All posts by hlancey@bloomberg.net

UAN

Eastern Canada, Eastern Cornbelt, France, Market Watch, Northeast, Northern Plains, U.S. Gulf, UAN, Western Cornbelt

US Gulf:

NOLA UAN continued to be reported in the $202-$205/st ($6.31-$6.41/unit) FOB range for the latest indications, unchanged from last week.

Eastern Cornbelt:

UAN-32 was steady at $245-$275/st ($7.66-$8.59/unit) FOB in the Eastern Cornbelt, with the low reported at Mount Vernon, Ind., and the high at Terre Haute, Ind. The Cincinnati market was pegged at $245-$255/st ($7.66-$7.97/unit) FOB for UAN-32 and $217-$223.13/unit ($7.75-$7.97/unit) FOB for UAN-28.

Western Cornbelt:

UAN-32 was unchanged at $245-$275/st ($7.66-$8.59/unit) FOB in the Eastern Cornbelt, depending on location.

Northern Plains:

The UAN-28 market was quoted at $255-$265/st ($9.11-$9.46/unit) FOB and $275/st ($9.82/unit) DEL in the Northern Plains in late July.

Northeast:

UAN-32 fill program offers were active in the Northeast in late July at $235/st ($7.34/unit) FOB Baltimore, Md., down from earlier prompt pricing in the $280-$285/st ($8.75-$8.91/unit) FOB range. Prompt UAN-32 offers out of terminals in upstate New York slipped to $300/st ($9.38/unit) FOB, down from the prior $325/st ($10.16/unit) FOB level.

The 28-0-0-5S market was pegged at $247/st FOB Baltimore, down from $292/st FOB.

Eastern Canada:

UAN-28 pricing in Eastern Canada was steady at C$406-$460/mt (C$14.50-$16.43/unit) FOB, with the UAN-32 market in Ontario quoted at the C$464/mt (C$14.50/unit) FOB level.

France:

Pronounced illiquidity resulted in flat UAN prices of €245-€265/mt FCA at Rouen this week. No updated offers were heard, despite hopes from some buyers that prices will begin to slide in an attempt to find liquidity.

Ammonium Sulfate

Ammonium Sulfate, Brazil, China, Eastern Canada, Eastern Cornbelt, Market Watch, Northeast, Northern Plains, South Korea, Thailand, Turkey, U.S. Gulf, Western Cornbelt

US Gulf:

The NOLA ammonium sulfate market edged up to $270-$280/st FOB for the latest indications, up $10/st from last week based on current upriver pricing, though sources were unable to confirm any new barge business taking place during the week.

Eastern Cornbelt:

Granular ammonium sulfate was unchanged at $320-$345/st FOB in the Eastern Cornbelt, with the low confirmed out of spot Ohio River locations and the high reflecting the latest reference prices from AdvanSix out of regional river terminals. Rail-DEL offers were reported at the $340/st level in the region.

Western Cornbelt:

Granular ammonium sulfate remained at $325-$345/st FOB in the Western Cornbelt, with the upper end reflecting postings from AdvanSix out of Upper Mississippi River terminals.

Northern Plains:

The latest ammonium sulfate fill offers in the Northern Plains reportedly firmed to $325-$350/st FOB, with delivered fill tons pegged in the $310-$350/st range, depending on supplier, up from initial offers at the $310-$330/st DEL level in mid-July.

Northeast:

AdvanSix on Aug. 1 announced a summer fill program for ammonium sulfate in the eastern US. Posted prices FOB Hopewell, Va., for orders placed on Aug. 5-8 and pulled by Oct. 31 include granular at $295/st FOB, mid-grade at $275/st FOB, and standard at $255/st FOB. Regional sources reported rail-DEL fill offers at the $330/st level in the Northeast.

Those fill levels are up $80/st from the company’s last spring postings. AdvanSix said prices are slated to go up $20/st on Aug. 9.

Eastern Canada:

Ammonium sulfate prices in Eastern Canada rebounded slightly, to C$525-$575/mt FOB for the latest fill offers, up from C$510-$555/mt FOB in mid-July.

China:

Ammonium sulfate prices settled down to $135-$140/mt FOB during the week, despite arguments from producers for higher prices.

