Brazil:
SSP 19-21 imports were reported at $190-$210/mt CFR, players said, unchanged from last week, while the Rondonópolis market continued at $320-$345/mt FOB ex-warehouse. SSP-23 was steady at $365-$370/mt FOB ex-warehouse.
All posts by hlancey@bloomberg.net
Phosphate Rock
US Imports:
Phosphate rock imports were down 11.2% in July-December, falling to 1.42 million st from 1.60 million st in the prior year. December imports moved 59.7% lower, to 108,645 st from the year-ago 269,270 st. Peru shipped 1.42 million st in July-December, Canada sent 2,896 st, and Japan added 1,177 st.
Phosphoric Acid
US Exports:
Wet-process phosphoric acid exports firmed 22.3% in July-December, to 230,243 st from the year-ago 188,274 st. December shipments were 41,211 st, however, down 13.0% from 47,372 st in December 2022. India took 138,258 st in July-December, Mexico bought 62,920 st, and Canada took 25,925 st.
Eastern Cornbelt:
February phos acid postings continued at $12.15/unit rail-DEL in the Eastern Cornbelt.
The phos acid market remained at $12.15/unit rail-DEL in the Western Cornbelt for February tons.
Northern Plains:
Phos acid pricing for February was pegged at $12.15/unit rail-DEL in the Northern Plains, up $0.25/unit from January.
Ammonium Polyphoshate
Eastern Cornbelt:
10-34-0 was unchanged at $525-$545/st FOB in the Eastern Cornbelt, with the low for prompt tons and the high for prepay.
10-34-0 was steady at $520-$550/st FOB in the Western Cornbelt, depending on location and time of shipment, with the high reported in Iowa.
Northern Plains:
The 10-34-0 market firmed to $525-$545/st FOB in the Northern Plains, depending on location and time of shipment.
Northeast:
February posted increases for phos acid pushed 10-34-0 prices up $10/st in the Northeast, to $540/st FOB in New York.
Muriate of Potash
US Gulf:
NOLA potash barges rebounded to $315-$320/st FOB during the week for confirmed trades, up from the prior week’s low of $310/st FOB.
US Imports:
Potash imports firmed 18.9% in July-December, to 6.64 million st from 5.58 million st in the same period of 2022. Imports were up 41.3% in December, to 1.26 million st from the prior year’s 893,375 st.
Imports from Canada were reported at 5.90 million st in July-December, while Russia sent 559,139 st and Israel added 134,035 st.
US Exports:
July-December potash exports softened 1.6%, to 1.60 million st from the year-ago 1.63 million st. December exports were counted at 487,962 st, however, rising 84.8% from 264,008 st one year earlier.
Exports to China totaled 335,125 st for the fertilizer year-to-date, followed by 304,666 st to Brazil and 283,410 st to Malaysia.
Potash slipped to $365-$395/st FOB in the Eastern Cornbelt, depending on location, grade, and time of shipment, with the low reported at Illinois River terminals on a spot basis. The Cincinnati market remained at the $375-$380/st FOB level for prompt tons.
Western Cornbelt:
Potash was unchanged at $365-$385/st FOB in the Western Cornbelt, with the low confirmed at St. Louis.
Northern Plains:
Potash was steady at $390-$410/st FOB in the Northern Plains, with delivered tons reported at the $400-$410/st level in the region. The latest prices FOB Saskatchewan mines for post-fill offers were quoted at $390-$395/st FOB, depending on grade.
Northeast:
Potash pricing in the Northeast was pegged at $380-$385/st FOB, depending on location, up from a low of $355/st FOB at last report. Rail-DEL prices remained in the $390-$410/st range in the region.
Eastern Canada:
Potash remained at C$580-$625/mt FOB regional warehouses in Eastern Canada, with the low confirmed for the last reported business for Q1 fill tons and the high for post-fill pricing.
Southeast Asia:
With peak demand for palm plantations still a few weeks away, potash prices were stagnant in the region. Standard MOP saw little market activity following Lunar New Year celebrations, though further price direction is expected from Malaysia when awards are confirmed for a 15,000 mt tender.
No new deals were reported for granular potash, leaving prices unchanged at $345-$355/mt CFR.
Brazil:
Brazil potash prices continued at the week-ago $280-$300/mt CFR level. While sellers continue to look for a floor, bidding was reported around $260/mt CFR, equivalent to some inland prices.
