Western Cornbelt:
Ammonium nitrate was unchanged at $400-$420/st FOB for the last confirmed offers in Missouri.
All posts by hlancey@bloomberg.net
Ammonium Sulfate
US Gulf:
The ammonium sulfate barge market remained at the $220/st FOB NOLA level for the last confirmed trades, with offers for new business reported in the $230-$240/st FOB range.
Eastern Cornbelt:
Granular ammonium sulfate pricing edged up to $300-$310/st FOB in the Eastern Cornbelt in late August.
Western Cornbelt:
The granular ammonium sulfate market was unchanged at $270-$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 was steady at $280-$300/st FOB and $280-$305/st DEL in the Northern Plains.
Great Lakes:
Ammonium sulfate was quoted at $320-$330/st FOB for the latest offers out of Michigan terminals, up from $290-$310/st FOB at last report.
Northeast:
Ammonium sulfate pricing in the Northeast was pegged at $310-$315/st FOB, up from the prior $300-$305/st FOB range, with the low reported at Lancaster, Pa., and the high at East Liverpool, Ohio. Delivered pricing in the region firmed to $310-$335/st from the previous $300-$310/st DEL range.
Eastern Canada:
Ammonium sulfate was steady at C$500-$518/mt FOB in Eastern Canada.
China:
The China ammonium sulfate price has settled at $165-$170/mt FOB, sources said. Producers are pushing hard to regain ground that was lost in recent weeks but have found getting even $170/mt FOB to be a hard slog.
Sources said the price drop is not unsurprising given the growing softness in the international urea markets. Chinese producers looking to step up sales to Latin American buyers are finding softer prices there, as well. Brazil, China’s main amsul buyer, has shown a steady decline in prices. The most recent reports put granular amsul at $180-$185/mt CFR, down about $20/mt from just one week earlier.
Producers are also facing strong pushback from regional buyers. Buyers in the Philippines are now bidding at $170/mt CFR, pushing potential netbacks to sub-$160/mt FOB China.
January-July ammonium sulfate exports firmed 22%, according to Trade Data Monitor, to 6.9 million mt from 5.7 million mt in January-July 2022. July exports of 1.1 million mt were up from 908,000 mt shipped in July 2022. Brazil led July buyers with 448,000 mt, followed by Myanmar with 114,00 mt.
South Korea:
Exports from South Korea were down, illustrating a general decline in regional demand. Trade Data Reporter showed January-July exports at 104,000 mt, off 28% from the year-ago 144,000 mt. July exports firmed slightly, to 20,000 mt from 18,000 mt in July 2022. Italy received the entire amount.
Brazil:
Ammonium sulfate imports fell to $180-$185/mt CFR, off about 13% from the week-ago $205-$215/mt CFR. Players noted long inventories at China, while urea remains at an approximate 10% discount to amsul based on nitrogen content.
Corn safrinha demand kept prices relatively stable in Rondonopolis, however, with levels softening to $310-$330/mt FOB ex-warehouse. Low liquidity remains, as farmers anticipate further declines in the coming weeks.
DAP/MAP
Central Florida:
Central Florida truck-loaded DAP postings were unchanged at $500/st FOB. MAP trucks continued to be offered at $550/st FOB. The posted North Florida MAP price was steady at $625/st FOB.
US Gulf:
Sources described the NOLA phosphate market mostly at a standstill during the week, though DAP prices softened $5/st from the week-ago high. Offers were reported in the $530-$540/st FOB range, while buyers hoping to pick up tons in the $520s/st FOB were said to find no takers.
MAP prices lifted to $630-$640/st FOB from last week’s $625-$640/st FOB, with players noting limited trading volumes.
US Exports:
Export prices remained steady at $550/mt FOB. No new transactions were reported.
Eastern Cornbelt:
DAP prices rose to $585-$595/st FOB in the Eastern Cornbelt, up from last week’s $570-$590/st FOB range. MAP firmed to $685-$700/st FOB in the region, with the low confirmed at Cincinnati.
