All posts by hlancey@bloomberg.net

UAN

Eastern Cornbelt, France, Market Watch, South Central, Southeast, Southern Plains, U.S. Gulf, UAN, Western Cornbelt

US Gulf:

New UAN fill offers launched during the week pushed NOLA barge offers to a low of $207-$210/st ($6.47-$6.56/unit) FOB based on upriver netbacks, down from the last $220-$225/st ($6.88-$7.03/unit) FOB range.

Eastern Cornbelt:

UAN-32 fill pricing was launched during the week, with new offers for July-August delivery reported at $245/st ($7.66/unit) FOB Courtright, Ont., and Mount Vernon, Ind., $248/st ($7.75/unit) FOB Kingston Mines, Ill., $250/st ($7.81/unit) FOB Peru, Ill., $253/st ($7.91/unit FOB Cincinnati, Ohio, $255/st ($7.97/unit) FOB Albany, Ill., and a reported $275/st ($8.59/unit) FOB Terre Haute, Ind.

Rail-DEL UAN fill pricing reportedly fell in the $271-$288/st ($8.47-$9.00/unit) range in the Eastern Cornbelt. Fill offers were also on the table in Michigan at a reported $280-$283/st ($8.75-$8.84/unit) FOB during the week.

Western Cornbelt:

A UAN-32 fill program was launched early in the week at a reported $235-$240/st ($7.35-$7.50/unit) FOB Port Neal, $249/st ($7.78/unit) FOB St. Louis, and $265/st ($8.28/unit) FOB Fremont, Neb., Iowa terminals at Creston and Garner, and Missouri terminals at Bigelow and Brunswick. Offers were also reportedly on the table in the Northern Plains at $265/st ($8.28/unit) FOB Pine Bend, Minn.

Southern Plains:

UAN-32 fill program offers were launched during the week for July-August shipment at $220-$235/st ($6.88-$7.34/unit) FOB terminals in Oklahoma and Kansas, depending on location, down sharply from the last confirmed prompt business at $255-$280/st ($7.97-$8.75/unit) FOB in the region. Regional sources described interest in the program as reasonably good, with “layers put in place for buyers but not an all-in buying strategy.”

South Central:

UAN-32 fill program offers rolled out during the week at a reported $220-$245/st ($6.88-$7.66/unit) FOB in the South Central region, well below the last prompt business in the $255-$285/st ($7.97-$8.91/unit) FOB range, with the low reported in Louisiana and the high out of Ohio River terminals in Kentucky.

Southeast:

UAN-32 in the Southeast slipped to a broad $230-$285/st ($7.19-$8.91/unit) FOB regional terminals, with the low confirmed for new fill offers and the high for prompt pricing at Chesapeake. Fill pricing out of Georgia terminals was pegged at $230-$240/st ($7.19-$7.50/unit) during the week, with rail-DEL fill offers confirmed at the $265/st ($8.28/unit) level in Virginia.

France:

UAN prices at Rouen were stable at €245-€265/mt FCA. Minimal buying is expected in July, making UAN more resilient to upward price pressure considering the perceived tightness around Egyptian urea, where production outages continue.

Ammonium Nitrate

Ammonium Nitrate, Market Watch, South Central, Western Cornbelt

Western Cornbelt:

Ammonium nitrate continued at $345-$360/st FOB in the Western Cornbelt, with both the high and low reported in Missouri.

South Central:

Ammonium nitrate reportedly slipped to $275-$350/st FOB in the South Central region, down from $300-$365/st, with the low reported in Mississippi and the high in Kentucky. The average price at El Dorado, Ark., was pegged at the $330/st FOB level for the latest offers.

Ammonium Sulfate

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

US Gulf:

The NOLA barge market for ammonium sulfate remained at a nominal $385-$390/st FOB, with no new business reported to test the market.

Eastern Cornbelt:

Granular ammonium sulfate remained at $415-$435/st FOB in the Eastern Cornbelt, with the low confirmed for limited tons out of Illinois River locations and the high in Ohio.