Sources reported a slow market in Rondonópolis due to the Carnival holiday, holding prices steady in the $400-$415/mt FOB ex-warehouse range. With sellers reportedly evaluating bids on a case-by-case basis, solid demand for new volumes could push prices below the CFR-equivalent, sources said.
Due to its favorable barter ratio against soybeans, potash is one of the few products to remain in demand, sources said. The barter market was valued near 20 bags of soybeans per mt of potash during the week, below the five-year average of 22 bags per mt.
Sulfur
Tampa:
First-quarter Tampa molten contracts were settled at $69/lt CFR, down 32%, or $33/lt, from $102/lt CFR in the fourth quarter.
US Imports:
July-December sulfur imports softened 12.2% year-over-year, to 1.25 million st from 1.42 million st. December imports were down 22.7%, falling to 200,542 st from 259,556 st. Canadian cargoes dominated the July-December import slate with 659,957 st, while Saudi Arabia shipped 144,310 st. Mexico sent 92,116 st, above 73,666 st from Iraq.
US Exports:
Sulfur exports softened 22.0% in December, to 112,730 st from the year-go 144,469 st. July-December exports were 1.15 million st, however, up 7.0% on the year-ago 1.08 million st. Brazil took 498,149 st in July-December, ahead of 322,423 st to Mexico and 135,181 st to Morocco. Tons sent to New Caledonia were steady at 120,229 st.
US Gulf:
The US Gulf market pressed higher, to $69-$71/mt FOB from $65-$70/mt FOB. With multiple refineries reportedly undergoing maintenance turnarounds, sources reported limited availability in the region.
Brazil:
Brazil sulfur imports firmed during the week, players said, to $95-$100/mt CFR from the prior $91-$95/mt CFR. A CMOC tender was reported closing at the top of the range.
Vancouver:
With trading offices in China shut for the Lunar New Year holiday, Vancouver prill prices remained at $65-$68/mt FOB for the week.
Alberta:
Alberta netbacks continued at (-)$46-(-)$1/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 at $65-$68/mt FOB. Fourth-quarter molten contracts were valued at $50-$55/lt FOB.
China:
Sources reported an inactive market due to the Lunar New Year holiday. Import prices were $94-$95/mt CFR, steady from the prior report.
ADNOC:
Abu Dhabi National Oil Co. (ADNOC) sulfur softened to $69/mt FOB Ruwais for February loading, falling 10.4% from $77/mt FOB in January.
Qatar:
February Muntajat prices were posted at $69/mt FOB Ras Laffan, sources said, a 6.8% decline from January’s $74/mt FOB offer.
Sulfuric Acid
US Gulf:
US Gulf sulfuric acid imports continued in the $95-$105/mt CFR range.
US Imports:
December sulfuric acid imports moved up 7.6%, to 357,984 st from the year-ago 332,803 st. Imports totaled 1.90 million st in July-December, rising 9.8% from 1.73 million st in the prior year. July-December imports from Canada totaled 966,748 st, while Mexico sent 340,416 st and Spain added 213,072 st.
US Exports:
July-December sulfuric acid exports were counted at 101,846 st, down 63.2% from the year-ago 277,028 st. December shipments fell 70.5%, to 12,861 st from 43,598 st in December 2022. July-December exports to Canada were noted at 66,940 st, topping 22,034 st to Mexico. Uruguay took 4,409 st.
Brazil:
Brazil sulfuric acid prices were stable at the week-ago $120-$125/mt CFR level.
Ammonium Thiosulfate
Eastern Cornbelt:
The ammonium thiosulfate market was steady at $265-$270/st FOB in the Eastern Cornbelt, with the low reported at Cincinnati and the high at Terre Haute, Ind.
Western Cornbelt:
Ammonium thiosulfate was quoted at $260/st FOB in the Western Cornbelt in mid-February.
Eastern Canada:
The ammonium thiosulfate market remained in a broad range at C$455-$545/mt FOB for the last confirmed offers in Eastern Canada.
CAN
Germany:
CAN prices inched higher in Germany, despite slower sales due to wet weather. Yara’s posted price of €295 CIF for March deliveries reflected the high end of the range, with Polish material in Eastern Germany reflecting the low. Prompt CANdemand will continue to depend heavily on weather, with most farmers opting to wait for drier conditions.
NPSZ
Cornbelt:
NPSZ pricing in the Cornbelt was unchanged at $670-$720/st FOB, depending on location.