All posts by hlancey@bloomberg.net

Ammonium Sulfate

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

US Gulf:

No new ammonium sulfate barge trades were reported at NOLA during the week, leaving the last done business at the $220/st FOB level.

Indications continue to climb for the next round of business, however. IOC’s Aug. 28 postings included NOLA at $255/st FOB for August-October shipments and $265/st FOB for November-December, while AdvanSix announced new NOLA postings at the $270/st FOB level, effective Sept. 15.

US Imports:

July ammonium sulfate imports softened 17.4% year-over-year, to 36,480 st from 44,155 st. Canadian imports were reported at 33,618 st, ahead of 1,005 st from Lithuania and 866 st from South Korea.

US Exports:

Amsul exports moved up 60.3% in July, to 36,277 st from 22,628 st in July 2022. Exports to Peru totaled 18,809 st, ahead of 7,962 st to Honduras. Brazil took 7,345 st.

Eastern Cornbelt:

Granular ammonium sulfate remained at $285-$310/st FOB in the Eastern Cornbelt, depending on location, with the latest offers at Cincinnati and Peru confirmed at the $300/st FOB level.

AdvanSix raised the price of granular ammonium sulfate on Sept. 15 to $310/st FOB all river warehouses for 4Q orders, up $20/st from the July 24 posting. Inland warehouses are priced at traditional premiums to river warehouses, while NOLA barge pricing from the company increased to $270/st FOB on Sept. 15.

Western Cornbelt:

The granular ammonium sulfate market was unchanged at $275-$300/st FOB in the Western Cornbelt, with the low at St. Louis and the high in Iowa.

Northern Plains:

The granular ammonium sulfate market firmed to $300-$310/st FOB in the Northern Plains, though aggressive rail-DEL offers slipped to as low as $275-$285/st for prompt tons. Delivered tons into Montana were quoted at the $300/st level at mid-month. IOC’s latest posting for August-October shipment included $320/st rail-DEL in the Northern Plains.

Great Lakes:

Ammonium sulfate was quoted at $315-$320/st FOB for the latest offers out of Great Lakes terminals, down slightly from the prior $320-$330/st FOB range, with the high confirmed in Michigan.

Northeast:

Granular ammonium sulfate pricing in the Northeast remained at $310-$315/st FOB, with the high reported at East Liverpool, Ohio. Delivered pricing in the region was unchanged at $310-$335/st, depending on location.

China:

Offersof 8,000 mt to Atlas in the Philippines were put in the mid-$180s/mt CFR in a tender that closed earlier this week. The buyer countered in the high-$170s/mt CFR, a level quickly rejected by traders. The netback to China from the initial offers put the price in the upper-$160s/mt FOB, where the market has been for a few weeks.

In addition to the aggressive counteroffer from the Philippines, Brazilian sources noted the landed price remains relatively flat from the previous week. At the same time, a tender for 20,000 mt of capro grade amsul in India showed a netback in the mid-$160s/mt FOB to China.

Despite these public efforts, sources noted some smaller deals done out of China in the low-$170s/mt FOB to Asian buyers, leaving a price range of $165-$175/mt FOB.

Brazil:

The landed price of ammonium sulfate softened to $210-$220/mt CFR from last week’s $215-$225/mt CFR. Despite reports of widespread availability, the market was largely stagnant due to low corn prices and heightened volatility in the urea market, which amsul tends to follow.

Ammonium sulfate offers softened slightly at Rondonopolis, to $320-$350/mt FOB from $325-$365/mt FOB last week. Regional demand for amsul remains low, sources said.

DAP/MAP

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

Central Florida:

Due to the impact of Hurricane Idalia on Florida phosphate production, DAP postings at Central Florida increased to $540/st FOB from the previous $500/st FOB. MAP trucks firmed to $615/st FOB, an 11.8% increase from the prior $550/st FOB level.

White Springs MAP postings were unchanged at $625/st FOB, sources said.

US Gulf:

NOLA DAP barge prices widened during the week, sources said, to $520-$535/st FOB from last week’s $523-$526/st FOB range. MAP barges were reported at $615-$653/st FOB, expanding from last week’s $625-$630/st FOB, with the top of the range set by product of non-Russian origin.

US Imports:

July DAP imports firmed 582.3%, to 194,481 st from the year-ago 28,504 st. July imports from Saudi Arabia stood at 113,818 st, while material shipped from Jordan totaled 58,916 st. Australia added 20,834 st.

MAP/Other imports for July firmed 122.0% year-over-year, to 77,750 st from 35,030 st. Tunisia sent 41,265 st for the month, ahead of 35,274 st from Australia and 405 st from Mexico.