Western Cornbelt:

The granular ammonium sulfate market was steady at $410-$430/st FOB in the Western Cornbelt, with the low reported at St. Louis.

Southern Plains:

Granular ammonium sulfate was quoted at in a broad range at $360-$420/st FOB in the Southern Plains, down $20/st from last report, with the low reported at Houston, Texas.

South Central:

Ammonium sulfate prices were quoted at $395-$430/st FOB in the South Central region, down from the prior $400-$440/st FOB range, with the low reported at Memphis and the high in Arkansas.

Southeast:

Ammonium sulfate reference prices at Hopewell, Va., remained at $375/st FOB for granular, $355/st FOB for mid-grade, and $335/st FOB for standard. Other terminal offers for granular tons in late June included $375/st FOB in Alabama and $395/st FOB in Florida, while standard grade was quoted at a low of $300/st FOB in Florida.

China:

The price at China remained steady in the low-$170s/mt FOB for caprolactam grade amsul. Reductions in both demand and output have canceled the other’s effect on prices. While production issues have been reported, Chinese NPK producers have dialed back on large orders at the same time.

Brazil:

Granular ammonium sulfate imports were noted at $190-$195/mt CFR, softening from last week’s flat $200/mt CFR. Slightly lower prices in China and a general lack of buyer interest for nitrogen products contributed to the decrease.

Inland prices followed the broader nitrogen market to $310-$330/mt FOB, down $5-$15/mt from last week.

DAP/MAP

Argentina, 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 continued at $570/st FOB, while truck-loaded MAP offers firmed $20/st to settle at $620/st FOB. North Florida MAP postings were stable at $630/st FOB, sources said.

US Gulf:

NOLA DAP barge trades were reported at $545-$555/st FOB, up $5/st at the bottom of the range, while local product was reportedly priced at the top end. MAP barges firmed to $645-$650/st FOB from last week’s $643/st FOB level.

US Exports:

The last spot DAP cargo exported from the US Gulf continued at $550/mt FOB. With no spot MAP exports reported in recent months, the market continued at $570/mt FOB for the last public business.

Eastern Cornbelt:

DAP slipped to $600-$630/st FOB in the Eastern Cornbelt, with the low reported out of spot Illinois and Ohio River terminals. MAP prices firmed to $670-$695/st FOB in the region, depending on location. The latest Cincinnati offers were pegged at $610-$620/st FOB for DAP and $680-$690/st FOB for MAP, with MAP also firming to $695/st FOB Ottawa, Ill.

Western Cornbelt:

DAP dropped to $600-$630/st FOB in the Western Cornbelt, with the low confirmed at St. Louis. MAP was pegged at $670-$690/st FOB in the region, with the St. Louis market quoted at the $670-$680/st FOB level in late June.

Southern Plains:

DAP at Catoosa/Inola slipped to $600-$625/st FOB, depending on supplier and time of shipment. MAP pricing in the Southern Plains firmed to $690-$720/st FOB on reports of limited supply, however, with both the high and low reported at Catoosa/Inola during the week.

South Central:

DAP pricing dropped to $610-$640/st FOB in the South Central region, with the low reported in Kentucky out of Ohio River terminals and the high in Arkansas. The Memphis DAP market was pegged at $615-$620/st FOB during the week.

Southeast:

The Aurora, N.C., MAP price remained at $650/st FOB, with MAP pricing at White Springs, Fla., reported at the $630/st FOB level.

Benelux:

DAP prices in Benelux moved up with the global market amid concerns about reduced Chinese supply. The latest offers were heard as high as €620-€625/mt FCA, translating to $662-$667/mt FCA at midweek exchange rates, up sharply from last week’s $633-$643/mt FCA.

Morocco:

Moroccan DAP levels moved higher in tandem with international market sentiment. Robust sales were reported at $500-$595/mt FOB to both Europe and Latin America.

Baltic:

MAP prices in the Baltic again ticked higher to $565-$575/mt FOB, reflecting higher Brazilian CFR levels, with up to $625/mt CFR Brazil reportedly on offer as concerns around availability continue given the country’s lower-than-normal stock levels.

