All posts by hlancey@bloomberg.net

Ammonium Nitrate

Ammonium Nitrate, France, Market Watch, South Central, Southern Plains, Western Cornbelt

Western Cornbelt:

Ammonium nitrate remained at $260-$290/st FOB in the Western Cornbelt, with the low reported in southern Missouri and the high in northern areas of the state.

Southern Plains:

The ammonium nitrate market continued at the $280/st FOB level in Oklahoma at mid-month.

South Central:

The last ammonium nitrate prices in the South Central region remained at $230-$250/st FOB El Dorado and Yazoo City, Miss.

France:

Sources reported several ammonium nitrate truckloads sold at €375/mt CPT, matching Yara’s list price for October. The new transactions brought the price in France up to a flat €375/mt CPT.

Ammonium Sulfate

Ammonium Sulfate, Brazil, China, Eastern Cornbelt, Market Watch, South Central, South Korea, Southeast, Southern Plains, U.S. Gulf, Western Cornbelt

US Gulf:

NOLA ammonium sulfate barges were flat at $280/st FOB for the latest trades and indications, unchanged from last week.

Eastern Cornbelt:

Granular ammonium sulfate was pegged at $320-$345/st FOB in the Eastern Cornbelt, with the Cincinnati market quoted at the $330-$340/st FOB level at mid-month.

Western Cornbelt:

Granular ammonium sulfate was reported at $325-$340/st FOB in the Western Cornbelt.

Southern Plains:

The granular ammonium sulfate market remained at $330-$340/st FOB in the Southern Plains, with low reported at Houston, Texas, and the high at Catoosa/Inola.

South Central:

Granular ammonium sulfate was unchanged at $320-$340/st FOB in the South Central region, with the low confirmed at Memphis and the high in Arkansas.

Southeast:

The granular ammonium sulfate market was quoted at $300-$320/st FOB in the Southeast, with the low confirmed in Alabama and the high in Florida. Postings from AdvanSix FOB Hopewell, Va., included granular at $315/st FOB, mid-grade at $295/st FOB, and standard at $275/st FOB.

China:

Ammonium sulfate prices remained stable-to-soft despite reduced production and steady demand for export-quality caprolactam grade amsul. Currency fluctuations are largely responsible for the pricing situation, sources said.

A TCC selling tender for 10,000 mt of capro grade amsul has reportedly generated an export-equivalent price of $141-$142/mt FOB. In an unusual move, TCC marked the tons for November shipment. Amsul sales are not typically made so far in the future. Sources described the timing as an indication of how tight the market has become. Producers have been declaring sold-out positions and a lack of product for spot sales.

South Korea:

South Korea’s ammonium sulfate exports fell 48% in January-August, according to Trade Data Monitor, to 64,000 mt from the year-ago 123,000 mt. New Zealand took 57,000 mt, for 90% of the exports. August exports totaled just 43 mt, down from the 19,000 mt shipped in August 2023.

Brazil:

Brazil granular ammonium sulfate prices dropped to $180-$190/mt CFR, a $3/mt decline at the lower end of the range. Demand has slowed as market participants focus on soy planting, postponing purchasing decisions for the safrinha.

The Rondonópolis market held steady week-over-week, with negotiations at $290-$305/mt FOB. 20-00-20 prices continued around the $380-$405/mt FOB mark.

September imports are projected near 700,000 mt, off slightly from earlier forecasts, though some volume may be pushed back to October due to a concentration of imports in Brazil’s southern regions.

DAP/MAP

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

Central Florida:

Central Florida DAP trucks lifted to a flat $590/st FOB, up from $580-$590/st last week. Truck-loaded MAP prices also firmed $10/st, to $670/st FOB from $660-$670/st FOB at last report. North Florida MAP postings continued at $650/st FOB.

US Gulf:

Fall phosphate purchases have been active, with sources estimating 70-90% of demand already covered. The NOLA DAP barge range narrowed to $550-$555/st FOB during the week, off from last week’s $550-$560/st FOB, while MAP slipped to $620-$630/st FOB from the prior $625-$635/st FOB. Some players expect full-October and first-quarter 2025 prices to continue a moderate decline.

US Exports:

DAP exports continued at $610/mt FOB for the latest business. While no product is reportedly available for new spot exports, MAP cargoes were indicated in line with DAP at $610/mt FOB, above the prior $570/mt FOB level.

Eastern Cornbelt:

DAP edged up to $600-$610/st FOB in the Eastern Cornbelt, with MAP reported at $690-$710/st FOB, depending on location. The Cincinnati market was steady at $600-$605/st FOB for DAP and $690-$695/st FOB for MAP during the week.

Western Cornbelt:

DAP was pegged at $590-$610/st FOB in the Western Cornbelt, with the low reported at St. Louis. MAP was quoted at $690-$700/st FOB in the region, with the low again confirmed at St. Louis.