US Exports:

With nothing new confirmed on the US Gulf export market, prices continued at the last-reported $550/mt FOB level.

July DAP exports moved 55.2% lower, to 26,575 st from 59,334 st in July 2022. US sellers sent 11,023 st of DAP to Peru, beating 8,818 st to Uruguay and 6,614 st to Mexico.

MAP/Other exports for July softened 27.2% year-over-year, to 52,327 st from 71,836 st. Canada took 49,662 st for the month, ahead of both 2,205 st to Brazil and Mexico’s 455 st.

Eastern Cornbelt:

DAP edged back up to $585-$595/st FOB in the Eastern Cornbelt, with the low confirmed at Cincinnati and the high in Illinois. MAP was quoted at $685-$695/st FOB in the region, with the low again confirmed at Cincinnati.

Western Cornbelt:

DAP remained at $570-$580/st FOB in the Western Cornbelt, with the low confirmed at St. Louis. MAP was quoted at $670-$690/st FOB, with the low at St. Louis and the high in Iowa.

Northern Plains:

Phosphate pricing at St. Paul remained at $590/st FOB for DAP and $690/st FOB for MAP in mid-September.

Great Lakes:

MAP was pegged at a firm $700-$715/st FOB in the Great Lakes region, up from $690-$700/st FOB at last report. The DAP market was quoted at $590-$595/st FOB for any available tons.

Northeast:

The latest phosphate offers FOB East Liverpool were quoted at $600/st FOB for DAP and $695/st FOB for MAP, with delivered pricing in Pennsylvania reported at $640/st for DAP and $720/st for MAP. No MAP tons were available at Fairless Hills in September, though sources reported offers at the $660/st FOB level for February-March truck shipments.

China:

Sources said producers are now quoting $570-$575/mt FOB for DAP, pointing to the Bangladesh DAP tender as justification. Even though BADC in Bangladesh settled some of its tender needs with Morocco and Saudi Arabia at $526/mt CFR, sources said the price set by the producers is not far from the mark.

Traders noted that demand for DAP is picking up in Southeast Asia, giving producers more opportunities for sales and higher prices.

There is also a growing concern among buyers that DAP exports may face the same limits seen in the urea market. One trader noted that the export inspections have been going smoothly so far, as has the berthing of vessels. However, there is nothing preventing the government from pressuring producers to focus on the domestic market at the expense of exports, he added.

Traders also noted that Russia announced it would no longer offer discounts on DAP to India, providing Chinese producers with additional good news.

India: 

Buyers are stepping back after a series of large purchases from Russia, Morocco, and Saudi Arabia at $565-$570/mt CFR, sources said. The tonnage slated to come in will reportedly provide enough DAP to keep farmers happy for a while.

On the heels of the large deals, Russia announced it would no longer offer India a discount on its DAP. One source noted that previous deals seemed to have been conducted under the rupee-ruble exchange program, set up after sanctions were imposed on Russia following the invasion of Ukraine.

While India has stepped up its DAP imports from Russia, it remains dependent on China and Saudi Arabia for most its needs. Trade Data Monitor reported Russian imports at 400,000 mt in January-June, accounting for 13% of India’s total DAP imports for the period. In contrast, China and Saudi Arabia sent a combined 2.1 million mt to India in the first half of the year.

Russian imports totaled 245,000 mt in January-June 2022 before jumping to 495,000 mt in the second half of 2022, for a total of 740,000 mt for the year. This was significantly below the combined 3.3 million mt that India imported from China and Saudi Arabia in 2022.

Brazil:

MAP imports were steady at $530-$535/mt CFR in Brazil, while forward offers were noted at $540/mt CFR. Players reported OCP as sold out for October loading.

MAP prices remained relatively stable in the Rondonopolis market, lifting $10/mt at the low side to $645-$660/mt FOB ex-warehouse. Players cited low prompt availability and little remaining demand for the 2023/24 safra, which will be planted later this month.

Tons offered for corn safrinha, slated for delivery closer to the end of the year, were indicated in the $650-$660/mt FOB ex-warehouse range, while offers for the 2024/25 soybean crop were noted at $670-$695/mt FOB ex-warehouse.

TSP

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

US Gulf:

NOLA TSP prices slipped to $450-$465/st FOB, off from the prior $460-$465/st FOB range.

Eastern Cornbelt:

TSP continued at $535/st FOB Cincinnati and Ottawa, Ill., for the latest offers.

Western Cornbelt:

TSP pricing was steady at $500-$510/st FOB St. Louis and $510/st FOB Caruthersville, Mo.