China:

DAP exports appear to remain limited to small lots of 10,000 mt or less, usually shipped in containers to regional buyers, with pricing steady in the low-$520s/mt FOB.

Domestic demand for DAP is waning as the season draws to a close, leaving sources to speculate that more tons might soon be available for larger shipments. NPK producers that normally consume a lot of the market’s MAP are reducing output. Flooding in the south of the country and drought conditions in the north have combined to reduce demand, leaving producers with little choice but to cut back on production.

India: 

DAP tenders called by Rashtriya Chemicals and Fertilizers Ltd. (RCF) and National Fertilizers Ltd. (NFL) closed earlier this week, but with no announcements regarding offers or prices. Lacking an updated guidepost, DAP prices remained in the $530s/mt FOB.

Brazil:

MAP imports continued to climb at Brazil, with prices lifting to $620-$630/mt CFR from last week’s $610-$620/mt CFR, reflecting a 11.6% rise since the market’s current uptrend began six weeks ago. Availability remains limited, according to reports, especially for June-September arrivals.

Rondonópolis pricing moved up more than 2%, to $745-$780/mt FOB from $730-$760/mt FOB, amid a backdrop of reduced imports and limited availability. Market players seeking stronger margins were noted operating toward the top of the range.

Argentina:

January-May MAP imports to Argentina firmed 40% year-over-year, according to Trade Data Monitor, lifting to 187,000 mt from 134,000 mt. Morocco accounted for 71% of the imports with 134,000 mt, followed by China with 35,000 mt. May imports of 72,000 mt were up from the 30,000 mt received in May 2023.

TSP

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

US Gulf:

NOLA TSP barges moved up $5/st, to $480-$500/st FOB from the prior $475-$495/st FOB, the market’s fifth consecutive weekly increase.

Eastern Cornbelt:

TSP firmed to $535-$550/st FOB in the Eastern Cornbelt, up from recent offers in the low-$500s/st FOB.

Western Cornbelt:

TSP pricing reportedly bumped up to $530-$540/st FOB in the Western Cornbelt, fueled by several weeks of strengthening NOLA barge prices.

South Central:

TSP prices were up in the South Central region, to $535-$550/st FOB from the previous $500-$520/st FOB range, driven by firming NOLA barge values.

Brazil:

With sources noting a lack of supply, Brazil TSP prices remained at $450/mt CFR for the week. The recent shortage of product in Brazil has reportedly left the inland market vulnerable, with sellers demanding higher prices from buyers needing near-term supply. No business was reported during the week at Rondonópolis.

SSP

Brazil, Market Watch, SSP

Brazil:

Landed SSP 19-21 prices gained $15/mt at the bottom of the range to settle at $225-$240/mt CFR, with multiple transactions reported. The increase was driven by a lack of availability for higher-concentration phosphates, leaving SSP as the market’s leading alternative.

Prices for SSP 19-21 firmed 3% at Rondonópolis, rising to $360-$380/mt FOB. SSP-23 traded at $400-$405/mt FOB, with sources citing stable demand.

Ammonium Polyphosphate

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

Eastern Cornbelt:

10-34-0 was steady at $565-$575/st FOB for the latest offers in the Eastern Cornbelt.

Western Cornbelt:

10-34-0 was unchanged at $550-$575/st FOB in the Western Cornbelt, depending on location, with the high reported in Iowa.

Southern Plains:

10-34-0 remained at a nominal $535-$550/st FOB in the Southern Plains, with the 11-37-0 market reported at $555-$575/st FOB.

Muriate of Potash

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

US Gulf:

The NOLA potash market remained at the prior week’s $275-$285/st FOB for the latest offers. While some speculated that deals could be had at the $265/st FOB level, no actual sales or offers were confirmed at that price during the week.

Eastern Cornbelt:

Potash was reported in the $325-$340/st FOB range in the Eastern Cornbelt, with the upper end for prompt tons out of Illinois River terminals. Most fill program offers were reported in the $325-$335/st FOB range for tons booked by June 27 and shipped before Sept. 30, with a $20/st increase slated for orders after June 27.

