million mt from 6.9 million mt. July exports lifted 27%, to 1.4 million mt from 1.1 million mt in July 2023.

Brazil:

Granular ammonium sulfate imports lifted to $180-$185/mt CFR from last week’s $175-$185/mt CFR range. Demand remained lively even as sellers pushed for higher prices, with buyers looking to secure tons for August, September, and October loading.

Inland prices shook off a slowdown in the corn market to move up $5/mt at the low side, firming to $290-$300/mt FOB Rondonópolis from $285-$300/mt FOB at last report. Rising ammonium sulfate costs have significantly impacted the formulation of NPK blends for current-season crops, players noted, helping to offset the higher costs.

DAP/MAP

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

Central Florida:

Central Florida DAP trucks softened to a flat $570/st FOB, down from $570-$580/st at last report, while truck-loaded MAP prices were steady at $620/st FOB. North Florida MAP postings continued at $650/st FOB.

US Gulf:

NOLA DAP barges were reported at $540-$555/st FOB, rising from $540-$550/st FOB at last report. Sources noted MAP barges in the $635-$640/st FOB range, stretching from $635/st FOB one week earlier. Lower early-week pricing for both products gave way to firmer values as the week progressed, players said.

US Exports:

The last US Gulf spot exports continued to be noted at $550/mt FOB for DAP and $570/mt FOB for MAP.

Eastern Cornbelt:

The DAP market was reported at $595-$610/st FOB in the Eastern Cornbelt, with the low confirmed at Cincinnati. MAP remained at $690-$700/st FOB in the region. Delivered MAP offers in central Michigan were pegged at the $735/st level during the week.

Western Cornbelt:

DAP was steady at $585-$610/st FOB in the Western Cornbelt, with the St. Louis market quoted in the $585-$595/st FOB range. MAP remained at $680-$700/st FOB, with the low again confirmed at St. Louis.

Northern Plains:

DAP pricing was unchanged at $595-$600/st FOB St. Paul, with MAP reported at $695-$700/st FOB St. Paul.

Northeast:

DAP was unchanged at $610/st FOB East Liverpool, Ohio, with MAP reported at the $700/st FOB level at that location. No current MAP prices were reported at Fairless Hills in mid-August.

Benelux:

DAP business in Benelux was described as minimal, resulting in an unchanged price assessment of $672-$678/mt FCA.

Baltic:

DAP prices in the Baltic moved $20/mt higher on the low end, reflecting netbacks from recent sales of around 10,000 mt into Latin America. The high end continued to reflect netbacks from business into Western Europe, leaving the weekly range at $520-$615/mt FOB.

Despite improved liquidity in Brazil with at least 15,000 mt sold by a Russian producer, MAP prices in the Baltic were stable at $585-$595/mt FOB.

Morocco:

Moroccan DAP prices moved up to $535-$625/mt FOB reflecting netbacks from India, where the last confirmed business jumped $30/mt, to $620/mt CFR.

OCP has also reportedly reached an agreement for the supply of 500,000 mt of DAP to India at an undisclosed price. Previously, the producer was targeting close to $580/mt FOB.

China:

The Chinese government may not impose a total ban on phosphate exports, sources are now reporting. The government will reportedly allow some exports, though not in large quantities. Sources said the move came after a number of export permits were requested for large amounts of DAP for shipment to India. The Chinese government now seems to be ready to block those requests.

Sources described China’s mini-application season in September and October as the justification for pulling back on exports, as demand for phosphates and NPKs will reportedly spike in the next two months. The extra seasonal demand came as India began aggressively moving to secure more DAP supplies.

China exported 2 million mt of DAP in January-July, Trade Data Monitor reported, a 31% decline from the year-ago 2.9 million mt. India topped the buyer list with 460,000 mt, down about three-quarters compared to 1.9 million mt in the same period of 2023. Vietnam took 326,000 mt, followed by Thailand with 278,000 mt, while the remaining exports went to 44 other countries. July DAP imports were 512,000 mt, up slightly from the 510,000 mt shipped in July 2023.

MAP exports totaled 1.2 million mt in January-July 2024, above the 1.1 million mt shipped through the first seven months of 2023. Brazil took 527,000 mt and Argentina received 134,000 mt. July exports were noted at 253,000 mt, up 27% from the 200,000 mt reported in July 2023.

India: 

Source reported the final take in the phosphate deal between India and Morocco’s OCP as totaling 510,000 mt of DAP at $620/mt CFR and 220,000 mt of TSP at $445/mt CFR.

Indian negotiators had been pushing against including TSP in the deal, and attempted to push DAP prices into the $580s/mt CFR. However, the rising price of DAP in the global market, even with some Chinese product available for export, left the buyers in a difficult position.

Even with the extra subsidy payments approved by the government earlier this month, the most farmers will pay for DAP is around $545/mt. This leaves a large gap between the domestic price and the landed price. This spread is why only state-owned entities are currently able to engage in DAP importation, sources said. The losses incurred by the companies can be made up in other state-sponsored supports, a luxury that private-sector importers would not enjoy.

The Russian government and Russian phosphate producers will reportedly continue leaning on the Indian government to repeal ­– or at least temporarily suspend – the country’s 5% import duty on DAP. The Russians are reportedly willing to offer lower prices to India than were achieved in the OCP deal. However, freight costs from Baltic ports to India, in combination with a selling price that is favorable to India, results in a netback that Russian producers are unwilling to accept.

Sources reported a large DAP cargo sent to India from Australia earlier this month. The import duty does not apply to Australian product. The initial report indicated a landed price of $636/mt CFR. Once the duty was removed, however, sources put the price closer to $604/mt CFR.

Brazil:

Landed MAP prices held steady at $635/mt CFR, unchanged from last week. Both limited availability and affordability concerns continue to weigh on late-season demand, constraining the market.

The Rondonópolis market softened $10/mt at the low side, slipping to $765-$785/mt FOB. Imported product was noted at the upper end of the range while domestically produced MAP set the price floor. Purchasing activity was sporadic, players noted, influenced by limited availability in certain regions and a higher barter ratio.

TSP

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

US Gulf:

NOLA TSP barge prices were reported at $500-$510/st FOB, down from the week-ago $505-$512/st FOB.

Eastern Cornbelt:

TSP was unchanged at $555-$565/st FOB in the Eastern Cornbelt, depending on location, with delivered pricing in Michigan reported at the $585/st level.

Western Cornbelt:

TSP pricing remained at $550-$560/st FOB for limited prompt tons in the Western Cornbelt.

Brazil:

The Brazil TSP price fell to a flat $510/mt CFR, down from the prior $510-$525/mt CFR, amid limited availability and softening demand. With a short-term supply shortage restricting buyer interest in the domestic market, pricing at Rondonópolis for 2025 TSP deliveries fell to $635/mt FOB during the week.