Western Cornbelt:
DAP prices in the Western Cornbelt moved to $580-$590/st FOB during the week, with the low confirmed at St. Louis. MAP remained at $675-$700/st FOB in the region, with the low at St. Louis and the high reported in the Iowa market.
Northern Plains:
Phosphate prices continued to climb in the Northern Plains. The latest levels FOB St. Paul were reported at $590/st FOB for DAP and $685/st FOB for MAP, up from the prior week’s $570-$580/st FOB range for DAP.
Great Lakes:
MAP was pegged at $690-$710/st FOB in the Great Lakes region for thin supply in late August. DAP was reported at $595-$605/st FOB in the region, up from $580-$600/st FOB at last report.
Northeast:
Phosphate prices firmed again in the Northeast. The latest offers were quoted at $605/st FOB for DAP and $695/st FOB for MAP at East Liverpool, up $30/st or more from early August. Delivered MAP pricing in Pennsylvania was reported at the $715/st level during the week.
Eastern Canada:
MAP remained at C$880-$925/mt FOB in Eastern Canada, with DAP reported at the C$825/mt level FOB Montreal.
China:
Sources put the netback from a recent $570-$575/mt CFR DAP sale to Pakistan at $545-$550/mt FOB, showing a steady increase in DAP prices. Producers are now said to be pushing for $555-$560/mt FOB.
January-July DAP exports totaled 2.9 million mt, Trade Data Monitor reported, a 79% year-over-year increase. July exports were pegged at 510,000 mt, up 56% from 336,000 mt in July 2022. India accounted for 66% of the July market, taking 339,000 mt.
MAP exports for January-July were flat from last year at 1.1 million mt. July exports moved up 20%, to 200,000 mt from 181,000 mt in July 2022. Brazil received 85,000 mt, followed by 54,000 mt to Argentina.
India:
The basis for DAP discussions remains at $558/mt CFR, sources said, the lowest offer level from the recent Rashtriya Chemicals and Fertilizers Ltd. (RCF) DAP tender. Noting that RCF has yet to make an award in the tender, traders saw price ideas for negotiations lifting to a “more rational” $570/mt CFR. So far, nothing has been done at that level.
January-June DAP imports totaled 3.1 million mt, according to Trade Data Monitor, rising 37% from 2.2 million mt received in first-half 2022. China led suppliers with 1.1 million mt, followed by Saudi Arabia with 1 million mt. Russia took 400,000 mt.
June imports of 811,000 mt firmed dramatically from the 168,000 mt purchased in June 2022. Second-quarter imports were also up year-over-year, lifting to 1.8 million mt from 847,000 mt.
Brazil:
MAP import prices moved up slightly, to $530/mt CFR from $520-$530/mt CFR at last report. While NPs were reportedly offered at a discount to MAP, buyers noted concerns about the product’s quality and time of delivery.
Rondonopolis MAP trades were quoted at $640-$660/mt FOB ex-warehouse for corn safrinha delivery, unchanged from last week. Indications for both prompt orders and delivery for the 2024/25 soybean season exceeded those levels, however.
Due to both low prompt availability and resistance from sellers to commit to prompt fulfillment, prices for the 2023/24 soybean planting season were indicated above $700/mt FOB ex-warehouse, while forward negotiations were noted at $675/mt FOB.
TSP
US Gulf:
NOLA TSP barges moved up during the week, to $460-$465/st FOB from the prior $450-$460/st FOB.
Eastern Cornbelt:
TSP jumped to $535/st FOB Cincinnati for the latest offers, up from the previous $510-$515/st FOB range.
Western Cornbelt:
TSP pricing was steady at $500-$510/st FOB St. Louis during the week.
Brazil:
The Brazil landed TSP range broadened to include lower quality material, stretching to $415-$420/mt CFR from last week’s $420/mt CFR. Sources reported limited volumes on offer.
