All posts by hlancey@bloomberg.net

Sulvaris Extends ICFAR Partnership

News Briefs, U.S.

Sulvaris Inc., a privately held company based in Calgary, Alta., announced that it has extended its relationship with the Institute for Chemicals and Fuels from Alternative Resources (ICFAR) at the University of Western Ontario for 2024.

Sulvaris and ICFAR have been partnered since 2020 to develop Sulvaris’ proprietary Carbon Control Technology (CCT®), which utilizes waste biomass sources to produce various carbon-based fertilizer products with enhanced nutrient use efficiencies. Sulvaris said the goal for CCT is to offer the agricultural industry a nutrient and waste management solution that utilizes a circular economy across the fertilizer value chain.

ICFAR houses the company’s process equipment, and Sulvaris said it is essential for small scale production of CCT to validate the products and the technology’s ability to be implemented globally.

“Partnering with innovative R&D organizations like ICFAR is key to the continued development of our new technologies and executing our mission to provide solutions to environmental challenges and the ever-growing demand of limited resources,” the company said.

Canada Joins Efficient Fertilizer Consortium

Canada, Europe, News Briefs

The Government of Canada announced that will become a founding member of the Efficient Fertilizer Consortium (EFC), a public-private partnership created by the Foundation for Food & Agriculture Research that funds research to advance enhanced efficiency and novel fertilizer products and practices that help farmers produce crops while reducing environmental impacts.

The partnership represents a commitment of approximately C$1.3 million over four years. Canada joins 11 other members, including the US, the UK’s United Foreign, Commonwealth & Development Office, as well as other international governments, fertilizer companies, crop groups, and foundations.

While many innovative fertilizer products are already available, the Canadian government said more research is needed to better understand their greenhouse gas (GHG) emissions reduction potential and impact on crop yield in different climates, soil types, and management practices. Canada will work with international scientists and key agriculture stakeholders, including fertilizer companies, to conduct research and ensure its relevance to Canadian agriculture.

The government said joining EFC supports its commitment to reduce GHG emissions from fertilizer applications in Canada by 30% from 2020 levels by 2030. It also builds on its commitment of over C$1.5 billion to accelerate the agricultural sector’s progress on reducing emissions while remaining a global leader in sustainable agriculture, and supports the development and implementation of the Sustainable Agriculture Strategy, a long-term plan to spur action on priority environment and climate issues in the agriculture sector.

TFI Backs Legislation to Strengthen EPA Assessments

News Briefs

The Fertilizer Institute (TFI) on Feb. 1 welcomed the introduction of legislation that would strengthen the scientific credibility of US EPA assessments. TFI said the Sound Science for Farmers Act, introduced by Sens. Ted Budd (R-N.C.) and Joe Manchin (D-W.Va.), addresses widespread concerns about the lack of thorough interagency and peer review of chemical assessments.

“EPA’s proposed changes to its chemical risk evaluation process are worrisome, to say the least. Dozens of building-block chemicals critical to the agricultural space could be banned or de-facto banned by unachievable standards,” said TFI President and CEO Corey Rosenbusch.

“The unintended consequences here are staggering,” Rosenbusch continued. “Take formaldehyde, for instance, a chemical many may not associate with agriculture but is critical in the creation of granular urea, the source of nearly 25% of single-nutrient nitrogen for US farmers and slow-release fertilizers that maximize crop-yields while providing enhanced environmental protections. Under EPA’s new chemical review process, the people impacted are those who like to eat and those who care about environmental protection. So, essentially everyone.”

TFI said making matters worse is that EPA has indicated it will not exclude from review agricultural uses that are heavily regulated by other federal agencies. The solution, according to TFI and a coalition of other impacted industries, is to ensure that accountability, stakeholder engagement, and scientific quality are taken into account during EPA assessments, risk evaluations, and regulatory actions.

Other reforms included in the proposed legislation would require EPA to provide their work to relevant agencies for comment and ensuring a full and open peer review by reviving the defunct EPA Agricultural Science Committee.