Brazil:

TSP import prices lifted to $420-$430/mt CFR, increasing from $410/mt CFR at last report. With the Brazil phosphate season coming to an end, players noted limited interest in prompt TSP purchases.

Citing both minimal remaining demand for this year’s soybean crop and low applicability for the corn safrinha, players noted Rondonopolis TSP offers steady at $510/mt FOB ex-warehouse.

SSP

Brazil, Market Watch, SSP

Brazil:

The landed price for SSP 19-21 narrowed to $215-$230/mt CFR in Brazil, compared with $210-$240/mt CFR at last report.

With only last-minute demand remaining for the 2023/24 soybean planting season, Rondonopolis SSP prices remained at $440-$450/mt FOB ex-warehouse. The majority of available offers were geared toward supply of the 2024/25 soybean crop, with prices reported at $340-$360/mt FOB ex-warehouse.

Phosphoric Acid

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

US Exports:                                 

July wet-process phosphoric acid exports were 35,056 st, an 11.8% decrease from the year-ago 39,739 st. Mexico received 31,346 st for the month, followed by Canada with 3,686 st. The US sent zero cargoes to India during the period.

Eastern Cornbelt:

Phos acid postings in the Eastern Cornbelt were quoted at $10.15/unit rail-DEL for September, up $0.25/unit from August.

Western Cornbelt:

The phos acid price for September continued at $10.15/unit rail-DEL in the Western Cornbelt, up from $9.90/unit rail-DEL in August.

Northern Plains:

Phos acid pricing firmed to $10.15/unit rail-DEL level for September shipments in the Northern Plains, up $0.25/unit from August.

Great Lakes:

Phos acid pricing was pegged at $10.15/unit rail-DEL level for September shipments in the Great Lakes region, up from $9.90/unit DEL in August.

Ammonium Polyphosphate

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

Eastern Cornbelt:

10-34-0 pricing was steady at the $495/st FOB level in Ohio.

Western Cornbelt:

10-34-0 was reported at $480-$490/st FOB in the Western Cornbelt for the latest offers.

Northern Plains:

The 10-34-0 market strengthened to $500/st FOB in the Northern Plains for October-November shipments, up from the prior $465/st FOB for 3Q and $490/st FOB for 4Q tons.

Great Lakes:

10-34-0 pricing bumped up to $500/st FOB in Michigan for new offers, up from the $450-$460/st FOB range reported in mid-August.

Northeast:

The 10-34-0 market remained at $505/st FOB terminals in New York.

Muriate of Potash

Bangladesh, Brazil, Eastern Cornbelt, Great Lakes, India, Market Watch, Northeast, Northern Plains, U.S. Exports, U.S. Gulf, U.S. Imports, Western Cornbelt

US Gulf:

The NOLA potash market remained at $330-$335/st FOB in a thinly traded market, unchanged from last week.

US Imports:

Potash imports totaled 857,695 st for July, up 13.2% from the year-ago 757,756 st. July imports from Canada were reported at 673,879 st, Russia sent 107,492 st, and Israel added 75,532 st.

US Exports:

Potash exports for July stood at 184,745 st, falling 15.7% from the year-ago 219,093 st. US exports to China totaled 94,363 st for the month, followed by 73,323 st to Brazil and 8,440 st to Mexico. Thailand took 7,772 st.

Eastern Cornbelt:

Potash was unchanged at $385-$400/st FOB in the Eastern Cornbelt, with the high out of inland warehouses and the low reported at Cincinnati. The latest offers FOB Peru were pegged at the $395/st level.

Western Cornbelt:

The potash market was unchanged at $370-$390/st FOB in the Western Cornbelt, with low confirmed at St. Louis.

Northern Plains:

Potash pricing was pegged at $380-$400/st FOB St. Paul, with delivered tons in the Northern Plains reported at the $390-$400/st FOB level for 4Q shipment. The latest prices FOB Saskatchewan mines were reported at $365-$371/st FOB, depending on grade.

Great Lakes:

Potash pricing in the Great Lakes region remained firmly in the $400-$408/st FOB range, with the low for red and the high for white MOP.

Northeast:

Potash firmed slightly, to $360/st FOB Baltimore, $375/st FOB Fairless Hills, and $400/st FOB East Liverpool. Delivered pricing in Pennsylvania was pegged at the $385/st level for tons shipped from Baltimore.

Bangladesh:

The Bangladesh government on Sept. 13 approved two separate proposals from the Ministry of Agriculture for the procurement of 100,000 mt of potash from Canada, according to Bangladesh Sangbad Sangstha (BSS), the country’s national state news agency.

