All posts by hlancey@bloomberg.net

UAN

California, Eastern Cornbelt, Pacific N.W., U.S. Gulf, UAN, Western Canada, Western Cornbelt

US Gulf:

The UAN barge market edged up to $235/st ($7.34/unit) FOB NOLA for new trades, reflecting the high end of the previous $230-$235/st range. Sources said they expect $240/st ($7.50/unit) FOB to be concluded in the next round of business.

Eastern Cornbelt:

The UAN-32 market remained at $275-$290/st ($8.59-$9.06/unit) FOB regional terminals, with the low confirmed at Cincinnati. The latest UAN-28 offers were unchanged at $245-$253/st ($8.75-$9.06/unit) FOB Cincinnati and $261/st ($9.32/unit) FOB Burns Harbor, Ind.

Western Cornbelt:

UAN-32 was unchanged at $275-$290/st ($8.59-$9.06/unit) FOB in the Western Cornbelt, depending on location, with the low at St. Louis and the high in Iowa. Rail-DEL offers in Nebraska remained in the $285-$300/st ($8.91-$9.38/unit) range.

California:

The UAN-32 market in California was pegged at $335-$340/st ($10.47-$10.63/unit) FOB Stockton, up $20/st from last report. Rail-DEL offers in Northern California were quoted at the $320-$330/st ($10.00-$10.31/unit) level on a spot basis.

Pacific Northwest:

The UAN-32 market firmed to $320/st ($10.00/unit) FOB Kennewick, Wash., and $318-$330/st ($9.94-$10.31/unit) DEL in the Pacific Northwest, up from the previous $300/st ($9.38/unit) FOB and $294-$318/st ($9.19-$9.94/unit) DEL levels.

Western Canada:

The UAN-28 market was pegged at C$425-$435/mt (C$15.18-$15.54/unit) DEL for the last December offers in Western Canada, but most prices were reportedly pulled during the week.

Ammonium Nitrate

Ammonium Nitrate, Brazil, Market Watch, Western Cornbelt

Western Cornbelt:

Ammonium nitrate was unchanged at $400-$420/st FOB for the last offers in Missouri.

Brazil:

Trade Data Monitor noted January-August ammonium nitrate imports at 633,000 mt, a significant increase from the 388,000 mt received in the prior-year period. August imports of 97,000 mt were down by almost half from the 182,000 mt recorded in August 2022. Russia accounted for 92,000 mt of the tonnage for the month.

Ammonium Sulfate

Ammonium Sulfate, Brazil, California, China, Eastern Cornbelt, Market Watch, Pacific N.W., Turkey, U.S. Gulf, Western Canada, Western Cornbelt

US Gulf:

The ammonium sulfate barge market remained at $220/st FOB NOLA for the last confirmed trades, though sources speculated that any new business would likely be at the $255/st FOB level. Interoceanic’s Aug. 28 postings included NOLA at $255/st FOB for August-October shipments and $265/st FOB for November-December.

Eastern Cornbelt:

Granular ammonium sulfate was unchanged at $285-$310/st FOB in the Eastern Cornbelt.

Western Cornbelt:

The granular ammonium sulfate market remained at $275-$300/st FOB in the Western Cornbelt, with the low at St. Louis and the high in Iowa. In the Southern Plains, the Houston, Texas, market was pegged at the $270-$275/st FOB level for prompt truckloads.

California:

Ammonium sulfate pricing in California was unchanged at $320-$330/st FOB and $350/st DEL for the latest offers.

Pacific Northwest:

The ammonium sulfate market was pegged at $280-$300/st FOB and $290-$300/st DEL in the Pacific Northwest, depending on grade and location.

Western Canada:

Ammonium sulfate prices in Western Canada were quoted at C$445-$460/mt DEL for September-November tons.

China:

Sources expect to see a steady increase in ammonium sulfate prices to match the rising urea market. For now, sources reported caprolactam grade amsul holding in the upper-$160s/mt FOB. Prices are expected to quickly move into the $170s/mt as the urea market reacts to the RCF tender and potential restrictions on Chinese urea exports, however.

Turkey:         

Ammonium sulfate imports totaled 612,000 mt in January-July, according to Trade Data Monitor, down16% from last year’s 731,000 mt. August imports lifted to 475,000 mt from the year-ago 191,000 mt, with 447,000 mt coming from China.

Brazil:

Ammonium sulfate sentiment turned negative in Brazil on reports of an oversupplied market. With urea prices rallying, however, sellers revised landed prices to $210-$225/mt CFR, 26% above last week’s $170-$175/mt range. Some players expressed doubt that those prices will hold, while others argued that amsul values will be supported by the strength of the broader nitrogen markets.

Market players noted 12-14 Brazil-bound vessels loading from China in August. Multiple vessels were reported to have product available. International traders are expecting Brazilian amsul buyers to step up demand as urea prices move higher.

Rondonopolis ammonium sulfate prices moved up in line with urea, to $325-$365/mt FOB ex-warehouse from $295-$315/mt FOB last week.

