All posts by hlancey@bloomberg.net

Gazprom Loses Stake in Polish Section of Pipeline

Europe, Natural Gas, News Briefs, Poland, Russia

Polish energy group Orlen SA is set to take full ownership of the Polish section of the Yamal natural gas pipeline, which brings Russian gas to Europe. The move will see Russian gas giant Gazprom PJSC lose its stake in the company that operates the section of the pipeline that transits Polish territory.

Poland’s Office of Competition and Consumer Protection (UKOKiK) announced on Oct. 10 that it had approved Orlen’s plans, submitted a week earlier, to take full ownership of EuRoPol GAZ SA, the entity that owns the Polish section of the pipeline. The decision was approved by Poland’s Development Minister Waldemar Buda, with immediate effect.

Gazprom had seven days to appeal the decision. Until now, Orlen and Gazprom each owned a 48% stake in EuRoPol GAZ, with Gas Trading, also part of the Orlen Group, holding the remaining 4%.

The value of the transaction is Pln787 million (approximately $187 million at current exchange rates), according to a report by Notes from Poland Foundation, citing Polish financial news service Money.pl. It said the funds will not go to Gazprom due to European Union (EU) sanctions against the Russian gas company, and will instead be frozen in a special bank account.

Orlen President of the Management Board and CEO Daniel Obajtek, as cited by Notes from Poland Foundation, said the decision to transfer Gazprom’s shareholding is a step towards restoring full control of Polish entities over the country’s strategic gas infrastructure.

He said Poland was dependent on natural gas supplies from Russia for decades, but since 2022 has been completely independent from Russian gas. The Polish section of the Yamal pipeline runs 684 kilometers from Poland’s eastern border with Belarus to its western border with Germany.

Ammonia

Ammonia, California, Eastern Cornbelt, India, Indonesia, Market Watch, Middle East, Northwestern Europe, Pacific N.W., South Korea, Tampa, U.S. Exports, U.S. Gulf, U.S. Imports, Western Canada, Western Cornbelt

US Gulf/Tampa:

Sources said it’s still too early for news on the Tampa ammonia price for November. While some are leaning toward a rollover of October’s $575/mt CFR, others said a wider conflict in the Middle East could drive oil and gas prices higher, fueling expectations of an increase for Tampa ammonia.

US Imports:

Ammonia imports for August moved 17.7% lower year-over-year, according to data released by the US Census Bureau, to 185,050 st from 224,905 st. July-August imports softened 17.9%, to 343,408 st from 418,516 st in the prior year. Canada sent 200,972 st in July-August, Trinidad and Tobago shipped 114,619 st, and Argentina added 7,166 st.

US Exports:

Ammonia exports were down 15.7% in July-August, to 249,837 st from the year-ago 296,467 st. August exports punched in at 151,967 st, off 0.3% from 152,433 st recorded one year earlier. The UK was the top export destination for July-August with 37,992 st, followed by the Netherlands with 35,274 st, Norway with 31,361 st, and Morocco with 28,222 st.

Eastern Cornbelt:

Ammonia prices remained at $725-$750/st FOB terminals in the Eastern Cornbelt, depending on location and producer.

Western Cornbelt:

Ammonia was steady at $715-$725/st FOB in the Western Cornbelt, with the low reported in Nebraska and the high in Iowa and Missouri. In the Southern Plains, ammonia pricing out of terminals in Oklahoma and Kansas fell in the $640-$675/st FOB range at mid-month.

California:

Anhydrous ammonia pricing in California remained at the $740/st DEL mark following a posted increase on Oct. 1. Aqua ammonia postings were steady as well at $200/st FOB Stockton and $210/st FOB Sycamore.

Pacific Northwest:

Ammonia prices were up in the Pacific Northwest, fueled by higher reference prices from producers. The latest confirmed anhydrous ammonia postings firmed to the $830-$850/st FOB range in the region, up from the prior $750-$775/st FOB level.

Aqua ammonia was also higher in the region, strengthening to $220/st FOB from the previous $190/st FOB.

Western Canada:

The latest ammonia offers in Western Canada remained at C$1,200/mt FOB and C$1,295/mt DEL for October-December tons.