Sellers claim that limited amsul availability due to production cuts should push the price well into the $140s/mt FOB. However, buyers have pointed out that with each buying tender in Southeast Asia, the netback for caprolactam grade amsul keeps coming back to the mid- to upper-$130s/mt FOB.

South Korea:

South Korea’s Pungnong closed a tender for 6,000 mt of caprolactam grade amsul on Aug. 1, with delivery requested by the end of the month.

Thailand:

Trade Data Monitor reported January-June amsul imports to Thailand at 273,000 mt, a notable increase from the 114,000 mt received in first-half 2023. China supplied 256,000 mt, for 94% of the import market.

June imports increased slightly, to 29,000 mt from the 27,000 mt received in June 2023, while second-quarter imports of 128,000 mt were up significantly from the 70,000 mt reported for April-June 2023.

Turkey:         

January-June ammonium sulfate imports fell slightly year-over-year, according to Trade Data Monitor, to 574,000 mt from 582,000 mt in 2023. China accounted for 81% of the total with 464,000 mt, followed by 58,000 mt from Belgium.

Turkey imported 80,000 mt in June, up from the 41,000 mt received one year earlier. Imports were 192,000 mt in April-June, down about 31% from the 278,000 mt purchased in second-quarter 2023.

Brazil:

Brazil granular ammonium sulfate slipped $5/mt at the high side to settle at $170-$175/mt CFR. With buyers showing limited interest in nitrogens and urea trading at a discount during the week, demand remained constricted.

Rondonópolis prices fell $5-$10/mt from the previous week to settle at $290-$300/mt FOB, contributing to an improved barter ratio. Many producers were focused on topdressing with a 20-00-20 blend for the second corn crop, which was sold in significant volumes along major trade routes. The current barter ratio for 20-00-20 was approximately 65-66 bags per ton of fertilizer, above buyers’ ideal range of 60-62 bags per ton.

DAP/MAP

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

Central Florida:

Offers for Central Florida MAP trucks softened to $620/st FOB from $670/st FOB at last report, shrinking the spread between DAP and MAP to $50/st. Posted pricing for DAP trucks continued at $570/st FOB. MAP pricing was steady at $610/st FOB in North Florida.

US Gulf:

Players described a choppy trading week in the NOLA DAP market. Prices moved up early in the week before falling to the lower end of the range as affordability continues to limit demand. DAP barges were reported trading in the $540-$547/st FOB range, up $10/st from the week-ago floor, while MAP was steady at last week’s $635-$645/st FOB level.

US Exports:

DAP exports continued at $550/mt FOB for the latest business. With no spot transactions reported in recent months, MAP cargoes continued to be noted at $570/mt FOB.

Eastern Cornbelt:

The DAP market tightened to $595-$610/st FOB in the Eastern Cornbelt, with the low reported at Cincinnati. MAP was quoted at $690-$700/st FOB in the region, with the low again confirmed at Cincinnati during the week.

Western Cornbelt:

DAP was reported at $590-$600/st FOB in the Western Cornbelt, with MAP quoted at $690-$700/st FOB. The lower end of both ranges was reported in the St. Louis market in early August.

Northern Plains:

DAP was unchanged at $595-$605/st FOB St. Paul in early August, with MAP reported at $695-$705/st FOB St. Paul.

Northeast:

DAP was steady at $610/st FOB East Liverpool, Ohio, with MAP reported at the $700/st FOB level at that location. No current prices were reported out of Fairless Hills during the week.

Eastern Canada:

MAP in Eastern Canada firmed to C$980-$995/mt FOB, up C$25/mt at the low end of the range, with DAP strengthening to C$960/mt FOB Montreal, above the prior C$925/mt FOB level.

Benelux:

DAP prices in Benelux were range-bound at $672-$682/mt FCA. Russian and Moroccan product availability remains tight, as deep-water markets continue to compete for volumes amid China’s limited exports. Reports of DAP making its way to Europe from more unusual origins could not be confirmed, but are in line with expectations of demand resuming in the second half of August.

