All posts by hlancey@bloomberg.net

BiOWiSH Expands Availability After Canada Approval

Canada, DAP/MAP, News Briefs, NPK, U.S., UAN, Urea

BiOWiSH Technologies Inc., Cincinnati, Ohio, announced that its BiOWiSH® Crop Liquid has received regulatory approval by the Canadian Food Inspection Agency (CFIA) for sale and use in agriculture production.

In conjunction with this CFIA certification, Chicago-based Archer Daniels Midland (ADM) is now offering BiOWiSH® Enhanced Fertilizer at five new terminal locations across the US and Canada, and four more locations will be added later in the year.

“Earning CFIA approval is a testament to our innovative, natural, and non-GMO technology, which helps farmers improve crop production in a sustainable way,” said BiOWiSH Chief Innovation Officer Bill Diederich. “Partnering with an industry leader like ADM allows us to work together to advance productivity and climate-smart practices in a way that is practical for farmers to implement.”

The BiOWiSH® Fertilizer Enhancement is a blend of proprietary microbial cultures coated onto dry fertilizer or mixed with liquid fertilizer to create an enhanced efficiency fertilizer. It is applied directly by the fertilizer supplier and can be added to urea, UAN, DAP, MAP, NPK blends, and other products.

“BiOWiSH is an industry leader with a strong track record of helping farmers achieve success globally,” said ADM Director of Biologicals and New Technology Graig Whitehead. “With our extensive years of agricultural product expertise and expansion to more ADM locations, BiOWiSH and ADM are poised to help farmers across Canada and the US optimize yield potential and profits.”

BiOWiSH® Enhanced Fertilizer is now available in the US at ADM locations in Madison, Ill., Ottawa, Ill., LaSalle, Ill., Camanche, Iowa, East Dubuque, Ill., Owensboro, Ky., Paul, Minn., and Winona, Minn. It will be available this fall at ADM sites in Concordia, Kan., Hutchinson, Kan., Marion, S.D, and Twin Brooks, S.D. The product is available in Canada at ADM locations in Picture Butte, Alta., Carberry, Man., and Lajord, Sask.

Nutrien Announces Offering of Senior Notes

Canada, News Briefs

Saskatoon-based Nutrien Ltd. on June 17 announced the pricing of $400 million aggregate principal amount of 5.2% senior notes due June 21, 2027, and $600 million aggregate principal amount of 5.4% senior notes due June 21, 2034. The offering is expected to close on or about June 21, 2024, subject to customary closing conditions.

The senior notes, registered under the multi-jurisdictional disclosure system in Canada and the US, will not be offered in Canada or to any resident of Canada, Nutrien said. The offering will be made by way of a prospectus supplement dated June 17, 2024, to Nutrien’s short form base shelf prospectus dated March 22, 2024.

Nutrien said it intends to use the net proceeds from this offering to repay its $500 million aggregate principal amount of 5.9% senior notes upon their maturity on Nov. 7, 2024, to reduce outstanding indebtedness under its short-term credit facilities, to finance working capital, and for general corporate purposes.

Nutrien said the senior notes will be unsecured and rank equally with its existing senior unsecured debt. The joint book-running managers for the offering are CIBC World Markets Corp., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, and RBC Capital Markets, LLC.

Fitch Ratings Revises Fertilizer Price Assumptions

Belarus, Black Sea, Brazil, China, DAP/MAP, Latin America, Morocco, News Briefs, Phosphate Rock, Potash, Russia, Southeast Asia

Fitch Ratings announced on June 18 that it has increased its 2024 assumption for phosphate rock on stronger year-to-date pricing and its 2024/25 assumptions for DAP due to China’s continued export restrictions that support market prices.

The firm cut its 2024 assumption for potash due to a faster-than-expected supply recovery, while other fertilizer price assumptions remained unchanged.

Though year-to-date pricing is higher, Fitch said it expects phosphate rock prices to decline in the second half of 2024 as availability improves with increased exports from Morocco and continued high exports from Jordan and Egypt. Global capacity additions will be limited in 2024, Fitch said, but new supply will come online in China in 2025 and in Saudi Arabia in 2027. Demand will grow by 2.5% in 2024, Fitch projected, supported by higher availability and affordability.