India: 

New spot deals have lifted the India ammonia price to $570/mt CFR, sources reported. Suppliers are now said to be asking $610/mt CFR for the next round of deals.

Northwest Europe:  

A cargo sold from Algeria at $620/mt FOB will be delivered to Turkey for $690/mt CFR, players reported. At the same time, the Algerian price translates to $680-$690/mt CFR into Northwest Europe, sources calculated. Traders expect $700/mt CFR business to conclude soon.

Production in Europe is slowly stepping up, even as traders continue to report tight supply for November and December. Natural gas prices remain relatively low, with the production cost holding below $500/mt ex-plant. The increased production is still not enough to cover demand in Europe, sources said, leaving buyers to depend on imports.

With winter approaching, producers are reportedly hesitant to increase production by too much, as the current low price and ready availability of natural gas could shift. A harsh winter could quickly force cutbacks to the industrial sector in favor of residential heating.

Middle East: 

Pointing to Ma’aden’s return to production and continued soft demand from Southeast Asia, sources said the Middle East price of ammonia may have reached its peak.

At the same time, no major price drop is expected, as European demand appears strong enough to keep the market moving along. Additionally, sources reported some delays as ships destined West of Suez line up to receive their cargoes.

Indonesia:     

Ammonia exports from Indonesia totaled 1.1 million mt in January-August, Trade Data Monitor reported, a 14% decrease from the 1.3 million mt exported through the same period of 2022. August exports stood at 182,000 mt, a 29% rise from 141,000 mt shipped in August 2022. Taiwan and China received about 38,000 mt each, followed by South Korea with 33,000 mt.

South Korea:

South Korea ammonia imports totaled 805,000 mt in January-September, Trade Data Monitor reported, down 21% from the year-ago 1 million mt, decreasing in line with the wider slowdown in ammonia demand seen in Southeast Asia.

Third-quarter imports stood at 246,000 mt, off 25% from 328,000 mt recorded in July-September 2022, while September imports of 73,000 mt fell slightly from the 78,000 mt recorded one year earlier. Indonesia supplied 67% of the month’s imports, sending 49,000 mt.

Urea

Black Sea, Brazil, California, China, Eastern Cornbelt, India, Indonesia, Market Watch, Middle East, Pacific N.W., South Korea, U.S. Exports, U.S. Gulf, U.S. Imports, Urea, Western Canada, Western Cornbelt

US Gulf:

NOLA urea slipped to $353-$365/st FOB for October-November tons, down from last week’s $355-$397/st FOB range. Sources reported few new trades to test the market, however. “Buyers are being cautious and patient, given harvest and high interest rates,” said one industry contact.

US Imports:

July-August urea imports softened 24.8% year-over-year, to 240,975 st from 320,235 st. August imports were up 21.6%, however, to 174,617 st from the year-ago 143,657 st. July-August imports from Russia totaled 77,288 st, Canada sent 58,082 st, and Saudi Arabia shipped 45,819 st.

US Exports:

Urea exports softened 23.6% in August, to 77,628 st from the year-ago 101,664 st. Exports totaled 150,737 st for July-August, down 62.6% from the year-ago 403,319 st. Exports to Mexico totaled 67,589 st in July-August, followed by 44,843 st to Canada. Chile took 36,023 st.

Eastern Cornbelt:

Slipping NOLA barge prices and muted demand drove urea terminal prices lower in the Eastern Cornbelt. The market was pegged at $440-$460/st FOB in the region, down $10/st from last report, with the low confirmed at Cincinnati, Ohio.

Western Cornbelt:

Urea prices were down from last report, fueled by softening NOLA barge values. The market was quoted at $420-$450/st FOB in the Western Cornbelt, down from last week’s $450-$470/st FOB range, with the low confirmed at St. Louis, Mo., and the high in Iowa.

Urea also slipped in the Southern and Northern Plains, with the latest levels reported at $440-$450/st FOB Catoosa/Inola, Okla., and $430-$450/st FOB St. Paul, Minn.