TSP offers were scant in Rondonopolis due to limited prompt availability and low interest for the corn safrinha. Indications tracked in the $540-$560/mt FOB ex-warehouse range, up from $520-$540/mt FOB last week.
SSP
Brazil:
SSP 19-21 imports were unchanged at $220-$230/mt CFR. Players reported a lack of availability for desired loading and delivery windows heading into the tail-end of the Brazil phosphate season.
Limited availability at Rondonopolis prompted a wide price range, depending on delivery period. For both prompt or fourth-quarter deliveries, prices were indicated at $440-$450/mt FOB ex-warehouse. Offers for 2024/25 soybean planting tracked significantly lower, however, at $310-$335/mt FOB ex-warehouse.
Phosphoric Acid
Eastern Cornbelt:
August phos acid postings in the Eastern Cornbelt were quoted at $9.90/unit rail-DEL.
The phos acid price remained at $9.90/unit rail-DEL in the Western Cornbelt for August tons.
Northern Plains:
Phos acid pricing was unchanged at the $9.90/unit rail-DEL level for August shipments in the Northern Plains.
Great Lakes:
Phos acid was pegged at $9.90/unit rail-DEL level for August shipments in the Great Lakes region.
Ammonium Polyphosphate
Eastern Cornbelt:
10-34-0 remained at the $450/st FOB level for the last confirmed fill offers in Ohio.
Western Cornbelt:
10-34-0 was quoted at $445-$465/st FOB in the Western Cornbelt for fill pricing.
Northern Plains:
The 10-34-0 market continued at $465-$490/st FOB in the Northern Plains, with the low for 3Q and the high for 4Q tons.
Great Lakes:
The last prices for 10-34-0 in the Great Lakes region were reported at $450-$460/st FOB for fill offers.
Northeast:
The 10-34-0 market remained at $505/st FOB for fill offers in New York.
Muriate of Potash
US Gulf:
The NOLA potash barge market firmed to $322-$335/st FOB for confirmed business during the trading week, up from last week’s $320-$325/st FOB range.
Potash rose slightly to $385-$400/st FOB in the Eastern Cornbelt, with the low reported at Cincinnati.
Western Cornbelt:
The potash market was steady at $375-$390/st FOB in the Western Cornbelt, with the St. Louis market quoted in the $375-$385/st FOB range during the week.
Northern Plains:
Potash pricing was reported at $380-$400/st FOB St. Paul, with delivered tons pegged at the $390-$400/st FOB level for 4Q shipment. The latest prices FOB Saskatchewan mines were quoted at $350-$357/st FOB, depending on grade.
Great Lakes:
Potash pricing in the Great Lakes region edged up to $395-$408/st FOB Michigan warehouses, with the low for red and the high for white tons.
Northeast:
Potash slipped to $355/st FOB Baltimore for 60% MOP, with rail-DEL pricing for Canadian tons reported in the $390-$400/st range in the Northeast. The East Liverpool potash market was reported at the $400/st FOB level for Canadian tons.
Eastern Canada:
The Eastern Canada potash market remained at C$545-$585/mt FOB regional warehouses in late August.
China:
January-July potash imports firmed 31% year-over-year, Trade Data Monitor reported, to 6.3 million mt from 4.8 million mt. July imports were noted at 1 million mt, above the 693,000 mt received in July 2022. Belarus sent about 373,000 mt for the month, Laos added 199,000 mt, and Canada sent 124,000 mt.
Seven-month potash imports from Belarus totaled 2.34 million mt, up 48% increase from the 1.21 million mt imported from Belarus in the same period last year.
July potash imports from Russia totaled 112,688 mt, down from 151,837 mt in June. Imports from Russia during the first seven months reached 1.24 million mt, down 2% from the year-ago 1.28 million mt.
India:
Reports continue to circulate that major potash suppliers to India, including ICL, Arab Potash Co., Uralkali, Belarusian Potash Co., and Canpotex, have over the past month signed revised contracts with Indian Potash Ltd. (IPL) at approximately $319/mt CFR for the remaining deliveries under the six-month contracts that run through Sept. 30.