Fitch said Morocco increased DAP exports in 1Q 2024, supporting expectations of higher exports for the whole year, while Saudi Arabia will gradually ramp up its exports by 2028. Fitch said DAP demand will grow steadily by 1.3% in 2024 in all global markets except China, with medium-term demand growth limited by availability.

Fitch’s lower 2024 assumption for potash reflects a faster-than-expected rebound of supply from Russia and Belarus, the firm said. While Nutrien has indefinitely postponed plans to reactivate idled capacity and Mosaic announced the curtailment of its Colonsay mine, Fitch said the market should remain well-supplied in 2024 due to inventory levels in Brazil and China.

“The unchanged ammonia assumptions reflect our view that prices are likely to reduce from the current levels as new capacity of 1.3 million mt on the Gulf Coast comes online in 3Q 2024 and Russian exports via the Black Sea will gradually return,” the company said. “Demand is supported by improved affordability and availability.”

Fitch said it believes the urea market will remain well-supplied despite the lack of exports from China, with Russia continuing to play a significant role in export markets despite delays in capacity additions. The company said it expects “modest global capacity expansion until 2027,” while 2024 demand growth in Latin America and southeast Asia will compensate for lower imports to India.

Brazil Tax Change Threatens Agribusiness Industry

Brazil, News Briefs

In a sudden move that has sent shockwaves through the agricultural sector, Brazil has implemented a tax change that is causing significant disruptions for major global crop traders, including Cargill and Bunge Global, Bloomberg reported.

The provisional measure, signed by President Luiz Inacio Lula da Silva, threatens to increase operational costs for commodity exporters and processors in Brazil. The measure’s approval by Congress could further strain President Lula’s already tenuous relationship with the agribusiness sector amid declining approval rates, according to Bloomberg.

Following the announcement, companies like Archer Daniels Midland (ADM) and Amaggi Importacao e Exportacao halted new commodity offers, particularly in soybeans and corn. Industry insiders, requesting anonymity, highlighted the need for a clearer understanding of the new rules, which restrict certain companies from utilizing tax credits effectively.

Industry groups have reacted strongly to the tax change. The Brazilian Association of Vegetable Oil Industries (Abiove), representing major crop merchants such as ADM, Bunge, Cargill, and Louis Dreyfus, labeled the decision “disrespectful” and projected a potential reduction in soybean processors’ profits.

The sugar and ethanol sector, represented by Unica, and meat industry groups like ABPA and Abiec, which include giants such as JBS SA and BRF SA, have criticized the measure as detrimental to cash flow and potentially violating World Trade Organization rules by effectively taxing exports.

The tax change is part of Finance Minister Fernando Haddad’s broader initiative to bolster Brazil’s budget. It disproportionately affects the agribusiness sector, however, which already faces challenges in utilizing tax credits due to existing regulations. The Brazilian National Confederation of Industry forecasts that the financial impact could reach 29.2 billion reais ($5.6 billion) this year alone, with the potential to double in 2025.

As resistance mounts, nearly two dozen industry caucuses have urged Lower House Speaker Arthur Lira and Senate President Rodrigo Pacheco to overturn the rule, which took immediate effect but will expire after 120 days unless ratified by Congress, according to Bloomberg.

Egypt Preps for Largest LNG Purchase in Years

Egypt, Jordan, Natural Gas, News Briefs

Egypt plans to make its biggest purchase of liquefied natural gas (LNG) in years as it steps up efforts to ease energy shortages amid extreme summer heat, Bloomberg reported. State-run Egyptian Natural Gas Holding Co. (EGAS) is asking the market for at least 17 shipments of LNG for delivery over the next three months, according to traders with knowledge of the tender.

The purchase may further tighten the global LNG market, as supply outages and hot weather across the Northern Hemisphere boost summer demand. Egypt, which had largely stopped importing LNG in 2018, is returning to overseas purchases this year to help alleviate the strain on its power and gas networks (GM June 7, p. 1). It has already implemented rolling blackouts, idling several petrochemical and fertilizer plants, due to hot weather since April.