Amsul imports totaled 2.3 million mt in January-August, Trade Data Monitor reported, up 11% from the year-ago 2.6 million mt. August imports were 475,000 mt, above the 191,000 mt reported in August 2022. China sent 447,000 mt.

DAP/MAP

Bangladesh, Brazil, California, Central Florida, China, Eastern Cornbelt, India, Market Watch, Pacific N.W., Pakistan, U.S. Exports, U.S. Gulf, Western Canada, Western Cornbelt

Central Florida:

Producers are reportedly focused on third-quarter deliveries and assessing schedules and availability for both the North American and US Gulf export markets.

No new transactions or price guidance were reported, leaving levels unchanged from the previous week. Truck-loaded DAP was posted at $500/st FOB in Central Florida, while MAP trucks were offered at $550/st FOB. North Florida MAP trucks continued at $625/st FOB.

US Gulf:

Market players reported thin trading and low liquidity, though activity was expected to pick up in the coming weeks. DAP prices increased to $523-$526/st FOB from the week-ago $510-$525/st FOB, while bids reported around the $510/st FOB mark were not believed to transact.

MAP barges decreased slightly, to $625-$630/st FOB from $630/st FOB last week.

US Exports:

Players reported no new transactions or price guidance in the US Gulf DAP and MAP export markets, leaving prices unchanged at $550/mt FOB.

Eastern Cornbelt:

DAP slipped to $580-$590/st FOB in the Eastern Cornbelt, down $5/st from last week, with both the high and low confirmed at Cincinnati. MAP remained at $685-$700/st FOB in the region, with the Cincinnati market quoted in the $685-$690/st FOB range.

Western Cornbelt:

DAP pricing in the Western Cornbelt was pegged at $570-$580/st FOB during the week, with the low confirmed at St. Louis. MAP fell to $670-$690/st FOB in the region, with the low at St. Louis and the high reported in Iowa.

California:

MAP pricing remained at a firm $740/st FOB or DEL in California.

Pacific Northwest:

MAP prices edged up $10/st, to $730-$740/st FOB or DEL in the Pacific Northwest, with the low confirmed in Idaho.

Western Canada:

The latest MAP offers in Western Canada were quoted at C$1,000-$1,050/mt FOB or DEL, up from the prior C$960-$990/mt range.

China:

DAP producers are now asking $560-$570/mt FOB, sources said. While no deals were done at that level, traders expect the price to be hit soon. Some said the price could quickly firm to the upper-$590s/mt FOB.

Morocco’s recent $570/mt CFR deal into India showed an estimated netback to China at the current $545-$550/mt FOB price.

China may soon limit the export of DAP, according to reports. The action, sources noted, would be designed to benefit the domestic NPK producers. There were also concerns from international traders that Chinese authorities may impose limitations on phosphate exports to India, similar to what has been reported for urea.

India: 

Sources reported a DAP sale to India from Morocco priced around $570/mt CFR. Traders now put the Indian price at $565-$570/mt CFR.

Traders noted a growing concern from Indian buyers that the country may face the same restrictions on phosphate exports from China that are being imposed on urea purchases. The uncertain availability of Chinese product is leading to strong upward pressure, prompting expectations of significantly higher prices ahead.

One trader noted that large-scale Indian buyers could normally combat higher prices by withholding their orders. However, India is short of DAP and needs to buy more tons soon, he noted. Eventually, said sources, India will be forced to accept the ever-rising prices.

Pakistan:       

There are reports that Pakistan will soon return to the DAP market, with buyers reportedly looking at $570/mt CFR. That price now seems too low for suppliers, however.

Traders also raised concerns about Pakistan’s ability to pay a higher price for the quantity of DAP the country needs. Pakistan’s foreign reserves are dangerously low, sources reported, leaving suppliers concerned that buyers may be unable to cover any large-scale purchases.

Bangladesh:  

The latest tender for 280,000 mt was awarded at $649-$680/mt CFR. The product is slated to be shipped to Bangladesh over the next 4-6 months.

Brazil:

MAP import prices remained steady in the $530-$535/mt CFR range as the Brazil phosphate season comes to an end. Sources noted few concluded transactions, while limited NP offers reported in the market continue to be priced below the MAP equivalent.

The market in Rondonopolis remained largely stable despite low seasonal demand. Prices for forward deliveries targeting the second corn crop ranged from $635-$660/mt FOB ex-warehouse, widening from the week-ago $640-$655/mt FOB, as players reported few prompt offers due to limited availability.

January-August MAP imports firmed 7% year-over-year, Trade Data Monitor reported, to 3.4 million mt from 3.1 million mt. Brazil imported 531,000 mt in August, a 30% increase from 405,000 mt in August 2022. Russia supplied 286,000 mt for the month, ahead of 132,000 mt from Morocco.

TSP

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

US Gulf:

NOLA TSP barges were stable at $460-$465/st FOB, sources said, unmoved from last week.

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 imports declined to a flat $410/mt CFR, compared to $415-$420/mt CFR last week. The market remained thinly traded, with sources describing limited interest from buyers as the phosphate season in Brazil draws to a close.