California:

Granular urea pricing in California reportedly dropped to $535-$550/st FOB Stockton, down from the prior $550-$600/st FOB range, with delivered urea also lower at $500-$520/st in the state. Prilled urea continued to be posted at the $620/st level FOB San Diego.

Pacific Northwest:

Urea remained at $495-$500/st FOB in the Pacific Northwest, with the low confirmed at Rivergate, Ore. The latest rail-DEL offers were pegged at the $523-$545/st level in the region, depending on location.

Western Canada:

Urea prices in Western Canada were quoted at C$740/mt FOB and C$740-$770/mt DEL, below the previous C$765-$785/mt DEL level.

India:

The Indian Potash Ltd. (IPL) tender closed on Oct. 20, with 21 companies offering 4.1 million mt at prices that differed only slightly from the September Rashtriya Chemicals and Fertilizers Ltd. (RCF) tender. Ameropa came in with the lowest pricing, offering 272,000 mt at $400/mt for delivery to the West Coast, and 334,000 mt at $404/mt CFR for the East Coast.

Offering
Company 		Quantity
WCI (mt) 		US$/mt CFR Quantity
ECI (mt) 		US$/mt CFR Total  
 
Ameropa 271,950 $400.00 (L1) 333,950 $404.00 (L1) 605,900  
Aditya Birla 280,000 $405.20 200,000 $419.25 480,000  
Samsung 260,000 $409.00 118,000 $418.00 378,000  
Midgulf 150,000 $409.00 150,000 $410.25 300,000  
AgriCommodities 150,000 $414.00 150,000 $417.50 300,000  
Aries 100,000 $411.97 150,000 $409.97 250,000  
EuroChem 120,000 $409.10 120,000 $410.10 240,000  
OQ Trading 120,000 $408.00 95,000 $413.00 215,000  
Koch 100,000 $430.00 100,000 $430.00 200,000  
Dreymoor 135,000 $410.89 55,000 $410.01 190,000  
Sun International 150,000 $421.85 150,000  
Keytrade 90,000 $429.00 30,000 $437.00 120,000  
Continental 50,000 $410.75 50,000 $414.75 100,000  
SABIC 100,000 $435.00 100,000  
Fertiglobe 45,000 $426.00 45,000 $433.00 90,000  
Fertcom 45,000 $430.00 45,000 $440.00 90,000  
MacroSource 40,000 $430.00 40,000 $423.00 80,000  
Indagro 50,000 $406.00 50,000  
FertiStream 50,000 $410.00 50,000  
Medallion 50,000 $411.30 50,000  
Indorama 47,000 $410.00 47,000  
Total 2,106,950 1,978,950 4,085,900  

The Fertiglobe offer of 45,000 mt included an FOB price of $417/mt in addition to its delivered price offers.

Following last week’s IFA meeting in Bangkok, more reports of support from China for the tender had begun to circulate, sources said, pushing down pricing expectations. Late in the week, sources estimated the China National Agricultural Means of Production Group Corp. (CNAMPGC) had about 350,000 mt available for export, while others suggested Chinese suppliers would come up with 4-5 cargoes, and possibly as much as 500,000 mt for the tender.

The dramatic increase in potentially available material kicked off a rush of lower pricing expectations. Sources said the long shipping period, through Dec. 20, appears to have made it easier for Chinese suppliers to offer product without running afoul of local customs officials.

The impact of this new mood was reflected in the final offers. Besides seeing an additional 400,000 mt offered compared to the RCF tender, the average offering prices were down. The average West Coast price in the RCF tender was $442/mt CFR compared to the IPL average of $416/mt CFR. The average East Coast price in September was $448/mt CFR against an IPL average of $418/mt CFR.

IPL is expected to move quickly to issue awards. The unofficial goal is to buy 1.5 million mt, said sources. Because of the softness in the global urea market, some traders think IPL might be able to buy even more.

Even with an order of 1.5 million mt, the country will still be short of the tonnage it needs through March 2024, said one trader. Another tender will have to be called before the end of the year to secure at least another 1 million mt.

Black Sea:     

Prilled urea remained steady at $360/mt FOB as the market waited for the final results in the Indian tender.