Egypt began purchases in recent months via Jordan, because a floating terminal it rented in May for direct deliveries will only be installed in June. That floating terminal Hoegh Galleon has now approached Ain Sokhna, on the Red Sea coast, according to ship-tracking data on Bloomberg. It will remain there for 19-20 months.

In the latest tender, EGAS is seeking shipments via both Ain Sokhna and Jordan, according to traders. For Egypt, another summer of massive rolling outages would pile pressure on the state budget and a population already grappling with high inflation, a devalued currency, and rising domestic fuel prices.

India Likely to Uphold Existing Subsidy Budget

DAP/MAP, India, News Briefs, Urea

Following its recent election, India is expected to reveal its new 2024/25 budget in the third week of July. Reports point to the government upholding the Rs4.1 trillion ($4.9 billion) subsidy allocation issued in its provisional budget in February this year. This amount represents a 7% decrease from 2023/24.

The fertilizer subsidy for this fiscal year is set at Rs1.64 trillion ($2 billion), lower than in 2023/24. A government official noted improvements in fertilizer subsidy management due to reduced import dependency, lower fertilizer prices, and increased domestic production.

The government plans to expand the use of Nano Urea and Nano DAP across all agro-climatic zones, as noted by Finance Minister Nirmala Sitharaman in her interim budget speech.

COFCO, GROWMARK Ink Deal on US Grain Assets

China, News Briefs, U.S.

COFCO International Ltd., China’s largest food and agriculture company and GROWMARK Inc. announced on June 20 that they have entered into definitive agreements, whereby COFCO has agreed to purchase GROWMARK’s minority stake in a transloading facility in Cahokia, Ill., while GROWMARK has agreed to purchase COFCO’s ownership in the Chicagograin warehouse facility, known as B-House.

The Cahokia Facility is a grain and byproduct transloading terminal located on the Mississippi River in the year-round St. Louis Harbor. It has access to all seven of North America’s Class I railroads, supported by over seven miles of private onsite rail track, capable of accepting up to four unit trains (110 cars) at a time. It is a high-speed rail and truck-to-barge loading facility.

B-House is located on the Calumet River near downtown Chicago, and has a capacity of 11.5 million bushels. The warehouse is capable of moving grain through rail, truck, barge, and laker vessels, and facilitates imports and exports via the Great Lakes.

“We plan to continue investing in our US business, and we intend to pursue additional opportunities focused on supporting our US Gulf and Pacific Northwest export strategy,” said Zhijun (Jerry) Shi, Chief Operating Officer for COFCO International in North America.

“GROWMARK is a farmer-owned cooperative. That means the farmers growing the grain that gets traded through B-House will now get to participate in the returns generated from this link of the supply chain. We are excited to add B-House to our portfolio of cooperatively owned grain assets,” said Matt Lurkins, GROWMARK’s Vice President of Grain and Strategic Relationships.

Nutrien Ag Acquires Biocontrol Technology

News Briefs, U.S.

Nutrien Ag Solutions, Loveland, Colo., announced on June 17 that it has completed the acquisition of Suncor Energy’s AgroScience assets, which consist of several patented and patent-pending technologies in the area of biocontrol solutions for integrated pest management. Suncor Energy is a global integrated energy company based in Calgary, Alta.

Nutrien Ag Solutions said the acquisition aligns with its strategy to invest in novel, patented, and effective biocontrol technologies through its Loveland Products business. The company said the technologies offer a new mode of action and have “market-competing potential” in delivering efficacy, stability, and economic value comparable to traditional synthetic crop protection inputs.

“We’re excited to further develop this new technology which is expected to help accelerate Loveland Products’ efforts in delivering a broader range of solutions that aim to help maximize yields,” said Casey McDaniel, Vice President of Loveland Products. “As the biocontrol market grows, we believe farmers will increasingly demand bio-based solutions that work within existing management practices to achieve bottom-line benefits in yield and efficiency and support efforts to improve sustainability.”

Nutrien Ag Solutions said the new chlorin-based photosensitizer formulations acquired in the deal are expected to launch in certain global markets by 2025 and will be part of the Loveland Products portfolio. Product submissions to the US EPA are anticipated by 2026.