Players noted minimal TSP activity at Rondonopolis due to both limited prompt availability and low demand for the second corn crop. Producers continued to offer at $510/mt FOB ex-warehouse, unchanged from the prior week.

SSP

Brazil, Market Watch, SSP

Brazil:

Landed prices for SSP 19-21 moved to $210-$240/mt CFR from last week’s $220-$235/mt CFR range. Material scheduled to arrive outside of the current application season was priced toward the bottom of the range.

The Rondonopolis market remained quiet. Few offers targeting the 2024/25 crop were reported, and there was no significant movement for the region’s 2023/24 soybean crop. Prices were stable at $440-$450/mt FOB ex-warehouse, consistent with the previous week.

Phosphoric Acid

California, Eastern Cornbelt, Market Watch, Pacific N.W., Phosphoric Acid, Western Cornbelt

Eastern Cornbelt:

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

Western Cornbelt:

The phos acid price strengthened to $10.15/unit rail-DEL in the Western Cornbelt for September tons, up $0.25/unit from August.

California:

September pricing for phos acid firmed to $10.25/unit rail-DEL in California, up $0.25/unit from August, with MGA referenced at $10.45/unit FOB Lathrop.

Pacific Northwest:

Phos acid pricing for September was reported at $9.75/unit FOB Pocatello, Idaho, and $10.25/unit rail-DEL in the Pacific Northwest, up $0.25/unit from August.

Ammonium Polyphosphate

Ammonium Polyphosphate, California, Eastern Cornbelt, Market Watch, Pacific N.W., Western Canada, Western Cornbelt

Eastern Cornbelt:

10-34-0 pricing strengthened to $495/st FOB in Ohio, up from the $450/st FOB summer fill level.

Western Cornbelt:

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

California:

Higher phos acid pricing for September pushed ammonium polyphosphate prices up in California. The 10-34-0 market was quoted $483-$488/st FOB in the state, up $9/st from August, with 11-37-0 referenced at $526-$531/st FOB El Centro, reflecting a $10/st increase.

Pacific Northwest:

10-34-0 was pegged at the $465/st FOB level in the Pacific Northwest, up $15/st from August, with 11-37-0 pricing quoted a $500/st FOB for September.

Western Canada:

The last confirmed 10-34-0 prices in Western Canada remained at C$700-$710/mt DEL, but sources said no offers have been on the table for more than a month. “The next level will be up, whenever we get it,” said one regional contact.

Muriate of Potash

Brazil, California, Eastern Cornbelt, India, Market Watch, Pacific N.W., Potash Muriate, U.S. Gulf, Western Canada, Western Cornbelt

US Gulf:

NOLA potash was quoted at $330-$335/st FOB for the latest business, though sources described the market as “very quiet” with urea soaking up most of the energy during the week.

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, Ottawa, and other Ohio and Illinois river warehouses.

Western Cornbelt:

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

California:

Potash was steady at $495-$503/st FOB or DEL for the latest offers in California.

Pacific Northwest:

Potash was reported at $465-$488/st FOB or DEL in Pacific Northwest, with the high reflecting post-fill reference pricing for 62% MOP. The latest postings from Intrepid FOB Moab and Wendover, Utah, include $440/st FOB for 60% white standard and $435/st for 60% white granular.

Western Canada:

Potash truck pricing in Western Canada remained at C$545-$555/mt FOB Saskatchewan mines for post-fill offers, depending on grade.

India:

FACT on Sept. 5 issued a tender for two 30,000 mt shipments of standard grade red/pink potash for delivery to Tuticorin Port. The tender closes on Sept. 13, with the first shipment due on Oct. 25-Nov. 15 and the second on Dec. 1-15. Offers are required to remain valid for 15 days from the date of tender closing.

RCF, meanwhile, was reported to have received one offer from Uralkali under its tender for 35,000 mt of standard grade white/pink potash. Shipment is required in one lot in October. The tender closed on Sept. 4, and was part of a wider tender issued on Aug. 25 that also included DAP and MAP (GM Aug. 25, p. 10).

The price level of Uralkali’s offer is not known, but it is unlikely RCF will entertain a price much above India’s current contract price of approximately $319/mt CFR, which was reportedly secured by IPL and other contract buyers for the remaining deliveries under the six-month contracts running through Sept. 30 (GM Aug. 25, p. 14).

Brazil:

Import potash prices were unchanged at $350-$360/mt CFR on limited interest and minimal trading. Players reported forward sales priced on a formula basis, a common practice in a falling market.

Sentiment remained stable-to-firm at Rondonopolis, with prices lifting to $485-$500/mt FOB ex-warehouse from $470-$495/mt FOB at last report. Few deals were confirmed for the corn safrinha, while prices for the 2024/25 soybean crop were referenced above $500/mt FOB ex-warehouse.

Potash imports totaled 8.7 million mt in January-August, according to Trade Data Monitor, a 7% decline from the year-ago 9.4 million mt. August 2023 imports lifted to 1.6 million mt from 980,000 mt in August 2022. Canada supplied almost half of the month’s tonnage with 792,000 mt, followed by 357,000 mt from Russia.