“Here we are as an industry saying that these assessments need to be more rigorous and more transparent. The Sound Science for Farmers Act achieves those goals,” Rosenbusch concluded. “We look forward to working with Congress on passing this important bipartisan legislation.”

Ammonia

Ammonia, Eastern Cornbelt, India, Market Watch, Middle East, Northwestern Europe, Southern Plains, Tampa, Thailand, U.S. Gulf, Western Cornbelt

US Gulf/Tampa:

After last week’s $80/mt drop in pricing for the February Tampa ammonia contract, to $445/mt CFR from January’s $525/mt, ammonia prices for truck tons out of Gulf Coast terminals reportedly slumped to $400-$410/st FOB for new offers, down from $475-$500/st FOB in January.

Eastern Cornbelt:

Ammonia remained under pressure in the Eastern Cornbelt, with reports of prompt fill offers in the $550-$575/st FOB range and spring prepay pricing at $590-$600/st FOB, depending on location.

Western Cornbelt:

Ammonia was steady at $550-$580/st FOB or DEL in Iowa and Nebraska for prompt tons, with spring prepay prices now reported in the $580-$600/st FOB range, depending on location.

Southern Plains:

The ammonia market continued to soften in the Southern Plains, with sources describing spot prices as “subject to a phone call to discuss.” Current offers were quoted at $460-$540/st FOB production points for prompt tons, depending on location and supplier, well below the last confirmed offers at $535-$580/st FOB for fill and $620-$625/st FOB for prepay.

South Central:

Ammonia prices for truck tons out of Gulf Coast terminals in Louisiana and eastern Texas reportedly dropped to $400-$410/st FOB for new offers, down from $475-$500/st FOB in January. The upper end of the South Central ammonia market was quoted at the $425/st FOB level for recent spot offers out of Midway, Tenn.

India: 

January-November ammonia imports totaled 2.2 million mt, Trade Data Monitor reported, up 9% from the year-ago 1.99 million mt. Saudi Arabia led suppliers with 863,000 mt, while Bahrain and Oman sent 350,000 mt and 355,000 mt, respectively. November imports were 194,000 mt, slightly above the 191,000 mt received in November 2022.

Middle East: 

While no spot deals were reported, current discussions indicate ammonia pricing at $310-$340/mt FOB, sources said. That range appears to be workable for buyers and sellers, said one trader, and may show up in deals for March shipment.

The war-zone status of the Red Sea and Gulf of Aden has kept prices into Europe higher than buyers were hoping for, though Iranian cargoes bound for Turkey are an exception. Sources said these vessels appear to be transiting the Red Sea and Suez Canal without issue.

There were reports of a sale from Qatar to Thailand at $340/mt CFR. Considering the current pricing ideas in the Arab Gulf, sources speculated that Marubeni, the trader handling the transaction, could end up losing money on the deal.

Northwest Europe:  

Buyers in Northwest Europe had hoped to see falling prices after the announcement of the lower Tampa price. Product shipping from the Arab Gulf to Europe is facing higher freight costs, however, while ships taking the Red Sea/Suez Canal passage to Europe have seen a spike in insurance rates due to the region’s status as a war zone. The resulting firmer shipping costs mean prices into Northwest Europe are holding at $500/mt CFR.

Turkey is reportedly getting product not only from Iran, but also Venezuela. Sources estimated the price into Turkey at $400/mt CFR.

Thailand:

Thailand imported 353,000 mt of ammonia in 2023, according to Trade Data Monitor, up 11% from the 317,000 mt received in 2022. Malaysia shipped 165,000 mt, followed by Indonesia with 54,000 mt. Imports totaled 36,000 mt for December, more than tripling the 11,000 mt reported one year earlier.

Urea

Argentina, Black Sea, Brazil, China, Eastern Cornbelt, ethiopia, India, Market Watch, Middle East, South Central, Southeast, Southeast Asia, Southern Plains, Thailand, U.S. Gulf, Urea, Western Cornbelt

US Gulf:

The NOLA urea market continued to strengthen during the week. New business was reported at $345-$348/st FOB for confirmed January trades, $348-$355/st FOB for February, and $350-$355/st FOB for March, up from last week’s $337-$345/st FOB range for January-February.