Bangladesh Agricultural Development Corp. (BADC) will procure two lots of 50,000 mt of potash from Canadian Commercial Corp. (CCC) under a state-level agreement at around $323/mt, for a total of some Taka3.55 billion (approximately $32.3 million at current exchange rates), according to the report.

CCC in March signed a government-to-government contract with BADC for the delivery of Canadian potash from Canpotex (GM March 24, p. 14). CCC did not disclose the volume to be supplied in 2023, but said it would be an increase on the previous year’s volume. CCC put the value of Canadian exports of potash to Bangladesh in 2022 at more than C$500 million.

India:

FACT on Sept. 13 closed a tender for the purchase of two 30,000 mt shipments of standard grade red/pink potash for delivery to Tuticorin Port (GM Sept. 8, p. 14). Offers are required to remain valid for 15 days from the date of tender closing.

No news of an award was reported in RCF’s tender for the supply of 35,000 mt of standard grade white/pink potash (GM Sept. 8, p. 14). Uralkali was rumored to be the only supplier to offer into the tender, and the price is unknown.

Brazil:

Players called potash imports steady at $350-$360/mt CFR, citing limited sales and low buyer interest, as well as the market’s ongoing focus on nitrogen products. Reports indicated a continued emphasis on forward sales priced on a formula basis.

Rondonopolis potash prices were unchanged at $485-$500/mt FOB ex-warehouse for both prompt and corn safrinha delivery. Forward offers to supply the 2024/25 soybean crop ran higher at $515-$520/mt FOB ex-warehouse.

Despite available supply, no movement was reported for the upcoming soybean season. Sources estimate the market has purchased 10-15% of its soybean needs to date.

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:

Third-quarter Tampa molten sulfur contracts continued at $55/lt CFR, a 46.6% decline from the previous $103/lt CFR contract price.

US Imports:

July sulfur imports were 283,988 st, up 7.7% from the year-ago 263,716 st. Cargoes shipping from Canada totaled 130,560 st, followed by Saudi Arabia with 68,429 st. Mexico sent 24,844 st, topping 17,579 st from Iraq.

US Exports:

July sulfur exports fell 24.4%, to 161,231 st from the year-ago 213,269 st. Morocco bought 82,120 st of US sulfur in July, ahead of 59,602 st sold to New Caledonia. Brazil took 10,562 st.

US Gulf:

US Gulf export prices strengthened to $90-$100/mt FOB from the week-ago $85-$90/mt FOB. Small lots are reportedly available from multiple refineries, with offers for fresh product reported at the top of the range.

Brazil:

Multiple transactions were heard settling in the $120-$130/mt CFR range into Brazil, below the prior $130-$135/mt CFR level. Both Mosaic and CMOC were reported making purchases during the week.

Vancouver: 

Vancouver solid sulfur prices continued at $90-$95/mt FOB, unmoved from last week.

Alberta:

Alberta netbacks were estimated at (-)$60-$25/mt FOB. The wide range included both molten sulfur cargoes contracted into the US market and solid tons sold through the Vancouver export market.

West Coast:

West Coast prills remained even with Vancouver in the $90-$95/mt FOB range.

Molten sulfur contracts were unchanged at $45-$50/lt FOB for loading in the third quarter, off from $98-$106/lt FOB in the prior period, a decrease of 53.4%.

China:

Import prices at China were steady at $120-$125/mt CFR. Players continued to express concerns about economic difficulties in the region, as well as high sulfur inventories at ports.

ADNOC:

Prilled sulfur produced by the Abu Dhabi National Oil Co. (ADNOC) was posted at $103/mt FOB Ruwais for September. Spot prices have been reported closer to $115/mt FOB.

Qatar:

Muntajat sulfur offers for September were steady at $102/mt FOB Ras Laffan, an increase from $82/mt FOB in August.

Sulfuric Acid

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

US Gulf:

US Gulf import prices continued at $105-$110/mt CFR for the week. A power interruption in late August reportedly damaged a 15,000 mt/week sulfuric acid plant at Mosaic’s Uncle Sam facility in St. James Parish, La. Repairs were expected to be completed by the end of October.

US Imports:

July sulfuric acid imports were counted at 350,399 st, increasing 19.6% from 293,012 st recorded in July 2022. Imports from Canada were 173,265 st, ahead of Mexico’s 68,332 st. Spain added 43,025 st.

US Exports:

Sulfuric acid exports fell 44.2% in July, to 13,143 st from the year-ago 23,549 st. July exports to Canada were noted at 12,429 st, beating 503 st to Mexico. The UK bought 111 st.

Brazil:

Sulfuric acid prices in Brazil held steady at $115-$130/mt CFR, unchanged from the prior report.