Brazil:
Brazil SSP 19-21 prices tightened to $190-$200/mt CFR during the week, with the market focused on forward deliveries. Prices were last reported at $180-$205/mt CFR.
Rondonópolis remained stable at $320-$335/mt FOB ex-warehouse for SSP 19-21, while offers for SSP-23 were indicated at $370-$385/mt FOB. Sources reported a slow market due to delayed planning for the 2024/25 season.
US Imports:
Phosphate rock imports fell 1.5% in July-November, to 1.31 million st from the prior year’s 1.33 million st. Imports were down 65.6% in November, to 112,591 st from the year-ago 327,196 st. Peru shipped 1.31 million st in July-November, topping Canada’s 2,364 st and 1,177 st from Japan.
US Exports:
November exports of wet-process phosphoric acid were reported at 44,982 st, a 4.9% increase on the year-ago 42,901 st. July-November export volumes were up 34.2%, at 189,032 st compared to 140,902 st one year earlier. India led July-November receipts with 104,084 st, beating 59,622 st to Mexico and 22,212 st to Canada.
Eastern Cornbelt:
January phosphoric acid postings were steady at $11.90/unit rail-DEL in the Eastern Cornbelt.
The phos acid market remained at $11.90/unit rail-DEL in the Western Cornbelt for January tons.
Southern Plains:
The phos acid market was reported at $11.90/unit rail-DEL for January tons in the Southern Plains, unchanged from December.
Eastern Cornbelt:
10-34-0 remained 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 for the latest offers, depending on location and time of shipment, with the high confirmed in Iowa.
Southern Plains:
The 10-34-0 market was reported at $495-$510/st FOB in the Southern Plains, with the 11-37-0 market quoted at $515-$545/st FOB in Texas.
US Gulf:
NOLA potash remained at $320-$325/st FOB for new business reported during the week, unchanged from last week’s range.
US Imports:
July-November potash imports firmed 14.7% year-over-year, to 5.38 million st from 4.69 million st. November imports were up 14.6%, to 1.18 million st from 1.03 million st. Imports from Canada were reported at 4.73 million st in July-November, while Russia sent 474,592 st and Israel added 133,676 st.
US Exports:
Potash exports softened 18.3% in July-November, to 1.11 million st from the year-ago 1.36 million st. November shipments were 221,905 st, however, up 65.4% from 134,137 st in November 2022. Exports to China totaled 254,154 st for the fertilizer year-to-date, followed by 226,091 st to Malaysia and 208,184 st to Brazil.
Potash was quoted in a broad range at $380-$415/st FOB in the Eastern Cornbelt, with the Cincinnati market reported at the $380-$390/st FOB level in early January.
Nutrien on Jan. 11 announced a potash winter fill program at a reference price of $385/st FOB Midwest terminals for 1Q delivery, with a $30/st increase for 2Q delivery. Nutrien’s last official posting in October was $420/st FOB Midwest terminals. Fill offers for 1Q delivery in the Michigan market include $385/st FOB for red potash and $393/st FOB for white.
Nutrien said it is taking fill orders until Jan. 19 and reported a positive initial response to the program, with “customers optimistic about a strong spring application season.”
Western Cornbelt:
The potash market was pegged in the $375-$400/st FOB range in the Western Cornbelt, depending on location, with the St. Louis market quoted at $375-$385/st FOB. Nutrien’s winter fill program, announced on Jan. 11, includes $385/st FOB Midwest terminals for 1Q shipment, with a $30/st increase for 2Q delivery.
Southern Plains:
Potash tightened to $385-$395/st FOB Catoosa/Inola for prompt and forward offers. The last postings from Intrepid FOB Carlsbad, N.M., included $445/st for 60% white granular and $453/st for 62% white standard. The company did not confirm if it has a fill program on the table.
South Central:
Potash slipped to $375-$390/st FOB warehouses in the South Central region, down from the prior $385-$400/st FOB range, with the low reported at Memphis and the high out of river terminals in Kentucky. Most Arkansas river terminals were pegged at $380-$385/st FOB in early January.
Southeast:
Potash remained at $350-$370/st FOB port terminals in the Southeast in early January. The last rail-DEL business for Canadian tons was reported at $400-$415/st in the Carolinas, depending on grade.
Brazil:
Following last week’s short-lived increase to $295-$310/mt CFR, potash imports softened to $290-$300/mt CFR, a 2.5% decline.
With sources reporting an oversupplied market, Rondonópolis potash prices slipped to $420-$440/mt FOB ex-warehouse. Grower attention remains focused on the 2023/24 soybean harvest, players said, and negotiations for the upcoming corn season have been limited.
Canada and Russia combined for about two-thirds of Brazil’s potash imports in 2023, Trade Data Monitor reported. Of the 13.5 million mt Brazil imported for the year – a 14% increase from the year-ago 11.8 million mt – Canada sent 5 million mt, followed by Russia with 4 million mt.
December imports totaled 1.1 million mt, doubling the 511,000 mt purchased in December 2022. Russia, Canada, and Uzbekistan accounted for a combined 80% of the month’s imports, sending 330,000 mt, 299,000 mt, and 285,000 mt, respectively.