Eastern Cornbelt:

Sources reported firming prices for urea in the Eastern Cornbelt, fueled by strengthening NOLA barge values. The market was quoted at $390-$410/st FOB in the region, depending on location, up another $5-$10/st from last week and a full $35/st higher than regional prices at the beginning of the year. The Cincinnati, Ohio, market was pegged at $390-$400/st FOB during the week.

Western Cornbelt:

Urea pricing continued to edge higher in the region. The market was reported $385-$410/st FOB in the Western Cornbelt, with both the high and low confirmed in St. Louis, Mo., as the week progressed.

Southern Plains:

Urea prices were ramping up quickly in the Southern Plains. The regional market was quoted at $400-$420/st FOB as the week progressed, up sharply from the previous $375-$385/st FOB range, with the Catoosa/Inola, Okla., price pegged at $410-$415/st FOB. Some speculated that prices at the port could be even higher by the end of the week.

South Central:

Urea firmed to $385-$405/st FOB in the South Central region, up from the prior week’s $380-$390/st FOB range, with the low confirmed at Convent, La., and the high at Little Rock, Ark. The Memphis, Tenn., market was pegged at $395-$400/st FOB during the week, while Kentucky sources noted Ohio River terminal offers in the $390-$395/st FOB range.

Southeast:

Sources reported firming prices for urea in the Southeast. Port terminal pricing was quoted at $390-$410/st FOB, depending on location and time of the week, well above the prior $370-$380/st FOB range.

India: 

Talk of a new urea tender increased this week. More sources speculated that the next tender could be called around mid-February.

The growing interest in a mid-February tender came as rumors circulated that China might be willing to release some urea for export in March. Sources speculated that Indian buyers would want to get into the market ahead of other major buyers who will most likely reenter the market in early March, as a demand increase in the current tight market could lead to dramatically higher prices, said one trader.

For now, there may be delays in shipping some of the tonnage awarded in the Jan. 4 National Fertilizers Ltd. (NFL) tender. Much of the Russian material awarded in the tender has reportedly not yet been nominated to vessels. Sources said the danger of moving from the Black Sea to India has reduced the availability of ships.

More owners are reportedly hesitant to allow their ships to transit the Suez Canal and Red Sea, where Houthi rebels have launched frequent attacks against cargo ships. Vessels booked for the trip are facing much higher insurance rates due to the area’s war-zone conditions. The alternative route through the Mediterranean and around Africa’s southern tip adds more time and cost to the passage to India. Some vessel operators are hesitant to accept this change, making it difficult to ensure timely delivery of the awarded product.

Trade Data Monitor putJanuary-November urea imports at 6.8 million mt, a 19% decline from the 8.4 million mt reported for the first 11 months of 2022. November imports were 831,000 mt, off from 1 million mt in November 2022.

Black Sea:     

Prices for prilled urea in the Black Sea remained steady at $280-$310/mt FOB. Granular urea from Azerbaijan was heard indicated in the mid-$390s/mt FOB at midweek, but no transactions were confirmed.

It has become more difficult to secure vessels from the Black Sea to India due to the hostilities in the Red Sea and Gulf of Aden, sources said. Traders noted that many vessels have still not been nominated for the 400,000 mt of Russian-sourced material booked by NFL in its Jan. 4 tender. Ship owners are reluctant to send their vessels through the Suez Canal to face possible Houthi attacks.

Southeast Asia:         

The last of the late-December deals priced at $342/mt FOB have been shipped out of Indonesia, sources said. No new material is expected to be available until after Feb. 14 due to delays in the issuance of new export permits.

The delay reportedly stems from Indonesia’s national elections taking place on Feb. 14. New political managers may be placed in charge of the state-owned urea companies, as well as within the government agencies that regulate offshore urea sales.

Even without the pending elections, sources noted that exports would most likely not be allowed until late February at the earliest. Traditionally, Indonesia limits urea exports in January and February in order to ensure a sufficient supply for the domestic market.