“We believe that biologicals are important next-step tools for elevating the potential in every field,” McDaniel added. “In the coming months and years, we aim to bring more of these types of offerings to market under the Loveland brand or partner brands for farmers of all scales and in all geographies.”

Ammonia

Ammonia, China, Eastern Cornbelt, India, Market Watch, Middle East, Northern Plains, Northwestern Europe, South Korea, Southeast Asia, Tampa, U.S. Exports, U.S. Gulf, U.S. Imports, Western Cornbelt

US Gulf/Tampa:

The downward reset for ammonia fill pricing in the Midwest in mid-June fueled expectations of a lower Tampa price for July, though nothing was announced during the week. June Tampa ammonia was settled at $400/mt CFR, down from May’s $450/mt CFR.

US Imports:

Ammonia imports firmed 2.1% in July-April, according to data compiled by the US Census Bureau, to 1.98 million st from 1.94 million st in the same period of 2022-2023. April imports were up 72.0%, to 340,241 st from the year-ago 197,816 st. Canada sent 993,159 st to the US in the July-April fertilizer year-to-date, Trinidad and Tobago shipped 865,614 st, and Saudi Arabia continued with 22,091 st.

US Exports:

April ammonia exports fell 14.0%, to 78,374 st from the year-ago 91,178 st. July-April exports moved down 19.2%, to 915,150 st from 1.13 million st in the prior year. Morocco continued as the top US export destination in July-April with 263,476 st, followed by Norway with 209,664 st. Chile took 83,115 st and Mexico purchased 79,333 st.

Eastern Cornbelt:

CF and Koch on June 20 came out with ammonia fill program offers at $410/st FOB terminals in Illinois and Indiana for July-August pull, with reports of delivered pricing in the $425-$445/st range, depending on location. Sources said CF had already pulled the program by that afternoon, however. No new prompt business was reported either before or after the offer.

Western Cornbelt:

Another round of ammonia fill programs was circulating in the region on June 20. Both Koch and CF reportedly offered tons for July-August at $390-$395/st FOB in the Western Cornbelt, with the low reported at Beatrice, Neb., and Fort Dodge, Iowa, and the high at Blair, Neb., Port Neal, Iowa, and Palmyra, Mo. Most of the offers were pulled later that same day.

Delivered fill offers for ammonia were also circulating at the $425-$435/st level in Iowa and Nebraska during the week. In the Southern Plains, July-August fill was reportedly on the table at $350/st FOB Dodge City, Kan., and $370-$375/st FOB Verdigris, Okla., and Coffeyville, Kan.

Northern Plains:

Koch on June 20 reportedly released an ammonia fill program at $420-$440/st DEL in the Northern Plains for July-August shipment. CF also released summer fill pricing on June 20 at $410/st FOB terminals in North Dakota and Minnesota. The latest prompt ammonia offers in the Northern Plains were reported at $550-$585/st DEL.

Northwest Europe:

With no new fresh business reported, stable TTF natural gas prices, and firming nitrates prices, ammonia in Northwest Europe continued to see support at the previous $460-$470/mt CFR level.

Southeast Asia:

Ammonia pricing in Southeast Asia was unchanged at $350-$400/mt FOB. No further spot business was reported but supply in the region remains tight, with most producers indicating $400/mt FOB for spot. However, a sale in the Arab Gulf at $330/mt FOB may be a harbinger of easing prices.

India: 

Spot prices moved up to $397/mt CFR on recent business, sources reported. The bulk of Indian ammonia purchases stem from long-term contracts with values determined on a formula basis, leaving few opportunities to nail down spot market pricing.

Trade Data Monitor reported January-April ammonia imports at 606,000 mt in India, down about 18% from the first four months of 2023. Saudi Arabia sent 234,000 mt and Oman shipped 136,000 mt. April imports were pegged at 146,000 mt, above the 121,000 mt received in April 2023.

