All posts by hlancey@bloomberg.net

TSP

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

US Gulf:

NOLA TSP barges surged to $500-$512/st FOB, a 3.3% increase from the $480-$500/st FOB reported previously, with prices moving up steadily as the week progressed.

Eastern Cornbelt:

TSP firmed again to $550-$565/st FOB in the Eastern Cornbelt, up from $535-$550/st FOB last week, with the high reported at Cincinnati.

Western Cornbelt:

TSP pricing reportedly bumped up to $540-$550/st FOB in the Western Cornbelt, fueled by several weeks of strengthening NOLA barge prices.

Brazil:

Landed TSP prices remained at $450/mt CFR, with no offers available due to limited supply. Product also remained unavailable at Rondonópolis.

SSP

Brazil, Market Watch, SSP

Brazil:

SSP prices firmed $10/mt at the top of the range to settle at $225-$250/mt CFR. With sources reporting limited availability of higher-concentration phosphates, SSP demand has increased.

Inland prices softened roughly 2.5% at the top of the range, slipping to $360-$370/mt FOB Rondonópolis. Several buyers are sitting on healthy inventories of SSP due to the cheaper year-to-date prices relative to higher-concentration product, and demand is muted due to the recent drop in soybean prices and reported difficulties in selling grain.

Phosphoric Acid

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

Eastern Cornbelt:

July phosphoric acid pricing edged up to $11.00/unit rail-DEL in the Eastern Cornbelt, above June’s $10.50/unit DEL posting.

Western Cornbelt:

The phos acid market firmed on July 1 to $11.00/unit rail-DEL in the Western Cornbelt, up from $10.50/unit rail-DEL in June.

California:

July phos acid reference prices in California fell to $11.25/unit rail-DEL, down from $12.85/unit rail-DEL in June, with MGA posted at $11.45/unit FOB Helm.

Pacific Northwest:

Phos acid reference prices in the Pacific Northwest fell to $11.25/unit rail-DEL and $10.75/unit FOB Pocatello, Idaho, for July tons, down sharply from $12.85/unit rail-DEL and $12.35/unit FOB in June.

Ammonium Polyphosphate

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

Eastern Cornbelt:

Limited 10-34-0 summer fill offers were reportedly circulating in the Eastern Cornbelt at $505-$515/st FOB, down from the last prompt offers in the $565-$575/st FOB range.

Western Cornbelt:

10-34-0 was unchanged at $550-$575/st FOB in the Western Cornbelt for the last prompt business, depending on location.

California:

10-34-0 in California dropped to $532-$537/st FOB in July, down from $587-$592/st FOB in June. The 11-37-0 market was down as well, to $580-$585/st FOB from last month’s $640-$645/st FOB level.

Pacific Northwest:

Ammonium polyphosphate pricing in the Pacific Northwest dropped to $510/st FOB for 10-34-0 and $560/st FOB for 11-37-0 in July, with delivered 11-37-0 prices falling to $550/st in Idaho.

Western Canada:

10-34-0 prices were unchanged at C$990/mt DEL in Western Canada.

Muriate of Potash

Brazil, California, Eastern Cornbelt, Market Watch, Northwestern Europe, Pacific N.W., Potash Muriate, Southeast Asia, Thailand, U.S. Gulf, Western Canada, Western Cornbelt

US Gulf:

The NOLA potash market slipped to $270-$280/st FOB based on the latest business, down from last week’s $275-$285/st FOB.

Eastern Cornbelt:

Potash was quoted in the $320-$335/st FOB range in the Eastern Cornbelt with the low reported in Illinois for July-August offers. The Cincinnati market was pegged at $320-$330/st FOB in early July, with inland warehouses in Ohio quoted at the $335/st FOB level.

The latest offers out of warehouses in the Great Lakes region reportedly moved to $358/st FOB at the low end.

Western Cornbelt:

Potash dropped to $320-$330/st FOB in the Western Cornbelt, with the low confirmed at St. Louis.

California:

Potash fill offers in California were pegged at the $468/st FOB level, give or take, down from $525-$548/st FOB for the last prompt business.