Southern Plains:

The DAP market firmed slightly to $605-$615/st FOB in the Southern Plains, with both the high and low confirmed at Catoosa/Inola. MAP narrowed to $695-$705/st FOB in the region at mid-month.

South Central:

DAP was quoted at $595-$615/st FOB in the South Central region, with the low confirmed at Memphis and the high in Arkansas. Pricing in Kentucky was pegged at the $605-$610/st FOB level out of river terminals during the week.

Southeast:

Reference prices for MAP at Aurora, N.C., and White Springs, Fla., remained at $650/st FOB, though sources reported actual Aurora offers in a wider $650-$655/st FOB range at mid-month.

Benelux:

DAP demand in the Benelux region remained subdued this week, with indications heard in the €610-€620/mt FCA range, which at midweek exchange rates equated to $678-$689/mt FCA.

Morocco:

Moroccan DAP prices were stable this week, with a flurry of DAP sales for around 30,000 mt into Western and Central Europe yielding netbacks within the current $575-$635/mt FOB range. No updates on OCP’s potential participation in the Sept. 9 EABC Ethiopia tender were reported, with reports of only limited interest from the Gulf region.

Baltic:

Baltic MAP prices were unchanged at $585-$595/mt CFR in response to a seasonally stagnant Brazilian market.

China:

The Chinese government is allowing some small lots of DAP to be shipped offshore, sources reported, as long as the product does not go to India. The latest round of DAP purchases in Bangladesh were all said to involve Chinese product. Due to the lack of major sales, however, no price changes were reported.

India: 

DAP offers into India are now reported at $635-$637/mt CFR, with some arguing for $640/mt CFR. Some talks involving up to 200,000 mt of DAP have reportedly taken place at the $635/mt CFR level. No new deals were confirmed, however.

The higher prices continue to vex India’s accountants. The government conducted its semi-annual budget review of fertilizer subsidy needs and increased the subsidy for phosphates and potash by 10%. Sources described the move as insufficient.

Traders noted that India has only another 30 days or so to purchase all the DAP it needs for the Rabi season. High global prices have prevented Indian buyers from securing the necessary tonnage, however. One trader noted that the 800,000 mt secured in the deal with OCP/Morocco earlier this month is not enough. Even the 200,000 mt under discussion with other suppliers will leave the country short of its needs.

The high cost of DAP in the global market is leaving the landed price higher than what can be sold to Indian farmers. Even with subsidies in place, importers will lose money on each deal. The situation is the reason why only state-owned entities seem to be searching for imports, one trader said. These companies are able to cover their losses in ways that private-sector companies cannot. Buyers keep trying to push the price down but end up paying ever-higher prices instead.

Brazil:

MAP imports lifted to $635/mt CFR, with last week’s low of $625/mt CFR reportedly no longer available. With global supply constrained and the soybean purchasing season now finished, sources described the market as stable.

With the new season approaching, slow deliveries of high-concentration phosphates remain a concern for growers. Despite the logistical challenges, Rondonópolis prices continued in the $780-$800/mt FOB range, while negotiations reported at $770/mt FOB were said to fall outside the mainstream market.

Import volumes are expected around 400,000 mt for September, in line with September 2023, though year-to-date availability has decreased in several regions.

TSP

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

US Gulf:

NOLA TSP barges were stable in the $505-$510/st FOB range, with players reporting surging demand tempered by strong supply.

Eastern Cornbelt:

TSP remained at $555-$565/st FOB for limited tons in the Eastern Cornbelt, with the low reported at Cincinnati and the high at Ottawa, Ill.

Western Cornbelt:

TSP was unchanged at $550-$560/st FOB for limited prompt tons in the Western Cornbelt, with the latest Caruthersville, Mo., offers pegged at the $555/st FOB level.

South Central:

The TSP market narrowed to $550-$565/st FOB in the South Central region, with the low reported at Memphis and the high in Arkansas.

Brazil:

Landed TSP prices tightened to a flat $505/mt CFR, down from $505-$510/mt CFR at last report, with sources noting weak demand. Inland prices slipped to $630-$660/mt FOB Rondonópolis. Supply remains limited, and TSP was completely absent from several price lists during the week. Sources estimated September unloading volumes around 100,000 mt.

Phosphoric Acid

Eastern Cornbelt, Market Watch, Phosphoric Acid, Southern Plains, Western Cornbelt

Eastern Cornbelt:

Phosphoric acid reference prices for September continued at $11.50/unit rail-DEL in the Eastern Cornbelt.

Western Cornbelt:

The phos acid market in the Western Cornbelt was quoted at $11.50/unit rail-DEL for September shipments.

Southern Plains:

The phos acid market was pegged at $11.50/unit rai-DEL for September tons in the Southern Plains, up $0.25/unit from August.