Middle East: 

Sources reported Arab Gulf prices in the low-$300s/mt FOB. The market has been unable to match a one-off $360/mt FOB deal reported in recent weeks, traders noted. Production appears to be returning to normal in the Middle East, with plants reportedly coming back online and contract sales being fulfilled.

China:

January-May ammonia imports totaled 259,000 mt in China, Trade Data Monitor reported, an 18% decline from the year-ago 316,000 mt. Indonesia sent 163,000 mt, followed by Saudi Arabia with 39,000 mt. May imports were 53,000 mt, down 49% from 102,000 mt in May 2023.

South Korea:

January-May ammonia imports were 475,000 mt in South Korea, according to Trade Data Monitor, a marginal increasefrom the 457,000 mt received through the first five months of 2023. Saudi Arabia led suppliers with 219,000 mt, followed by Indonesia with 198,000 mt. May imports were noted at 106,000 mt, up 11% from 96,000 mt in May 2023.

Urea

Black Sea, Brazil, China, Eastern Canada, Eastern Cornbelt, India, Indonesia, Market Watch, Mediterranean, Middle East, Northeast, Northern Plains, South Korea, Southeast Asia, U.S. Exports, U.S. Gulf, U.S. Imports, Urea, Western Cornbelt

US Gulf:

NOLA urea prices slipped amid thin trading during the week. Loaded barge transactions were confirmed at the $305-$309/st FOB level early in the week, but new business on June 20 saw prompt barge business concluded at the $290/st FOB level. July business was quoted in the $290-$297/st FOB range during the week. Last week’s range was $308-$330/st FOB.

US Imports:

July-April urea imports firmed 24.6% year-over-year, to 4.74 million st from 3.81 million st. April imports were up 121.9%, to 1.27 million st from 573,500 st. July-April imports from Russia were 1.35 million st. Qatar sent 992,998 st, Algeria shipped 560,095 st, and Saudi Arabia sent 443,925 st.

US Exports:

Urea exports fell 45.5% in July-April, to 710,988 st from the year-ago 1.30 million st. April cargoes were counted at 70,866 st, nearly unchanged from the 70,604 st reported one year earlier. Exports to Canada totaled 503,371 st in July-April, followed by 89,286 st to Mexico and 77,185 st to Chile.

Eastern Cornbelt:

Urea was quoted at $360-$380/st FOB in the Eastern Cornbelt, with the low confirmed out of Illinois River terminals for June-July tons and the high out of inland warehouses in Ohio. The Cincinnati, Ohio, market remained at $365-$375/st FOB during the week.

Western Cornbelt:

Urea in the Western Cornbelt slipped to $335-$365/st FOB, down $10/st from last week, with the low reported at Port Neal. The St. Louis, Mo., market remained at $345-$350/st FOB at mid-month, while pricing in the Southern Plains dipped to $355-$365/st FOB Catoosa/Inola, Okla.

Northern Plains:

Urea slipped to $360-$380/st FOB regional terminals in the Northern Plains, with the St. Paul, Minn., market reported at the lower end of the range. Delivered urea was pegged at $400-$430/st in the region, down from the prior $410-$460/st DEL range, with the low confirmed for unit train shipments in eastern North Dakota.

Northeast:

Urea remained at $380-$390/st FOB in the Northeast, with the low confirmed at Fairless Hills, Pa., and the high at Baltimore, Md., and East Liverpool, Ohio.

Eastern Canada:

Urea was quoted in a broad range at C$592-$700/mt FOB in Eastern Canada, down just C$3/mt at the low end of the range.

India: 

The industry continues to await India’s next urea tender call, with most players expecting the tender to come between next week and mid-July.

The number of tons that India buys will ultimately depend on the price, traders said. Prices have already dropped following last week’s jolt triggered by Egypt and China. If the trend continues, Indian buyers may look to secure the tonnage it needs for the rest of the season – upwards of 1.5 million mt – in a single go. However, if the price moves higher once again, sources speculated that buyers will take the bare minimum and call a follow-up tender in August to fill out the rest of their demand.

India has flexibility in its buying options because of the large reserves of urea it already has on hand. The country reportedly entered June with an unprecedented 11 million mt available for the upcoming season. For now, end-user urea demand is expected to marginally increase from last year, leaving buyers plenty of options on how many tons to import.