Indonesia:     

Sources said PT Pupuk Indonesia Holding Co. has approached government officials to increase its number of granular urea export permits. Pupuk was said to have exported the last of its allowable granular urea in September, and cited Indonesia’s limited domestic demand for granular urea, strong global demand, and building reserves in domestic warehouses as reasons to allow more exports. The market’s last deal showed a price of $406/mt FOB for granular product.

Pupuk still has some prilled urea available for export and is reportedly using the $396/mt FOB achieved in its last sale as the basis for talks with potential buyers.

Urea exports totaled 701,000 mt in January-August, according to Trade Data Monitor, a 45% decline from the 1.3 million mt shipped one year earlier. Exports fell to 48,000 mt in August, down from 223,000 mt recorded in August 2022. Thailand took 33,000 mt.

Middle East: 

Middle East producers have gone quiet when approached about prices or available tonnage. As late as last week, sources expected Arab Gulf producers to act as the primary suppliers into the IPL/India tender.

That dominant position left market players expecting higher prices out of the tender. However, following reports that up to 500,000 mt of Chinese urea might be up for consideration, combined with the subsequent softening of international prices, public speculation on pricing in the tender went silent.

The limited purchases secured in the last Indian tender allowed Middle East reserves to grow steadily, sources said previously. Prior to the rumors of new Chinese urea availability, players expected the Arab Gulf price to hold steady or even edge higher. However, as the closing date of the tender drew near and the Arab Gulf was no longer seen as the only source of large quantities of urea, expectations of a price drop grew.

Fertiglobe offered 45,000 mt in the IPL tender at $417/mt FOB in an apparent attempt to shore up the final price out of the Arab Gulf. However, the West Coast India price of $400/mt CFR indicates a netback to the Arab Gulf of $385-$388/mt FOB.

Egyptian producers closed a series of small deals to traders late in the week, including three 5,000-10,000 mt deals from MOPCO for November shipment. Priced at $400-$403/mt FOB, the new business represented a drop of $37-$40/mt from deals concluded in late September. Sources said producers are now targeting $405/mt FOB.

China:

A small sale into South Korea confirmed prilled urea prices in the low-$360s/mt FOB China. By the end of the week, sources said the price had moved to the upper-$360s/mt FOB, with producers claiming business done at $370/mt FOB. The East Coast offers in the IPL tender indicate a netback to China of $385/mt FOB.

Rumors began to spread that the Chinese government may allow exports of urea in quantities that would allow for producers to back offers into the IPL/Indian tender. The first indication came when CNAMPGC said it had about 350,000 mt available for export. Soon after that, traders began discussing the possibility that 4-5 cargoes totaling 200,000-250,000 mt might be offered into India. As the deadline for the tender approached, some traders speculated that 500,000 mt might be available for sale.

Just one week earlier, traders were convinced there would be no Chinese product offered into the Indian tender, as the Chinese government was limiting export sales to small lots of 5,000-10,000 mt, such as in the deal to South Korea.

By this week, however, traders noted a shift in the tone of Chinese suppliers. Some international traders said they had received word that domestic supplies were building faster than expected and beyond the current estimated need. At the same time, the tender’s long shipping deadline of Dec. 20 would allow for some of China’s excess urea to be shipped without impacting the domestic market.

Sources also reported production curtailments from many major urea producers, with some plants now said to be operating at 60-70% of rated values.

South Korea:

Trade Data Monitor put January-September urea imports at 514,000 mt, a 32% decline from the year-ago 754,000 mt. Imports totaled 54,000 mt for September, an increase from 40,000 mt in September 2022. China supplied 81% of the month’s imports with 44,000 mt.

Third-quarter imports were noted at 115,000 mt, falling from 193,000 mt in July-September 2022. Urea imports typically taper off during the third and fourth quarters, and first-quarter 2024 imports are expected see a sizeable jump compared to second-half 2023.

Brazil:

Brazil urea prices were reported at $390-$400/mt CFR, down from the previous week’s $410-$420/mt CFR, while transactions rumored below $390/mt CFR went unconfirmed. Nitrogen purchases have been limited at Brazil due to anticipation surrounding the Indian tender and concerns about affordability.