Once sales resume, sources expect pricing in the upper-$370s/mt to mid-$380s/mt FOB, fitting with the recent sale from Brunei to Australia. While many in the industry argued the Brunei Fertilizer Ind. (BFI) transaction was a one-off deal, others said the deal gave the Indonesian sellers a new target to aim for. A deal for over 30,000 tons of granular urea ex-Vietnam was rumored at around $390/mt FOB, but could not be confirmed.

China’s continued absence from the market – along with the shutdown of two Malaysian plants into March for routine maintenance – will help to push up prices. While there is a regional shortage of urea on the production side, sources have been reporting favorable weather conditions in Australia, increasing demand from the continent.

Middle East: 

With producers working to cover both sales to India under the NFL tender and long-term contract deals with other customers, no new spot transactions were reported for the week. Realistic price discussions should be centered around the $360-$365/mt FOB mark, sources said, though producers claim that talks for March shipment need to start at $380/mt FOB.

The increased attacks on ships in the Red Sea and Gulf of Aden have made it difficult to secure vessels to transit the area. Many ship owners are reluctant to send their vessels into a war zone, sources said, even with the stepped-up security measures undertaken by the US and other naval powers.

Even Egyptian producers with plants on the Red Sea are reportedly looking at shipping their material to Europe rather than Southeast Asia or Africa. Sources are also predicting that deliveries to India under the January NFL tender will be delayed, as vessels carrying material from the Black Sea may be forced to take the longer route around Africa.

Egyptian pricing continued to climb. On the heels of weekend prices noted at $400/mt FOB, Abu Qir secured a 10,000 mt deal at $405/mt FOB to start the week. By midweek, the price had moved to $410/mt FOB on a 4,000 mt deal from NCIC.

China:

Rumors continue to circulate that Beijing may allow small lots of urea to be shipped in March instead of late April or May. The strength of the rumors seems to rise and fall in line with reports of how many tons are available in domestic warehouses for the local market. The higher the estimates of domestic reserves, the more the industry seems abuzz with reports of early exports being allowed.

Industry sources put the latest estimated price for prilled urea at $324-$327/mt FOB. The estimate is based on reports of prices ex-factory gate, plus transportation to portside facilities. No new exports of urea were reported, however, leaving all price discussions in the realm of speculation.

There have been no reports of granular pricing in China, leaving sources without a benchmark to discuss possible export pricing.

Talks surrounding the early release of export tons – or even domestic availability – are expected to fade by the middle of next week. While China’s Lunar New Year holiday will officially start on Feb. 10, many industries and offices will begin closing on Feb. 8. Employees are not expected to return to work until Feb. 18, at the earliest.

Thailand:      

Urea imports to Thailand increased 44% in 2023, Trade Data Monitor reported, to 2.5 million mt from 1.8 million mt in 2022. The primary suppliers were Saudi Arabia with 965,000 mt, Malaysia with 507,000 mt, and Qatar with 41,000 mt.

December imports were 121,000 mt, up significantly from the 47,000 mt received in December 2022, while second-half 2023 imports of 1.3 million mt were largely unchanged from July-December 2022.

Thai buyers have maintained a long and favorable relationship with SABIC. The contract price of urea shipping into Thailand often falls well below the FOB price paid by most other buyers of Saudi product, sources have said.

Ethiopia:       

The Ethiopian Agricultural Businesses Corp. (EABC) tender for 365,000 mt of urea closed last week with just a handful of companies offering tonnage for shipment through May.

EABC tenders usually request 1-2 shipments of 50,000-55,000 mt each to be sent monthly as part of the awards. In some cases, either one or three cargoes will be allowed. All of the tender’s offers were FOB-based, with cargoes coming from Nigeria and the Arab Gulf.