Morocco:

Moroccan DAP netbacks from sales into Europe and Latin America were largely stable this week at $510-$625/mt FOB. Despite an increase in offers into India, the Moroccan producer is still reportedly reluctant to entertain sales into South Asia due to lower returns compared with more premium markets. Tunisian product is reportedly priced in the same range as Moroccan.

Baltic:

MAP prices in the Baltic were stable at $585-$595/mt FOB this week based on Brazilian CFR values, which were capped at $635/mt CFR due to affordability concerns.

India: 

Traders continue to note that India needs DAP. Bids have continued to be issued in the $590s/mt CFR and are being quickly rejected. Sources reported a deal this week involving Saudi material at $605/mt CFR.

Sources said the Saudi deal fits with other reports that OCP/Morocco is offering material at $610/mt CFR. However, the Moroccan phosphate giant seems to be insisting that Indian buyers also consider purchasing TSP, sources said.

China:

There have been no reports that the Chinese government is ready to reimpose restrictions on phosphate exports. As a result, more tons are under discussion for export, with prices holding in the $590s/mt FOB. At this level, sources said no business is expected into India.

Brazil:

Landed MAP prices slid to $630-$635/mt CFR in Brazil amid a backdrop of high grain prices, interrupting the rally that began in May.

Domestic prices dropped $10/mt at the top of the range, settling at $760-$780/mt FOB Rondonópolis. The decrease was influenced by a belief that demand for the 2024/25 soybean crop has already been widely covered, sources said. Some players suggested the remaining balance might not arrive in time, and may not be used for the upcoming summer crop.

While the August vessel lineup indicates a substantial volume aimed at Brazil, the high volumes do not necessarily translate into strong availability, players noted, as many of these shipments may have been sold prior to arrival.

TSP

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

US Gulf:

Thin liquidity in the NOLA TSP market saw prices pull back to $500-$508/st FOB during the week, off from the $505-$515/st FOB reported previously.

Eastern Cornbelt:

TSP was unchanged at $550-$565/st FOB in the Eastern Cornbelt, depending on location and availability.

Western Cornbelt:

The TSP market remained at $550-$560/st FOB in the Western Cornbelt in early August.

Brazil:

TSP imports were reported at $510-$530/mt CFR, stretching $20/mt below the week-ago $530/mt CFR price. Prices were unavailable at Rondonópolis due to a lack of supply in the market.

SSP

Brazil, Market Watch, SSP

Brazil:

SSP 19-21 imports lifted to $215-$245/mt CFR at Brazil, a 4.8% increase from last week’s $200-$240/mt CFR range.

The domestic market lost momentum following a slight drop in port prices, players noted, resulting in a $5/mt decrease at the top of the range. Prices settled at $360-$375/mt FOB Rondonópolis, reflecting a modest price accommodation to keep SSP negotiations minimally active. Most phosphate negotiations in Brazil’s primary producing regions have already concluded, however, aside from a few isolated deals for the soybean crop.

SSP-23 remained available at $395-$405/mt FOB, a $5 drop from $400-$410/mt FOB at last report.

Phosphoric Acid

Eastern Cornbelt, Market Watch, Northern Plains, Phosphoric Acid, Western Cornbelt, Western US

Eastern Cornbelt:

Phosphoric acid reference prices firmed to $11.25/unit rail-DEL in the Eastern Cornbelt for August tons, up from $11.00/unit rail-DEL in July.

Western Cornbelt:

The phos acid market in the Western Cornbelt moved up $0.25/unit on Aug. 1, to $11.25/unit rail-DEL from July’s $11.00/unit rail-DEL reference price.

Northern Plains:

Phos acid pricing for August was reported at $11.25/unit rail-DEL in the Northern Plains, up from July’s $11.00/unit price.

Western US:

A $0.25/unit increase on Aug. 1 pushed reference prices for phos acid up to $11.50/unit rail-DEL in California and the Pacific Northwest.

Muriate of Potash

Brazil, Eastern Canada, Eastern Cornbelt, Market Watch, Northeast, Northern Plains, Northwestern Europe, Potash Muriate, Southeast Asia, Thailand, U.S. Gulf, Western Cornbelt

US Gulf:

The NOLA potash market was quoted at $265-$275/st FOB for the latest business. While some continued to report a low of $260/st FOB, others attributed those levels to upfront rebates, citing new barge business more commonly at the upper end of the range.