With no new negotiations reported ahead of the close of the Indian tender, Rondonópolis prices were steady at $540-$550/mt FOB ex-warehouse. While some suppliers may be open to offering discounts in the face of softening CFR prices, a lack of demand in the market kept any such offers off the table.

UAN

California, Eastern Cornbelt, Market Watch, Pacific N.W., U.S. Exports, U.S. Gulf, U.S. Imports, Western Canada, Western Cornbelt

US Gulf:

With no new business confirmed during the week, the NOLA UAN market remained at $255-$265/st ($7.97-$8.28/unit) FOB for the last trades.

US Imports:

August UAN imports firmed 22.5% year-over-year, to 249,050 st from 203,266 st in August 2022. Imports grew 68.0% in July-August, lifting to 473,930 st from the year-ago 282,184 st. Russia sent 260,130 st for the two months, Trinidad added 131,327 st, and Canada sent 82,473 st.

US Exports:

July-August UAN exports totaled 368,568 st, down 18.3% from the year-ago 451,201 st. August exports fell 32.1%, to 200,901 st from the prior-year 295,782 st. The US sent 123,462 st to France in July-August, ahead of 92,027 st to Australia. Argentina purchased 90,150 st.

Eastern Cornbelt:

The UAN-32 market was quoted at $295-$310/st ($9.22-$9.69/unit) FOB in the Eastern Cornbelt for December, with reports of 1Q and 2Q tons in the $310-$330/st ($9.69-$10.31/unit) FOB range. The last UAN-28 offers FOB Cincinnati remained at $260-$270/st ($9.29-$9.64/unit) for 4Q tons, $263-$272/st ($9.39-$9.71/unit) for 1Q, and $275-$280/st ($9.82-$10.00/unit) for 2Q.

Western Cornbelt:

UAN-32 pricing for December-January tons was quoted at $295-$320/st ($9.22-$10.00/unit) FOB terminals in the Western Cornbelt, depending on location, with the low confirmed at St. Louis and the high in Iowa. Rail-DEL pricing in Nebraska was quoted at $305-$318/st ($9.53-$9.94/unit).

California:

The latest UAN-32 offers FOB Stockton were quoted at the $350/st ($10.94/unit) level, up $20/st from last report. Other California terminals at Port Hueneme and West Sacramento remained sold out in mid-October. No current delivered prices were reported for UAN in California.

Pacific Northwest:

UAN-32 pricing in the Pacific Northwest firmed to $370/st ($11.56/unit) FOB Kennewick, Wash., up from the previous $350/st FOB posting. The latest rail-DEL UAN offers were pegged at the $348-$350/st ($10.88-$10.94/unit) level on a spot basis.

Western Canada:

The UAN-28 market in Western Canada remained at C$480/mt (C$17.14/unit) DEL, unchanged from last report.

Ammonium Nitrate

Ammonium Nitrate, Market Watch, U.S. Exports, U.S. Imports, Western Cornbelt

US Imports:

Ammonium nitrate imports firmed 57.1% in July-August, to 49,262 st from 31,363 st in the prior year. August imports moved 77.7% higher, to 25,326 st from the year-ago 14,248 st. Canada topped the July-August period with 48,935 st. Vietnam sent 165 st, followed by China with 127 st.

US Exports:

Ammonium nitrate exports moved down 20.5% in August, to 49,873 st from 62,730 st in August 2022. July-August exports firmed 5.7%, however, to 100,883 st from the year-ago 95,416 st. Canada remained the top export destination in July-August with 70,525 st. Mexico received 30,279 st.

Western Cornbelt:

The ammonium nitrate market was steady at $330-$360/st FOB in the Western Cornbelt, with the low confirmed at Caruthersville, Mo.

Ammonium Sulfate

Ammonium Sulfate, Brazil, California, China, Eastern Cornbelt, Market Watch, Pacific N.W., South Korea, U.S. Exports, U.S. Gulf, U.S. Imports, Western Canada, Western Cornbelt

US Gulf:

The NOLA ammonium sulfate market remained at $270-$275/st FOB for the last indications, though no new business was reported during the week.

