All posts by hlancey@bloomberg.net

Ammonium Sulfate

Ammonium Sulfate, Brazil, China, Eastern Canada, Eastern Cornbelt, Market Watch, Northeast, Northern Plains, U.S. Exports, U.S. Gulf, U.S. Imports, Western Cornbelt

US Gulf:

No new NOLA ammonium sulfate business was reported during the week, leaving the last indications unchanged at the $270-$275/st FOB level.

US Imports:

Ammonium sulfate imports firmed 126.0% in July-September, to 332,068 st from 146,958 st in the prior year. September imports moved 98.7% higher, to 134,155 st from the year-ago 67,500 st.

Imports from Canada were noted at 135,385 st for July-September, ahead of 75,470 st from Russia and 58,054 st from Belgium.

US Exports:

Ammonium sulfate exports for September softened 49.5% year-over-year, to 61,332 st from 121,478 st. July-September shipments were 32.4% lower, at 159,522 st compared to the year-ago 236,055 st.

Exports to Peru totaled 47,963 st in July-September, ahead of 30,466 st to Mexico. The Dominican Republic took 20,824 st, narrowly topping 19,526 st to Canada.

Eastern Cornbelt:

Granular ammonium sulfate pricing in the Eastern Cornbelt remained at $310-$340/st FOB, with the low confirmed at river terminals in Illinois and the high at inland warehouses. The Cincinnati market ranged broadly at $315-$335/st FOB in mid-November.

In the Great Lakes region, granular ammonium sulfate pricing in Michigan was reported firmly at the $345/st FOB and $355/st DEL levels for November-December.

Western Cornbelt:

The granular ammonium sulfate market was quoted at $300-$335/st FOB in the Western Cornbelt, with the low reported at St. Louis and the high in Iowa.

Northern Plains:

The granular ammonium sulfate market in the Northern Plains was unchanged at $330-$345/st FOB and $320-$345/st rail-DEL for the latest offers.

Northeast:

Granular ammonium sulfate pricing in the Northeast remained at $340/st FOB East Liverpool, Ohio, and $340-$350/st DEL in the region.

Eastern Canada:

Ammonium sulfate prices in Eastern Canada were steady at C$545-$555/mt FOB in mid-November.

China:

The ammonium sulfate price in China softened to $135-$140/mt FOB, sources said. The ongoing price weakness appears to support earlier trader comments that the market for caprolactam grade amsul may have found its floor.

Brazil:

The landed price of ammonium sulfate softened 5.1% in Brazil, to $175-$195/mt CFR from $185-$205/mt CFR one week earlier, with market players reporting an abundance of offers and limited demand. Bidding was noted at $170/mt CFR, but with no confirmed transactions.

Despite signs of low availability in the market, Rondonópolis prices followed the CFR benchmark lower, to $320-$325/mt FOB ex-warehouse from $325-$340/mt FOB at last report.

DAP/MAP

Brazil, Central Florida, China, DAP/MAP, Eastern Canada, Eastern Cornbelt, India, Market Watch, Northeast, Northern Plains, U.S. Exports, U.S. Gulf, U.S. Imports, Western Cornbelt

Central Florida:

Central Florida DAP trucks were reported at a flat $550/st FOB, narrowing from $530-$550/st FOB in the previous week. Truck-loaded MAP was called $650/st FOB, up from last week’s $630-$650/st FOB range. North Florida MAP postings were unchanged at $625/st FOB.

US Gulf:

Players reported an unusually slow NOLA barge market, due in part to the upcoming holiday week. DAP levels firmed to $535-$540/st FOB from last week’s $525-$540/st FOB, while pricing for warehouse tons continued at a $550/st FOB NOLA-equivalent. Upriver barges traded at $544-$549/st FOB, sources said.

Players reported minimal MAP barge activity, and a lack of confirmed business left prices unchanged from the week-ago $600-$630/st FOB. Some sources expect pricing to land toward the bottom of the range in the next round of business. Upriver barges and warehouse tons were priced equivalent to $650/st FOB NOLA.

US Imports:

DAP imports rose 156.8% in July-September, to 484,583 st from the prior year’s 188,717 st. Imports were up 169.5% in September, to 264,834 st from the year-ago 98,270 st. July-September imports from Saudi Arabia stood at 265,105 st, while tons shipping from Jordan totaled 119,543 st. Australia added 52,814 st, ahead of 44,092 from Egypt.