Eastern Cornbelt:

Potash was unchanged at $320-$335/st FOB in the Eastern Cornbelt, with the Cincinnati market remaining at $320-$330/st FOB.

Western Cornbelt:

Potash was steady at $315-$330/st FOB in the Western Cornbelt, with the low confirmed at St. Louis.

Northern Plains:

The potash market was unchanged at $325-$335/st FOB and $330-$345/st DEL for the last offers in the Northern Plains. Potash FOB Saskatchewan mines was quoted at the $315-$336/st FOB level, depending on grade.

Northeast:

Potash in the Northeast remained at $325-$335/st FOB for the latest offers, with the low reported at Fairless Hills and the high at East Liverpool. Delivered offers were pegged at the $335/st level in Pennsylvania.

Eastern Canada:

Potash pricing in Eastern Canada continued at C$515-$545/mt FOB, unchanged from last report.

Northwest Europe:

Potash prices in Northwest Europe were flat this week, marking almost two months without significant price movement amid seasonally low demand. New price offers are not expected before the end of August and the summer holiday schedule.

Granular potash in Northwest Europe was unchanged at €330-€350/mt CIF, while standard remained at €315-€330/mt CIF.

Southeast Asia:

Spot deals were few and far between this week, resulting in unchanged prices for both standard and granular potash. Several sources said they expect price increases once demand kickstarts in September, but for the time being this is not reflected in buyers’ appetites. Standard potash was quoted at $275-$290/mt CFR and granular at $330-$340/mt CFR.

Thailand:      

January-June potash imports totaled 421,000 mt, Trade Data Monitor reported, a44% increase from the year-ago 294,000 mt. Canada shipped 164,000 mt, Laos sent 109,00 mt, and Belarus added 73,000 mt.

June imports were 49,000 mt, falling from 110,000 mt in June 2023. Imports were pegged at 222,000 mt for the second quarter, rising 12% from the 199,000 mt imported one year earlier.

Brazil:

Brazil potash imports were steady at $290-$305/mt CFR. Potash consumption has reportedly increased, as potassium remains the market’s most affordable macronutrient.

Prices dropped $5/mt at Rondonópolis, players said, to $420-$435/mt FOB amid reports of supply pressure from a strong August import lineup. This decline benefited agricultural producers, who capitalized on the opportunity to purchase material for use in blends, particularly for the second corn crop. The reduction in potash prices improved the barter ratio for growers, optimizing investment for the next crop.

Sulfur

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

Tampa:

Third-quarter Tampa molten sulfur contracts softened to $76/lt CFR, off 6.2% from $81/lt CFR in the second quarter.

US Gulf:

US Gulf sulfur continued at the week-ago $90-$95/mt FOB level, with no new business concluded. Fresh business expected soon out of Brazil will likely push the Gulf price higher, sources said.

Brazil:

Brazil sulfur was unchanged at $119/mt CFR. With sources reporting demand from multiple buyers and higher prices noted in the east of the country, market players expect rising prices in the next round of business.

Vancouver:

The Vancouver sulfur market followed China higher, to $95-$100/mt FOB from last week’s $80-$86/mt FOB.

Alberta:

The firming Vancouver market stretched Alberta netbacks to an estimated (-)$39-$30/mt FOB, up from (-)$39-$6/mt FOB reported previously, with molten tons contracted in the US market setting the bottom of the range.

West Coast:

The West Coast prill market was noted in line with Vancouver at $95-$100/mt FOB. Third-quarter molten contracts were reported at $58/lt FOB, down from $60-$62/lt FOB in 2Q.

China:

The China import market jumped to $132-$137/mt CFR from the prior $122-$125/mt CFR range. With sulfur reportedly trading at $145/mt CFR into Indonesia, players expect prices to continue rising in China.

ADNOC:

Abu Dhabi National Oil Co. (ADNOC) sulfur was posted at $107/mt FOB Ruwais for August, a 30.5% increase from $82/mt FOB reported in July.

Qatar:

August Muntajat prices were noted at $106/mt FOB Ras Laffan, up 30.9% from June’s $81/mt FOB posting.