All posts by hlancey@bloomberg.net

SSP

Brazil, Market Watch, SSP

Brazil:

SSP 19-21 imports narrowed to $210-$235/mt CFR from the week-ago $197-$240/mt CFR. With the phosphate season coming to an end, demand for SSP is rapidly waning, sources said.

Rondonópolis prices dropped $10-$20/mt, with offers for SSP 19-20 falling to $350-$360/mt FOB. While the market remains well-stocked for the summer season, demand for low-concentration phosphate has declined in recent weeks.

Ammonium Polyphosphate

Ammonium Polyphosphate, Eastern Cornbelt, Market Watch, Northeast, Northern Plains, Western Cornbelt

Eastern Cornbelt:

The 10-34-0 market was unchanged at $505-$525/st FOB for the latest fill offers in the Eastern Cornbelt.

Western Cornbelt:

10-34-0 was quoted at $520-$530/st FOB in the Western Cornbelt, depending on location.

Northern Plains:

The 10-34-0 market dropped to $530-$540/st FOB for the latest offers in the Northern Plains.

Northeast:

10-34-0 was steady at the $540/st FOB level in New York.

Muriate of Potash

Brazil, China, Eastern Cornbelt, Market Watch, Northeast, Northern Plains, Northwestern Europe, Potash Muriate, Southeast Asia, U.S. Gulf, Western Cornbelt

US Gulf:

The NOLA potash market remained at $265-$275/st FOB the latest trades, though sources speculated that the Canadian rail strike may push prices to the upper end of the range for the next round of business.

Eastern Cornbelt:

Potash was unchanged at $315-$335/st FOB in the Eastern Cornbelt, with the Cincinnati market pegged at $320-$330/st FOB at mid-month. Delivered offers in central Michigan were reported at the $350/st level for August-September.

Western Cornbelt:

Potash was unchanged at $315-$330/st FOB in the Western Cornbelt, with the low reported at St. Louis and the high in Iowa on a spot basis.

Northern Plains:

The potash market was unchanged at $325-$335/st FOB and $330-$345/st DEL for the last offers in the Northern Plains. Potash FOB Saskatchewan mines remained at the $315-$336/st FOB level, depending on grade.

Northeast:

Potash in the Northeast slipped to $320-$335/st FOB, with the low reported at Baltimore and the high at East Liverpool. The Fairless Hills market was pegged at the $325/st FOB level in mid-August. Delivered potash remained at $335-$345/st in the region, depending on location.

Northwest Europe:

Northwest European potash prices were flat as seasonally low demand continues to result in a largely illiquid market. Small sales of standard product were reported at range-bound pricing of €315-€330/mt CIF, with granular potash quoted at €330-€350/mt CIF. An uptick in demand, as well as new prices from producers, is expected in mid-September.

Southeast Asia:

Minimal activity was reported in the Southeast Asian potash market, though buyers and sellers continue to disagree on pricing direction ahead of the upcoming tender season. Some clarity may emerge in Pupuk Indonesia’s Aug. 23 import tender, however. Suppliers are emboldened by the Indian contract settlement and recent news that some tonnage initially booked at $279/mt CFR may be under renegotiation at $283/mt CFR.

Buyers, however, are unwilling to accept higher prices for now, given ample potash supply availability globally. As a result, prices in the region were stable, with standard potash at $275-$290/mt CFR and granular at $330-$340/mt CFR.

China:

January-July potash imports firmed 16% year-over-year, Trade Data Monitor reported, to 7.3 million mt from 6.2 million mt. Russia shipped 2.4 million mt and Belarus sent 1.7 million mt. Shipments from Canada totaled 1.4 million mt, and Laos added 1.1 million mt. July imports of 737,000 mt were down 27% from 1 million mt in July 2023.

Brazil:

Potash prices in Brazil pulled back to $290-$295/mt CFR, down slightly from $290-$300/mt CFR at last report. Despite the oversupplied market, sellers limited the volume of material on offer, with the effects of a potential Canadian rail strike on port activity prompting concerns over supply constraints.

The inland market remains well supplied, with subdued demand continuing to favor lower prices for delivery during the planting window. Prices held steady at $420-$435/mt FOB Rondonópolis during the week.

Sulfur

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

Tampa:

Tampa molten sulfur contracts were reported at $76/lt CFR for the third quarter, a 6.2% decline from $81/lt CFR in 2Q.

US Gulf:

US Gulf sulfur prices lifted to $105-$115/mt FOB from the week-ago $100-$110/mt FOB. Citing potential Brazil netbacks in the $115-$120/mt FOB range, players expect prices to continue rising ahead of an anticipated CMOC tender in Brazil.

Brazil:

The Brazil market continued at $135-$140/mt CFR, sources said. Players are awaiting a new round of purchases, including a likely tender from CMOC.

Vancouver:

Vancouver prilled sulfur exports firmed to the $100-$105/mt FOB level, up from $95-$100/mt FOB at last report.

Alberta:

Alberta sulfur netbacks firmed to (-)$39-$35/mt FOB on rising prices in the Vancouver market, with molten tons contracted in the US market establishing the bottom of the range and Vancouver setting the highs.

West Coast:

Sulfur loading from the West Coast followed Vancouver to $100-$105/mt FOB. Third-quarter molten sulfur contracts were noted at $58/lt FOB, down from $60-$62/lt FOB in the second quarter.

China:

The China import sulfur market was reported at $135-$140/mt CFR, rising from $132-$137/mt CFR at last report and priced above domestic pricing noted at a $133/mt CFR equivalent. Prices were reported significantly higher into South Asia, at $150-$159/mt CFR India.

ADNOC:

Market players are awaiting new Arab Gulf sulfur postings for September, expecting levels to firm above the $125/mt CFR mark based on recent international business.

Abu Dhabi National Oil Co. (ADNOC) sulfur was posted at $107/mt FOB Ruwais for August, up 30.5% from $82/mt FOB in July.

Qatar:

Sources reported the Muntajat posted price for August at $106/mt FOB Ras Laffan, a $25/mt increase from July’s $81/mt FOB posting.