July-September MAP/Other imports firmed 77.8% year-over-year, to 287,400 st from 161,649 st. September imports were up 3.7%, to 125,772 st from 121,341 st. Tunisia sent 86,363 st for the fertilizer year-to-date, ahead of 66,689 st from Saudi Arabia and 59,945 st from Australia, while Mexico shipped 51,112 st.

US Exports:

With nothing new reported in the DAP and MAP export markets, pricing remained at $570/mt FOB for the latest business.

September DAP exports were 70,490 st, a 26.0% decrease from the year-ago 95,250 st. Exports softened to 123,863 st in July-September, off 53.1% from 264,371 st in the same period last year. US sellers sent 51,291 st of DAP to Peru in July-September, ahead of 20,941 st to Uruguay and 15,101 st to Mexico.

MAP/Other exports for September stood at 187,885 st, down 12.6% from the year-ago 215,072 st. July-September exports totaled 401,386 st, falling 14.4% from 469,053 st posted one year earlier. Canada took 301,580 st for July-September, topping 38,272 st to Australia and 31,146 st to Mexico.

Eastern Cornbelt:

DAP was steady at $590-$605/st FOB in the Eastern Cornbelt, with Cincinnati pricing quoted at the $600-$605/st FOB level. November-December pricing at Ottawa and LaSalle was pegged at $600/st FOB as well.

MAP pricing slipped to $690-$710/st FOB in the Eastern Cornbelt, down $5/st from last report, with the low confirmed at Ottawa. The Cincinnati MAP market remained at the $700/st FOB level.

In the Great Lakes region, delivered DAP in Michigan was quoted at the $645/st level for November-December, while MAP in Michigan was reported at $735/st FOB or DEL for November-December tons.

Western Cornbelt:

DAP remained at $590-$610/st FOB in the Western Cornbelt, with the St. Louis market steady in the $590-$600/st FOB range. MAP was quoted at $685-$720/st FOB in the region, with the low at St. Louis and the high confirmed in Iowa.

Northern Plains:

DAP pricing at St. Paul was quoted at $590-$610/st FOB, with MAP reported at the $680/st FOB level at that location.

Northeast:

DAP remained at $615/st FOB East Liverpool, unchanged from last report. MAP was lower in the Northeast, however, falling to $685-$705/st FOB for the latest offers in the region, down from a high of $725/st FOB at last report. Sources quoted the East Liverpool MAP market at the $705/st FOB level, while no MAP is reportedly available at Fairless Hills until February.

Eastern Canada:

MAP pricing continued to be reported in a broad range at C$905-$985/mt FOB in Eastern Canada, with DAP steady at C$910/mt FOB Montreal.

China:

China is reportedly allowing some small 6,000-10,000 mt DAP cargoes to be exported to regional buyers. Larger quantities, however, seem to be on hold following last week’s decision to limit exports.

India: 

Phosphate subsidy cuts have forced buyers to bid at much lower levels than the current market will accept. Earlier reports that $575/mt CFR might have been workable are now out the window, and buyers now need to look at bidding closer to $535/mt CFR, sources said. No supplier has responded to this new price level.

Even if they were permitted to export DAP, Chinese producers would not be willing to accept the bids from Indian buyers, knowing that other buyers remain willing to pay higher rates. Some Arab producers and their Russian counterparts are reportedly willing to discuss possible deals with the Indian buyers, but so far no business has been done.

Brazil:

Imported MAP prices increased slightly, to $560-$570/mt CFR from the week-ago $560-$565/mt CFR. While reports of low prompt supply continue, demand remains limited and concentrated primarily in the inland markets.

Rondonópolis prices were stable at $690-$710/mt FOB ex-warehouse on low activity during the holiday week. Despite the lack of liquidity, a feeling of strength remains, with references coming $5-$10/mt above last week’s offers.

TSP

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

US Gulf:

NOLA TSP barges were noted at $458-$465/st FOB, falling from last week’s $460-$470/st FOB, with a loaded barge reported trading at the bottom of the range.

Eastern Cornbelt:

The TSP market was unchanged at $525-$540/st FOB in the Eastern Cornbelt for November tons, depending on location. Delivered pricing in Michigan was pegged at the $575/st level for November-December.