Shipping Period Offering Company $/mt FOB
Feb. 15-20 Promising International 405.00
ETG 437.99
Feb. 29-March 4 Indorama 385.00
Montage Oil 408.00
ETG 472.19
March 10-15 Samsung 405.00
ETG 501.58
March 29-April 4 Samsung 445.00
ETG 511.37
April 9-15 Montage Oil 400.00
Samsung 406.00
ETG/Cardex Brown 521.15
April 29-May 4 ETG/Cardex Brown 530.90
May 10-15 Montage Oil 404.50
Samsung 426.00
ETG/Cardex Brown 535.83

Brazil:

Brazil urea prices firmed 4% during the week, to $380-$390/mt CFR from the prior $365-$375/mt CFR range, even as most near-term demand in the inland markets has reportedly been covered by a shift in buyer focus to phosphates and potash. Likewise, sellers have also turned attention to destinations featuring a price premium over Brazil.

Despite the CFR market’s upward movement, Rondonópolis suppliers kept urea prices at $510-$535/mt FOB ex-warehouse for the week, though some companies with large inventories or long positions were reportedly considering offers in the $490-$500/mt FOB range to spur demand.

Corn season demand is expected to remain sluggish while soybean growers focus on harvesting oilseed. Low urea demand is likely to continue even after the harvest period, sources said.

Argentina:    

2023 urea imports to Argentina totaled 825,000 mt, falling 7.5% from the year-ago 893,000 mt. Egypt shipped 364,000 mt, Nigeria added 156,000 mt, and Algeria sent 125,000 mt. December imports of 93,000 mt were up sharply from the 22,000 mt received in December 2022.

UAN

Eastern Cornbelt, Market Watch, South Central, Southeast, Southern Plains, U.S. Gulf, UAN, Western Cornbelt

US Gulf:

The NOLA UAN market remained at $235-$240/st ($7.34-$7.50/unit) FOB based on upriver pricing, with no new barge business reported to test the market.

Eastern Cornbelt:

UAN-32 was unchanged at $275-$300/st ($8.59-$9.38/unit) FOB regional terminals, depending on location and time of shipment, with the low reported at Mount Vernon, Ind., for prompt tons and the high out of Illinois River terminals for spring material. Most prompt offers out of Illinois River terminals were pegged at the $285/st ($8.91/unit) FOB level.

Prompt UAN offers at Cincinnati remained at $280-$285/st ($8.75-$8.91/unit) FOB for UAN-32 and up to $250/st ($8.93/unit) for UAN-28, with March-April pricing for UAN-32 quoted at the $300/st ($9.38/unit) FOB level.

Western Cornbelt:

The UAN-32 market was unchanged at $260-$285/st ($8.13-$8.91/unit) FOB terminals in the Western Cornbelt, depending on location and time of shipment. The Port Neal, Iowa, market remained at $260/st ($8.13/unit) FOB for February and $275/st ($8.59/unit) FOB for March-April, with St. Louis pricing quoted at the $275/st ($8.59/unit) FOB mark for prompt tons.

Truck-DEL UAN-32 offers were pegged at the $280-$285/st ($8.75-$8.91/unit) level in Iowa and Missouri in early February.

Southern Plains:

UAN-32 was quoted at $260-$285/st ($8.13-$8.91/unit) FOB terminals for February-March tons in the Southern Plains, with the low confirmed at Woodward, Okla., and the high at Dodge City, Kan. The latest offers at Coffeyville, Kan., were reported at the $265/st ($8.28/unit) FOB level for February and $275/st ($8.59/unit) FOB for March.

Verdigris, Okla., UAN-32 pricing was quoted at $265/st ($8.28/unit) FOB or higher for March-April, with unconfirmed reports that the January cold snap affected some plant operations, limiting available tons for February shipment.

South Central:

The UAN-32 market was pegged at $265-$275/st ($8.28-$8.59/unit) FOB terminals in the South Central region for prompt tons.

Southeast:

UAN-32 was reported at $265-$280/st ($8.28-$8.75/unit) FOB regional terminals in the Southeast in early February, with the low confirmed at port terminals and the high out of inland locations in Georgia.

Ammonium Nitrate

Ammonium Nitrate, Market Watch, South Central, Southern Plains, Western Cornbelt

Western Cornbelt:

Ammonium nitrate was steady at $310-$330/st FOB Missouri terminals for 1Q tons, depending on location.