Tampa:
The first-quarter contract price of molten sulfur delivered to Tampa settled at $69/lt CFR, down $33/lt from the fourth-quarter 2023 price of $102/lt CFR, reflecting a 32% decline.
US Imports:
November sulfur imports softened 20.0%, to 185,693 st from the year-ago 232,061 st. Imports totaled 1.05 million st in July-November, down 9.9% from 1.16 million st in the prior year. Canadian cargoes totaled 537,077 st in July-November, while Saudi Arabia shipped 127,890 st. Mexico sent 73,194 st for the period, above 62,202 st from Iraq.
US Exports:
Sulfur exports firmed 11.5% in July-November, to 1.04 million st from the year-ago 934,404 st. November exports totaled 206,608 st, rising 42.1% from 145,355 st one year earlier. Brazil took 396,755 st of US sulfur in July-November, ahead of 313,926 st to Mexico and 135,181 st to Morocco. New Caledonia purchased 120,229 st.
US Gulf:
The US Gulf sulfur market was unchanged at $65-$70/mt FOB.
Brazil:
Brazil sulfur prices slipped to $91-$95/mt CFR, down from $97-$102/mt CFR at last report. Multiple lots were reported transacting during the week, with cargoes originating from both the West Coast of North America and the US Gulf.
Vancouver:
Vancouver export prices softened to $62-$66/mt FOB, below the week-ago $70-$75/mt FOB, reflecting lower CFR prices at China.
Alberta:
Based on softer levels at Tampa and Vancouver, Alberta netback estimates fell to the (-)$46-(-)$1/mt FOB range from (-)$13-$30/mt FOB at last report. The wide range included both molten sulfur cargoes contracted into the US market and solid tons selling internationally through the Vancouver export market.
West Coast:
On par with Vancouver, solid sulfur loading from the West Coast softened to the $62-$66/mt FOB range. Molten sulfur contracts settled at $50-$55/lt FOB for loading in the first quarter, sources reported, off from $85-$90/lt FOB in 4Q 2023.
China:
Sulfur prices declined to $90-$95/mt CFR at China, falling from last week’s $100-$105/mt CFR range. Reduced operating rates, driven in part by export restrictions and preparations for the upcoming holidays in China, were reportedly putting downward pressure on the market.
ADNOC:
Sulfur produced by the Abu Dhabi National Oil Co. (ADNOC) was posted at $77/mt FOB Ruwais for January, down 11.5% from $87/mt FOB in December.
Qatar:
January Muntajat prices were posted at $74/mt FOB Ras Laffan, a 12.9% decline from December’s $85/mt FOB offer.
US Gulf:
US Gulf import prices for sulfuric acid increased $5/mt at the top of the range, to $105-$115/mt CFR from the week-ago $105-$110/mt CFR.
US Imports:
Sulfuric acid imports for November firmed 12.5% year-over-year, to 263,961 st from 234,594 st. Imports were 1.55 million st for July-November, up 10.4% from 1.40 million st in the year-ago period. July-November imports from Canada were 807,784 st, Mexico sent 272,864 st, and Spain added 171,208 st.
US Exports:
Sulfuric acid exports softened 70.2% in November, to 16,758 st from the year-go 56,236 st. July-November exports were reported at 88,985 st, off 61.9% from the year-ago 233,430 st. July-November exports to Canada were noted at 55,183 st, topping 21,048 st to Mexico. Uruguay took 4,409 st.
Brazil:
Sulfuric acid prices slipped to $123-$128/mt CFR at Brazil, down from last week’s $125-$130/mt CFR range.
Eastern Cornbelt:
The ammonium thiosulfate market remained at $255-$270/st FOB in the Eastern Cornbelt, with the low confirmed at Cincinnati and the high at Terre Haute, Ind.
Western Cornbelt:
Ammonium thiosulfate continued at $250-$260/st FOB in the Western Cornbelt, with the low reported at Waterloo, Iowa.
Southern Plains:
The ammonium thiosulfate market was steady at $220-$250/st FOB in the Southern Plains, depending on location.
South Central:
Ammonium thiosulfate pricing was unchanged at $250-$255/st FOB Memphis.
Cornbelt:
NPSZ pricing in the Cornbelt was quoted at $670-$730/st FOB, depending on location.
US Imports:
SOP imports for July-November dropped 41.5%, to 15,968 st from the year-ago 27,280 st. November imports moved down 34.5%, to 1,715 st from 2,618 st in November 2022. Imports from Canada totaled 12,944 st in July-November, ahead of 1,321 st from Taiwan, while Sweden sent 498 st.
US Exports:
July-November SOP exports were counted at 11,872 st, down 54.5% from the year-ago 26,068 st. November shipments fell 25.5%, to 3,418 st from 4,591 st in November 2022. Mexico purchased 5,209 st of US product in July-November, followed by Canada with 4,035 st and Singapore with 2,142 st.
Southeast:
The last SOP offers in the Southeast remained at the $650/st level FOB Wilmington and Tampa, Fla.