Western Cornbelt:

TSP remained at $510-$530/st FOB in the Western Cornbelt, with the low reported at St. Louis.

Brazil:

TSP imports were unchanged from last week at $430-$440/mt CFR, while prices strengthened $5/mt at Rondonópolis, to $540/mt FOB ex-warehouse from the week-ago $535/mt FOB. Sources reported offers at $560-$565/mt FOB, but with no trades confirmed.

SSP

Brazil, Market Watch, SSP

Brazil:

The landed price of SSP 19-21 slid to $180-$205/mt CFR, players said, down from $185-$215/mt CFR at last report. With SSP buying now finished for the season, market players expected downward pressure to continue.

With more aggressive offers appearing in the region, Rondonópolis SSP fell to $325-$350/mt FOB ex-warehouse, off from $340-$355/mt FOB at last report.

Phosphoric Acid

Eastern Cornbelt, Market Watch, Northern Plains, Phosphoric Acid, U.S. Exports, Western Cornbelt

US Exports:                                 

September wet-process phosphoric acid exports lifted 1.4%, to 46,570 st from the year-ago 45,945 st. July-September exports moved 43.7% higher, to 132,326 st from 92,076 st in the prior year. India reclaimed the top export spot in July-September with 70,241 st received, beating 46,011 st to Mexico and 13,571 st to Canada.

Eastern Cornbelt:

November phosphoric acid postings in the Eastern Cornbelt remained at the $10.90/unit rail-DEL level.

Western Cornbelt:

The phos acid price was quoted at $10.90/unit rail-DEL in the Western Cornbelt for November tons.

Northern Plains:

Phos acid was quoted at $10.90/unit rail-DEL for November shipments in the Northern Plains, up $0.50/unit from October.

Ammonium Polyphosphate

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

Eastern Cornbelt:

10-34-0 remained at $495-$505/st FOB in the Eastern Cornbelt in mid-November.

Western Cornbelt:

10-34-0 was steady at $485-$500/st FOB in the Western Cornbelt, with the low confirmed in Iowa.

Northern Plains:

The 10-34-0 market remained at a firm $510/st FOB in the Northern Plains for November shipments.

Northeast:

10-34-0 was unchanged at $530/st FOB in New York in late October. The last 11-37-0 offers were confirmed at $555/st FOB Baltimore. 

Muriate of Potash

Brazil, Eastern Canada, Eastern Cornbelt, Market Watch, Northeast, Northern Plains, Potash Muriate, U.S. Exports, U.S. Gulf, U.S. Imports, Western Cornbelt

US Gulf:

NOLA potash was reported in a broad range at $330-$345/st FOB for confirmed November business, with the low reported for import tons and reflecting a $5/st decline from last week’s low. Second-half December business was confirmed at the $340/st FOB level during the week.

US Imports:

Potash imports for September firmed 23.0% year-over-year, to 1.14 million st from 927,518 st. Imports totaled 3.07 million st for July-September, up 8.7% from 2.82 million st in the year-ago period.

Imports from Canada were reported at 2.64 million st in July-September, while Russia sent 293,011 st, and Israel added 93,062 st.

US Exports:

Potash exports fell 34.7% in July-September, to 651,068 st from the year-ago 996,608 st. September cargoes were counted at 191,753 st, a 55.0% decrease from 425,859 st reported one year earlier.

US exports to Brazil totaled 185,814 st for the fertilizer year-to-date, followed by 115,716 st to Malaysia and 94,363 st to China.

Eastern Cornbelt:

Potash was reported at $395-$415/st FOB in the Eastern Cornbelt, with the low confirmed at Ottawa and LaSalle for November-December tons. The Cincinnati market was quoted in the $405-$415/st FOB range at mid-month.

Potash pricing in Michigan was pegged at $410-$428/st FOB, depending on grade and location.

Western Cornbelt:

Potash continued to be quoted in the $390-$415/st FOB range in the Western Cornbelt, with the St. Louis market reported at $390-$405/st FOB.

Northern Plains:

Potash strengthened to $400-$410/st FOB St. Paul, with delivered tons reported at the $400/st level in the region for 4Q shipment. The latest prices FOB Saskatchewan mines edged up to $377-$384/st FOB, depending on grade.