Southern Plains:

Ammonium nitrate pricing firmed to $310/st FOB in Oklahoma, up approximately $15/st from last report.

South Central:

The ammonium nitrate market remained in a broad range at $250-$305/st FOB in the South Central region, with the low reported for the last business FOB Yazoo City, Miss., and the high out of river terminals in Kentucky.

Ammonium Sulfate

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

US Gulf:

New NOLA ammonium sulfate barge business was confirmed at the $275/st FOB level on Feb. 1, up from the prior $265/st FOB. Jan. 31 postings from Interoceanic (IOC) included $275/st FOB NOLA.

Eastern Cornbelt:

Granular ammonium sulfate pricing continued at $305-$330/st FOB in the Eastern Cornbelt, with the low confirmed in Illinois and the high in Ohio. Granular ammonium sulfate postings from IOC moved on Jan. 31 to $325/st FOB Ohio River terminals and $335/st FOB Upper Mississippi and Illinois River terminals.

Western Cornbelt:

The granular ammonium sulfate market was quoted at $300-$330/st FOB in the Western Cornbelt. IOC’s Jan. 31 postings included $325/st FOB St. Louis, $335/st FOB Upper Mississippi River terminals, $350/st FOB Sioux City, Iowa, Omaha, Neb., and Casselton, N.D., and $345/st rail-DEL in the Northern Plains.

Southern Plains:

The granular ammonium sulfate market slipped to $275-$305/st FOB in the Southern Plains, with the low confirmed at Houston, Texas, and the high at Catoosa/Inola. Sources said the Houston market would likely firm to $290/st FOB or higher by next week. Granular ammonium sulfate postings from IOC moved on Jan. 31 to $300/st FOB Houston.

South Central:

The ammonium sulfate market remained in a broad range at $260-$325/st FOB in the South Central region, with the low confirmed in southern Mississippi and the high in Arkansas. IOC’s Jan. 31 postings included $325/st FOB Delta terminals.

Southeast:

Ammonium sulfate pricing from AdvanSix FOB Hopewell, Va., remained at $335/st FOB for granular, $305/st FOB for mid-grade, and $285/st FOB for standard grade. Offers in the Florida market were reported at $260/st FOB or DEL for standard and $330/st FOB or DEL for granular.

China:

Ammonium sulfate prices continued to increase on both firming demand and the rising urea market. Sources pegged pricing at $155-$160/mt FOB for caprolactam grade amsul.

Thailand:      

Amsul imports for 2023 were counted at 294,000 mt, according to Trade Data Monitor, down 19% from the 364,000 mt received in 2022, with 274,000 mt coming from China. December imports were 7,000 mt, rising slightly from 5,000 mt in December 2022.

Brazil:

Ammonium sulfate imports moved slightly higher, to $175-$185/mt CFR from last week’s $175-$180/mt CFR. Market players continue to report an active domestic market. Rondonópolis prices narrowed to $300-$320/mt FOB ex-warehouse, down from $300-$330/mt FOB.

DAP/MAP

Argentina, Brazil, China, DAP/MAP, Eastern Cornbelt, India, Iran, Market Watch, South Central, Southeast, Southern Plains, U.S. Exports, U.S. Gulf, Western Cornbelt

Central Florida:

Central Florida DAP trucks continued at $630/st FOB, sources said, while MAP was unchanged at $655/st FOB. North Florida MAP postings firmed to $650/st FOB, a $10/st increase from the prior $640/st FOB level.

US Gulf:

NOLA phosphate prices took a step down in a week of active trading, players reported. February DAP barges softened to $575-$590/st FOB, with March trades some $10/st lower, at $565-$580/st FOB. April business was reported in the $555-$558/st FOB range.

MAP barges tracked at $600-$630/st FOB, with firmer indications remaining unconfirmed for the week.

US Exports:

Nothing new was reported on the US Gulf export market, leaving DAP and MAP prices steady at $570/mt FOB.