US Imports:

Ammonium sulfate imports rose 149.1% in July-August, to 197,913 st from the prior-year 79,458 st. Imports were up 357.3% in August, to 161,433 st from the year-ago 35,303 st. Imports from Canada were reported at 88,838 st for July-August, ahead of 75,470 st from Russia and 30,495 st from Belgium.

US Exports:

Ammonium sulfate exports moved 32.7% lower in August, to 61,913 st from 91,949 st in August 2022. July-August totals fell 14.3% year-over-year, to 98,190 st from 114,577 st. Exports to Peru totaled 33,545 st in July-August, ahead of 15,810 st to Honduras. The Dominican Republic took 12,942 st.

Eastern Cornbelt:

The granular ammonium sulfate market strengthened to $300-$335/st FOB in the Eastern Cornbelt, depending on location, with low confirmed out of spot Mississippi River terminals. The Cincinnati market remained in the $320-$335/st FOB range at mid-month, while offers FOB LaSalle, Ill., were quoted at the $315/st level.

Western Cornbelt:

The granular ammonium sulfate market firmed to $300-$325/st FOB in the Western Cornbelt, with the low reported at St. Louis. Sources confirmed recent offers FOB Dubuque, Iowa, at the $315/st level.

California:

The ammonium sulfate market in California was unchanged at $320-$330/st FOB and $350/st DEL for the latest offers, with the high confirmed at Helm and the low reported at Lathrop, Woodland, and Richvale.

Pacific Northwest:

The ammonium sulfate market was steady at $285-$325/st FOB or DEL in the Pacific Northwest, with the low reported for standard grade and the high for granular.

Western Canada:

Ammonium sulfate prices in Western Canada were up slightly, to C$480-$495/mt DEL for October-December, up from the prior C$475-$480/mt DEL level. Postings were reported as high as C$505/mt DEL in the region.

China:

The domestic price of ammonium sulfate at China has dropped by about $4/mt, sources said, moving the export price into the upper-$160s/mt FOB for caprolactam grade product.

The slight dip in pricing was unsurprising to both buyers and sellers. Sources said the drop in global urea prices, combined with limited demand from Southeast Asia and steady prices in Brazil, led to the decline.

South Korea:

Ammonium sulfate exports fell 32% in January-September, Trade Data Monitor reported, to 130,000 mt from 191,000 mt. The US led recipients with 53,000 mt, followed by New Zealand with 42,000 mt.

Third-quarter exports were put at 46,000 mt, below the 65,000 mt shipped in July-September 2022. September exports were counted at 7,000 mt, compared with 364 mt in July 2022.

Brazil:

Landed ammonium sulfate prices in Brazil edged down to $210-$220/mt CFR, players noted. Pricing at Rondonópolis faced upward pressure, however, with limited availability reportedly driving the market to a $365/mt FOB ex-warehouse high during the week. Some reported offers as low as $325/mt FOB, up $5/mt from the last week’s floor.

DAP/MAP

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

Central Florida:

Central Florida DAP trucks were posted at $530/st FOB, down from the week-ago $530-$550/st FOB. Truck-loaded MAP was reported at $630/st FOB, tightening from last week’s $630-$650/st FOB range. White Springs MAP continued at $625/st FOB.

US Gulf:

Sources noted softer pricing on the week’s NOLA barge phosphate markets, although a premium remained for prompt barges compared to tons loading in November.

NOLA DAP barges slipped to $525-$540/st FOB, off from the week-ago $525-$550/st FOB, while trading rumored above $540/st FOB was reportedly limited to tons located upriver. MAP barge trades were quoted in the $600-$635/st FOB range, down from the previous week’s $600-$650/st FOB.

US Imports:

July-August DAP imports firmed 143.0% year-over-year, to 219,749 st from 90,447 st. August imports were down 59.2%, however, falling to 25,268 st from the year-ago 61,943 st. July-August imports from Saudi Arabia stood at 138,068 st, while material shipping from Jordan totaled 58,916 st. Australia added 20,834 st.