Ammonium Polyphosphate

Ammonium Polyphosphate, Eastern Cornbelt, Market Watch, Southern Plains, Western Cornbelt

Eastern Cornbelt:

The 10-34-0 market remained at $515-$525/st FOB for the latest offers in the Eastern Cornbelt.

Western Cornbelt:

10-34-0 was reported at $515-$525/st FOB in the Western Cornbelt, depending on location.

Southern Plains:

10-34-0 pricing slipped to $500-$510/st FOB in the Southern Plains for the latest offers, with the 11-37-0 market quoted in the mid-$500s/st FOB in Texas.

Muriate of Potash

Brazil, Eastern Cornbelt, Market Watch, Northwestern Europe, Potash Muriate, South Central, Southeast, Southeast Asia, Southern Plains, U.S. Gulf, Western Cornbelt

US Gulf:

The NOLA potash market remained at $265-$275/st FOB for the latest business, unchanged from last week.

Eastern Cornbelt:

Potash was steady at $315-$335/st FOB in the Eastern Cornbelt, with the Cincinnati and Ottawa markets pegged at the $320-$325/st FOB level in mid-September.

Western Cornbelt:

Potash was unchanged at $315-$330/st FOB in the Western Cornbelt.

Southern Plains:

Potash was reported at $320-$325/st FOB regional warehouses in the Southern Plains in mid-September. The latest potash reference prices from Intrepid FOB Carlsbad, N.M., included $405/st for 60% white granular and $413/st for 62% white standard.

South Central:

Warehouse potash prices in the South Central region were flat at $315-$325/st FOB, depending on location.

Southeast:

Potash pricing was unchanged at $305-$315/st FOB Wilmington, N.C., for the latest offers.

Northwest Europe:

Potash prices in Northwest Europe were once again stable this week on limited end-user activity. There are reports of importers gearing up for the October/November buying season by contracting new deepwater shipments, however.

With no further information on prices, both granular and standard potash remained unchanged at €330-€350/mt CIF and €305-€330/mt CIF, respectively.

Southeast Asia:

There were no updates on Pupuk Indonesia’s standard potash import tender, which many believe was scrapped due to a high price level of $303-$304/mt CFR. There are several smaller tenders by palm oil plantations underway in the region, but no outcomes were reported, leaving standard potash unchanged at $280-$290/mt CFR.

Granular prices were also stable at $330-$340/mt CFR, with sources noting that the bulk of business is being conducted at the higher end of the range. In India, Indian Potash Ltd. (IPL) settled with Russian producer Uralkali for 600,000 mt of potash through the end of 2024 at a price of $283/mt CFR, in line with other major producers such as Canpotex and ICL.

Brazil:

Brazil potash prices softened to a flat $285/mt CFR. While some sellers continue to hold offers at $290/mt CFR, no transactions were reported at that level.

Inland prices firmed $10/mt at the lower end, to $420-$430/mt FOB Rondonópolis from $410-$430/mt FOB at last report. Sources reported delivery challenges, noting concerns about receiving product in time for the start of summer planting.

The September import forecast was reported around 900,000 mt, on par with the historical average.

Sulfur

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

Tampa:

Negotiations for fourth-quarter Tampa molten sulfur contracts were rumored to kick off during the week. Sources speculated on a landing spot in the $105-$120/lt CFR range, reflecting firmer international prices since the start of the third quarter.

Contracts were reported at $76/lt CFR for 3Q, a 6.2% decline from $81/lt CFR in the second quarter.

US Gulf:

US Gulf sulfur prices lifted to $115-$120/mt FOB, up from the week-ago $105-$115/mt FOB on fresh business into Brazil and demand for small lots from Central America.

Brazil:

The Brazil market firmed to $140-$143/mt CFR, an increase from last week’s $135-$140/mt CFR, with a new CMOC tender reported closing at the top of the range.

Vancouver:   

The Vancouver solid sulfur market continued at the week-ago $105-$110/mt FOB level.

Alberta:

Alberta sulfur netbacks were unchanged at (-)$39-$40/mt FOB. Molten tons contracted in the US market were noted at the bottom of the range, while Vancouver set the high.

West Coast:

Prilled sulfur loading from the West Coast was steady at $105-$110/mt FOB. Third-quarter molten sulfur contracts were noted at $58/lt FOB, down from $60-$62/lt FOB in the second quarter.

China:

The China sulfur import market was reported at $140-$146/mt CFR, unchanged from last week.

ADNOC:

Abu Dhabi National Oil Co. (ADNOC) sulfur was posted at $130/mt FOB Ruwais for September, up 21.5% from $107/mt FOB in August.

Qatar:

Sources put the September Muntajat price at $125/mt FOB Ras Laffan, a $19/mt increase from August’s $106/mt FOB posting.