Eastern Cornbelt:

DAP was steady at $635-$660/st FOB in the Eastern Cornbelt, with the low reported out of spot Illinois River terminals and the high on the Ohio River. MAP remained at $680-$695/st FOB in the region. The Cincinnati market was steady at $650/st FOB for DAP and $685/st FOB for MAP.

Western Cornbelt:

DAP was quoted at $635-$650/st FOB and MAP at $660-$690/st FOB in the Western Cornbelt, with the lower end of both ranges confirmed at St. Louis and the high in Iowa.

Southern Plains:

DAP was reported at $640-$660/st FOB in the Southern Plains, with both the high and low confirmed at Catoosa/Inola during the week, depending on supplier and time of shipment. MAP remained at $680-$690/st FOB in the region.

South Central:

DAP prices firmed to $645-$660/st FOB in the South Central region, up $10/st from last report, with the low confirmed at Memphis and the high in Arkansas and Kentucky.

Southeast:

Nutrien raised its MAP postings at Aurora, N.C., and White Springs, Fla., during the week, firming to $650/st FOB from the prior $640/st FOB level.

Iran:

Agricultural Support Services Co. (ASSC), a subsidiary of Iran’s Ministry of Jihad-Agriculture, has issued a tender for the purchase of two 30,000 mt cargoes of GMAP. The tender closes on March 2, and offers will be opened the following day.

China:

No new phosphate exports or deals were reported out of China. Though the restrictions on DAP shipments remain in place, sources expressed hope that some DAP and MAP exports could materialize in March, earlier than previously expected.

When DAP and MAP offers resume from China, sources said they expect to see competition for the available DAP, while the MAP will most likely be offered to buyers in Latin America.

India:

Despite efforts to find lower-priced DAP, Indian buyers are facing high prices.

An Indian buyer has reportedly signed a contract with OCP for 150,000 mt of DAP at $595/mt CFR, a price that buyers had previously resisted. At this level, said sources, the subsidies available for DAP are insufficient to ensure that sellers will not lose money on the deal.

There was no word on when OCP will ship the DAP. March is the most likely time in order to ensure the product is in place for the spring application season and for payments to be covered under the new budget, set to take effect on April 1.

January-November DAP imports to India softened 5%, to 5.9 million mt from the year-ago 6.2 million mt. China supplied 2.3 million mt, while Saudi Arabia shipped 1.7 million mt. November imports stood at 596,000 mt, slightly above the 574,000 mt received in the prior November.

Brazil:

The landed price of MAP edged lower, to $550-$560/mt CFR from last week’s $550-$565/mt CFR. There were persistent reports of inland MAP trades falling below the import-equivalent price, and other phosphate fertilizers were said to offer a more economical alternative to MAP.

Prices continued to weaken at Rondonópolis. Negotiations for 2024/25 soybean demand fell in the $670-$690/mt FOB ex-warehouse range, off from last week’s $680-$695/mt FOB. Replacement costs at the low side of the range tracked below the current $550-$560/mt CFR import price.

Argentina:    

MAP imports to Argentina totaled 758,000 mt for 2023, Trade Data Monitor reported, a marginal decrease from the year-ago 793,000 mt. Morocco accounted for 416,000 mt, or 55% of the tonnage, followed by China with 197,000 mt. December purchases were put at 33,000 mt, rising from 19,000 mt in December 2022.

TSP

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

US Gulf:

NOLA TSP barges were reported at $445-$465/st FOB, a $5/st increase from the prior $440/st FOB floor.

Eastern Cornbelt:

TSP was unchanged at $515-$535/st FOB in the Eastern Cornbelt, with the low reported at Cincinnati.

Western Cornbelt:

TSP was unchanged at $505-$535/st FOB in the Western Cornbelt, with the low reported at St. Louis for February tons.

South Central:

The TSP market was quoted at $510-$525/st FOB in the South Central region, down $5-$10/st from last report.

Brazil:

TSP imports were unchanged at $425-$430/mt CFR. The Rondonópolis market was steady at $520-$540/mt FOB ex-warehouse.