Northeast:

Potash remained at a broad $370-$420/st FOB range in the Northeast, with the low reported at Fairless Hills and high at East Liverpool. Delivered potash was pegged at the $386/st level in central Pennsylvania in mid-November.

Eastern Canada:

The potash market in Eastern Canada was unchanged at C$615/mt FOB regional warehouses in mid-November.

Brazil:

Potash prices pulled back to $320-$340/mt CFR, off from last week’s $330-$345/mt CFR, with product from sanctioned origins priced at the bottom of the range. Rondonópolis prices weakened to $465-$470/mt FOB ex-warehouse, with rumors of lower prices remaining unconfirmed for the week.

Sulfur

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

Tampa:

Tampa sulfur contracts for the fourth quarter were valued at $102/lt CFR, an 85% increase on the third quarter’s $55/lt CFR contract.

US Imports:

Sulfur imports for July-September slipped 2.8%, to 686,441 st from the year-ago 706,382 st. September imports moved up 10.2%, however, to 198,791 st from the prior year’s 180,355 st. Cargoes shipping from Canada totaled 330,382 st in July-September, and Saudi Arabia shipped 92,096 st. Mexico sent 53,814 st, ahead of 52,119 st from Iraq.

US Exports:

September sulfur exports were noted at 127,343 st, a 30.2% decrease from the year-ago 182,510 st. July-September volumes were up 12.9%, however, at 586,865 st compared to 519,710 st one year earlier. Brazil took 204,723 st of US sulfur in July-September, ahead of 148,827 st sent to Mexico. Morocco received 135,181 st, while New Caledonia purchased 59,602 st.

US Gulf:

The US Gulf market softened to $85-$90/mt FOB, falling from last week’s $90-$95/mt FOB range. Noting length in the US Gulf, sources described softening sentiment in the market.

Brazil:

Brazil prices declined to $110-$117/mt CFR, off from last week’s $116.50-$120/mt CFR. Following a recent round of buying, sources said there is no demand for fresh shipments into Brazil. Multiple cargoes are being shopped globally, however, keeping the market under pressure.

Vancouver:   

Prices in Vancouver remained at $80-$90/mt FOB for the week. Market players continued to focus on China’s new export restrictions and how they might impact sulfur demand.

Alberta:

Alberta netback estimates were unchanged at (-)$13-$30/mt FOB. The range encompassed both molten sulfur cargoes contracted into the US market and solid tons sold internationally through the Vancouver export market.

West Coast:

On par with Vancouver, prices out of the US West Coast remained in the $80-$90/mt FOB range. West Coast molten contracts were reported at $85-$90/lt FOB for loading in the fourth quarter.

China:

China import prices continued at $105-$110/mt CFR. Citing reports of high inventories and new restrictions on phosphate exports, some players expect prices to soften going forward.

ADNOC:

Current posted prices in the Arab Gulf are not economically viable to any destination, sources said. As a result, any transactions originating from the Middle East would have to be priced below posted levels. November offers from Abu Dhabi National Oil Co. (ADNOC) were posted at $100/mt FOB Ruwais, a 9.9% decrease from $111/mt FOB in October.

Qatar:

Muntajat prices were posted at $98/mt FOB Ras Laffan for November loading, down from $104/mt FOB in October.

Sulfuric Acid

Brazil, Market Watch, Sulfuric Acid, U.S. Exports, U.S. Gulf, U.S. Imports

US Gulf:

The US Gulf sulfuric acid market was in a lull for the week, players said, while annual 2024 contracts remained unsettled. With nothing new reported, spot pricing continued at $105-$110/mt CFR.

US Imports:

Sulfuric acid imports totaled 317,174 st for September, up 6.9% from the year-ago 296,722 st. July-September volumes were 1.02 million st, rising 11.1% from 920,857 st in the prior-year period. July-September imports from Canada were 520,108 st, while Mexico sent 189,580 st and Spain added 106,427 st.

US Exports:

Sulfuric acid exports dropped 49.9% in July-September, to 58,933 st from the year-ago 117,656 st. September shipments were 31,699 st, off 57.6% from 74,800 st in the previous September. July-September exports to Canada were noted at 33,541 st, ahead of 15,562 st to Mexico. Uruguay took 4,409 st.

Brazil:

Brazil import prices continued at $120-$130/mt CFR. Players expect pricing to drift lower in the coming weeks.