Pacific Northwest:

The latest potash fill offers in the Pacific Northwest were reported at $435-$443/st FOB, down from the last prompt business at $490-$503/st FOB or DEL, with the high reflecting reference pricing for 62% MOP and the low for 60%.

Western Canada:

Potash fill offers in Western Canada were quoted at C$475/mt FOB the mine. Prices officially moved to C$505/mt FOB on June 28, though sources said the new levels remain untested.

Northwest Europe:

Potash prices in Northwest Europe were flat this week and new-season offers are absent. Suppliers cited an increase in inquiries and were optimistic about demand in the coming weeks, however, citing a correlation between phosphate and potash prices. Granular potash in Northwest Europe remained at €330-€350/mt CIF, with standard potash at €315-€330/mt CIF.

Southeast Asia:

Potash market activity in the region remained muted. Standard potash prices declined to $275-$295/mt CFR, while granular was flat $335-$345/mt CFR. There is still no update regarding the Indian contract settlement, with several suppliers stating that they intend to wait for the settlement before updating their offers into the Southeast Asia region.

Thailand:

Potash imports to Thailand increased dramatically following the start of contract talks between potash producers and buyers in India and China.

January-May imports totaled 373,000 mt, according to Trade Data Monitor, a103% increase from the 184,000 mt received through the first five months of 2023. May imports were also up year-over-year, to 130,000 mt from 49,000 mt in May 2023.

Brazil:

Potash prices slipped by $5/mt at the top of the range, to $305-$310/mt CFR. Despite multiple sellers offering at $320/mt CFR, buyers remain unwilling to purchase at that level.

Potash prices edged up to $435-$450/mt FOB Rondonópolis. The quiet international market is allowing growers more time to buy product for both the summer and second corn crops, while the market’s balanced fundamentals contributed to a favorable barter ratio for potash.

January-May imports were up 12% year-over-year, though June data has not yet been released. Roughly 1 million mt of potash are expected in the July import lineup, a typical volume for this time of year.

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, down 6.2% from $81/lt CFR in the second quarter.

US Gulf:

US Gulf sulfur continued at the week-ago $72-$75/mt FOB level, with limited activity reported.

Brazil:

CMOC called a tender for 40,000 mt to be shipped in August to the Port of Santos, with offers to be submitted next week. The market’s latest transactions continued to be reported into Aratu and Santos at $103/mt CFR.

Vancouver:   

Vancouver prilled sulfur exports were stable in the $69-$74/mt FOB range, though some players predicted firmer prices ahead due to strength in the phosphate markets.

Alberta:

Alberta sulfur netbacks softened to (-)$39-$6/mt FOB, with both the high and low set by molten sulfur cargoes contracted into the US market. Solid material sold offshore through the Vancouver export market was included in the range.

West Coast:

West Coast prills continued at $69-$74/mt FOB. With no new pricing reported for the third quarter, the West Coast molten market continued at $60-$62/lt FOB for 2Q.

China:

China prices continued at $105-$110/mt CFR, with market players expecting a near-term price increase due to high demand from phosphate producers.

ADNOC:

Abu Dhabi National Oil Co. (ADNOC) sulfur was posted at $80/mt FOB Ruwais for June, an 8.0% decline from $87/mt FOB in May. Pricing for the third quarter rolled over from 2Q at $79/mt FOB, sources said. An updated price for July is expected soon.

Qatar:

July Muntajat prices were posted at $81/mt FOB Ras Laffan, a $2/mt increase from $79/mt FOB in June.

Ammonium Thiosulfate

Amthio, California, Eastern Cornbelt, Market Watch, Pacific N.W., Western Cornbelt

Eastern Cornbelt:

The ammonium thiosulfate market reportedly firmed to $300-$315/st FOB in the Eastern Cornbelt, with the low in Indiana and the high at Cincinnati. Pricing in the Great Lakes region remained at a high of $335/st FOB in early July.

Western Cornbelt:

Ammonium thiosulfate was steady at $280-$305/st FOB in the Western Cornbelt, depending on location.

California:

Ammonium thiosulfate pricing was unchanged at $325-$340/st FOB in California.

Pacific Northwest:

The ammonium thiosulfate market was quoted at $305-$315/st FOB in the Pacific Northwest, with rail-DEL offers reported in the $295-$305/st range on a spot basis.