Western Cornbelt:

Potash dropped to $325-$340/st FOB in the Western Cornbelt, with the low reported for recent fill program offers.

Southern Plains:

Potash was reported at $320-$330/st FOB for fill program offers in the Southern Plains, down from the last confirmed prompt business in the $350-$360/st FOB range. The last reference prices from Intrepid FOB Carlsbad, N.M., were steady at $460/st for 60% white granular and $468/st for 62% white standard.

South Central:

Warehouse potash pricing in the South Central region slipped to $325-$350/st FOB from the prior $330-$365/st range, with the high confirmed in Arkansas and the low for fill offers in Kentucky. The Memphis market was quoted at $330-$335/st FOB in late June.

Southeast:

Potash fill offers were circulating at $320-$337/st FOB in the Southeast, depending on grade and location, with rail-DEL fill pricing reported at the $332-$348/st level in the region. Orders were required by June 27, with a $20/st increase scheduled after that.

Northwest Europe:

Potash demand remained seasonally muted in the region, with no further price developments reported and suppliers still not circulating new pricing. Granular potash in Northwest Europe was reported at €330-€350/mt CIF, with standard potash at €315-€330/mt CIF.

Southeast Asia:

A lack of clarity regarding major contracts in neighboring China and India continued to weigh on both granular and standard potash in southeast Asia. Standard product slipped to $280-$295/mt CFR, while granular dropped to $335-$345/mt CFR. Product of Jordanian/Israeli origin is hard to come by with Russian, Belarusian, and Laotian offers dominating the market.

Brazil:

Potash prices remained at the week-ago $305-$315/mt CFR level. While offers continue to be reported at $320/mt CFR, buyers are awaiting pricing for vessels loading in August.

Inland prices narrowed to $435-$445/mt FOB Rondonópolis, giving potash the market’s most favorable price level relative to grain. While demand remained steady, buyers are reportedly holding off from making large purchases following the sizeable import volumes recorded during the first half of the year.

Sulfur

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

Tampa:

Tampa molten sulfur contracts settled last week at $76/lt CFR for the third quarter, a 6.2% decline from $81/lt CFR in the second quarter. The new contract price is set to take effect on July 1.

US Gulf:

The softening Brazil market pulled prices to $72-$75/mt FOB in the US Gulf, a $3-$5/mt decline from last week’s $75-$80/mt FOB.

Brazil:

Sources confirmed multiple $103/mt CFR transactions into Aratu and Santos covering near-term demand, a $1-$3/mt decline from $104-$106/mt CFR at last report.

Vancouver:   

Vancouver prilled sulfur was stable at $69-$74/mt FOB.

Alberta:               

Alberta sulfur netbacks continued in the (-)$34-$11/mt FOB range, and included both molten sulfur cargoes contracted into the US market and prilled material sold internationally through the Vancouver export market. Prices are expected to fall when the updated Tampa contract takes effect in the third quarter.

West Coast:

Solid sulfur loading from the West Coast was steady at $69-$74/mt FOB. With no new pricing reported for the third quarter, molten sulfur contracts continued in the $60-$62/lt FOB range for 2Q.

China:                                                        

China sulfur imports firmed slightly, to $105-$110/mt CFR from the week-ago $101-$105/mt CFR, though high inventory levels reported around 2.8 million mt are reportedly keeping a lid on the market.

ADNOC:

Sulfur produced by the Abu Dhabi National Oil Co. (ADNOC) was posted at $80/mt FOB Ruwais for June loading, down 8.0% from $87/mt FOB in May, while third-quarter pricing was reportedly unchanged from the second quarter at $79/mt FOB. An updated price posting for July is expected soon.

Qatar:

A Muntajat spot trade was estimated to close at $85/mt FOB, sources said, as traders are reportedly fighting for position in advance of the release of Qatar’s posted price for July. The June offer was noted at $79/mt FOB Ras Laffan, off 8.1% from $86/mt FOB in May.