August MAP/Other imports firmed 1,489.2%, to 83,878 st from the year-ago 5,278 st. Imports totaled 161,628 st for the July-August fertilizer year, up 301.0% from 40,308 st in the prior year. Tunisia sent 86,363 st for the two-month period, ahead of 36,375 st from Saudi Arabia and 35,274 st from Australia.

US Exports:

Nothing new was reported on the Gulf export phosphate market, leaving pricing at the last-reported $570/mt FOB level.

DAP exports for August softened 75.6% year-over-year, to 26,798 st from 109,787 st. July-August shipments were 68.4% lower, at 53,373 st compared to the year-ago 169,121 st. Exporters sent 18,040 st of DAP to Peru in July-August, ahead of 11,463 st to Mexico and 8,818 st to Uruguay.

August MAP/Other exports were 161,174 st, an 11.5% decrease from the year-ago 182,145 st. Exports softened to 213,501 st in July-August, off 15.9% from 253,981 st in the same period last year. Canada took 178,528 st for July-August, topping 29,893 st to Mexico and 2,869 st to Colombia.

Eastern Cornbelt:

DAP was steady at $590-$625/st FOB in the Eastern Cornbelt, with MAP quoted at $700-$725/st FOB in the region. As with the previous week, both the high and low ends of each range were reported in the Cincinnati market during the week.

Western Cornbelt:

DAP pricing remained in the $590-$610/st FOB range in the Western Cornbelt. MAP was reported at $700-$720/st FOB, depending on location, with the high confirmed in Iowa.

California:

MAP pricing in mid-October remained at a firm $750/st FOB or DEL in California.

Pacific Northwest:

MAP was quoted at $735-$740/st FOB or DEL in the Pacific Northwest.

Western Canada:

MAP prices inched up in Western Canada, to C$1,035-$1,050/mt FOB and C$1,050-$1,060/mt DEL.

China:

DAP prices at China were steady in the low-$570s/mt FOB, even as producers continue to push for $580/mt FOB. Traders speculate that softer prices are coming, due to rumors that China’s central government will allow 1 million mt of DAP to be exported during the last few months of the year.

In lieu of a hearing or formal announcement, traders are watching for indications that customs officials will authorize requests for more exports. If 1 million mt of DAP are allowed to be shipped, the tonnage will represent an increase from the 957,000 mt shipped in the fourth quarter of 2022.

Third-quarter sales have exceeded fourth-quarter exports in the last five years. The final export numbers for third-quarter 2023 have not yet been released by the Chinese government.

India: 

Indian buyers have achieved a slight decrease in the cost of imported DAP, players noted. The latest price was pegged at $593-$594/mt CFR, down slightly from the previous $595/mt CFR. While demand for DAP remains strong, buyers are facing competition from Pakistan and Bangladesh, both of which are seeking more product to close out the year.

Brazil:

MAP import prices rose to $550-$560/mt CFR, above the prior $550/mt CFR level, with buyers focused on securing prompt deliveries to replace delayed shipments from North Africa. The delivery delays also sent Rondonópolis prices higher, to $685-$700/mt FOB ex-warehouse from last week’s $650-$700/mt FOB range.

TSP

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

US Gulf:

NOLA TSP prices dropped to $460-$470/st FOB, down from the previous week’s $460-$480/st, in line with the softening NOLA DAP and MAP markets.

Eastern Cornbelt:

TSP was unchanged at $535/st FOB Cincinnati and Ottawa, Ill., for October offers, with reports of November pricing at $535-$550/st FOB Cincinnati.

Western Cornbelt:

TSP was steady at $500-$520/st FOB in the Western Cornbelt, with the low reported at St. Louis and the high at Caruthersville.

Brazil:

Imported TSP held steady at $430-$440/mt CFR, with no transactions reported. Rondonópolis tons were priced at $530-$550/mt FOB ex-warehouse, widening from $545/mt FOB at last report.

SSP

Brazil, Market Watch, SSP

Brazil:

The landed price of SSP 19-21 was unchanged at $190-$220/mt CFR, players said. With the SSP application season now concluded for 2023, new demand is primarily centered on forward shipments.

Nearby offers reemerged at Rondonópolis, however, with sources quoting availability at $315-$355/mt FOB ex-warehouse for November deliveries, depending on grade.