The new price is more than $100/mt below the original price of $422/mt CFR concluded in April (GM April 7, p. 14), and follows demands from IPL and other Indian buyers for renegotiations after the China contract price was concluded in June at $307/mt CFR (GM June 9, p. 15).
India imported 1.5 million mt of potash in the first half of 2023, according to Trade Data Monitor, a marginal increase from the 1.4 million mt received in January-June 2022. Second-quarter imports were 1.1 million mt, up 50% from 740,000 mt in April-June 2022.
June imports firmed significantly, to 409,000 mt from the year-ago 136,000 mt. Russia led June suppliers with 200,000 mt, Canada added 82,000 mt, and Jordan sent 69,000 mt. India purchased no Russian potash in either June 2021 or June 2022.
South Korea:
January-July potash imports firmed slightly year-over-year, Trade Data Monitor reported, to 395,000 mt from 377,000 mt. South Korea brought in 69,000 mt in July, above the 7,000 mt reported for July 2022. Canada supplied 92% of the July imports.
Brazil:
Port prices in Brazil dropped slightly on reports of increased availability, to $350-$360/mt CFR from the prior $355-$365/mt CFR. Offers were reported at $375/mt CFR, with no sales confirmed at that level.
Rondonopolis potash prices softened to $470-$490/mt FOB ex-warehouse for both immediate and corn safrinha demand, down from the prior $480-$505/mt FOB. Prices for the 2024/25 soybean season – with deliveries expected in first-half 2024 – were reported above $500/mt FOB ex-warehouse.
Sulfur
Tampa:
No changes have been noted at Tampa since the $55/lt CFR third-quarter settlement, a $48/mt decline from $103/lt CFR in the second quarter.
US Gulf:
The US Gulf market has strengthened in line with international market trends, sources said, noting prices ranging from $85-$90/mt FOB, up from last week’s $75-$85/mt FOB. The market continues to see healthy demand from both industrial and fertilizer consumers.
Brazil:
Market expectations in Brazil are increasing again after the CMOC tender was reportedly scrapped. Prices are now estimated at $110-$130/mt CFR, up from last week’s $100-$120/mt CFR range. Buyer expectations were noted at the low side, while reported offers set the top.
Vancouver:
Vancouver prill prices were unchanged at $90-$95/mt FOB.
Alberta:
Alberta netbacks were estimated at a wide (-)$60-$25/mt FOB. The range included both molten sulfur cargoes contracted into the US market and solid tons sold internationally through the Vancouver export market.
West Coast:
West Coast prill indications ran even with Vancouver in the $90-$95/mt FOB range, consistent with week-ago prices.
Third-quarter molten sulfur contracts remained at $45-$50/lt FOB, down from $98-$106/lt FOB in the previous period, a decrease of 53.4%.
China:
Sulfur pricing at China pulled back to $120-$125/mt CFR, sources said, below the last reported $120-$130/mt CFR range. Market players noted concerns about high inventory levels at Chinese ports, reported at around 2.4 million mt. At the same time, phosphate prices remain strong due to historic demand from India, putting upward pressure on the Chinese phosphate market.
ADNOC:
The August price for prilled sulfur produced by Abu Dhabi National Oil Co. (ADNOC) was unchanged at $80/mt FOB Ruwais.
Qatar:
Muntajat posted sulfur pricing for August continued at $82/mt FOB Ras Laffan, sources said.
Sulfuric Acid
US Gulf:
US Gulf imports firmed to $80-$90/mt CFR from $60-$65/mt CFR at last report. Players continued to described a tight market, with a number of sulfur burners experiencing interruptions.
Brazil:
Brazil import pricing continued at the week-ago $75-$85/mt CFR level. No new business has been concluded, sources said, while high freight rates and potentially limited supplies from Europe have reportedly been supporting prices.