Urea imports softened 23% in January-April, Trade Data Monitor reported, to 1.5 million mt from the year-ago 1.96 million mt. April imports were noted at 410,000 mt, however, up 47% from the 279,000 mt purchased in April 2023.

Due to China’s continued restrictions on urea exports, Indian buyers have been forced to look to other suppliers to fulfill their needs. The country received zero Chinese tons in January-April, compared to 290,000 mt imported during the same period in 2023. To make up for the loss of Chinese product, India purchased 491,000 mt of urea from Russia, 435,000 mt from Oman, and 271,000 mt from the UAE.

Black Sea:

Prilled urea loading from the Black Sea was unchanged at $300-$305/mt FOB.

Mediterranean:

Fresh urea offers in Italy were heard at $375/mt CFR, with stocks described as low. Returns from FCA sales in France reflect around $380/mt CFR Atlantic Coast, but buyers are reasonably well covered. Nearby Romania also saw offers move to $375/mt CFR following the recent Egyptian rally. As a result, granular urea in the Mediterranean firmed to $375-$380/mt CFR this week.

Southeast Asia:

No new granular urea sales were reported this week, leaving the Southeast Asia market unchanged at $312-$320/mt FOB. Indonesian granular availability is limited with Kaltim down for a turnaround for the next month. Brunei has export availability for July, but no price ideas were put forward.

Indonesia:     

Kaltim is still in the process of loading the tons sold during its latest tender. Weather delays at the ports have combined with production issues to push the loading dates well into July, sources said, instead of in June as previously expected. The loading of some material may even be pushed back to early August, one trader noted.

The delayed loadings could postpone a new tender call to late July or early August. Any sales at that time would most likely target demand from southern Australia, sources said.

Middle East: 

Sources pegged the Arab Gulf granular urea market in the low-$350s/mt FOB, though the paper market suggests a price in the mid-$320s/mt FOB. The softer pricing comes as the market recovers from last week’s twin shocks of Egyptian production grinding to a halt and China once again putting the brakes on urea exports.

The return of Egyptian production and rumors that some Chinese urea might be available for August shipment – just in time for the next Indian tender – have softened some traders’ views on the Egyptian market. The latest price from the area was reported at $335-$340/mt FOB with the paper market in the low-$330s/mt FOB, a significant drop from last week’s $355/mt FOB.

Egyptian sources confirmed reports that natural gas supplies have returned to normal, allowing plants to slowly ramp up production. Two MOPCO plants have already returned to their normal 80% production rate, said sources, and an additional facility is expected to come online over the weekend.

Other producers are said to be slowly moving from a 60% production rate in the current week to 80% in the week ahead. The only holdout seems to be Kima, which continues to show its facilities as offline.           

China:

No changes to China’s export restrictions were reported during the week. Even if urea cargoes were suddenly allowed to be exported, one trader noted, there would be delays at the ports.

Chinese regulations require work at the ports to cease when temperatures reach about 98 F. China, along with many other parts of the world, is facing a major heatwave that is causing a work stoppage at the ports. Even once temperatures drop, said one trader, the backlog will remain in place for some time, causing delays in all manner of exports.

The Chinese government has tightened its restrictions on urea exports compared to previous efforts. In the past, authorities were allowed to export small lots of 5,000-8,000 mt to South Korea for its pollution control measures and to regional buyers. Now, however, even these small lots are being held back.

January-May urea exports totaled 65,000 mt, Trade Data Monitor reported, down 92% from the year-ago 785,000 mt. South Korea took 27,000 mt, Hong Kong received 10,000 mt, and Malaysia purchased 8,000 mt.

South Korea:

In response to last year’s limitations on Chinese urea exports, South Korean buyers sought alternative suppliers to meet their needs. Beijing’s latest export restrictions have left the South Korean government concerned about securing enough urea, though the government is less worried than it was last year.

The steps to replace Chinese urea with product from the Arab Gulf, Vietnam, and Indonesia have begun to pay off. At the same time, Seoul is considering an offer of support to companies looking to establish a limited domestic urea production operation.

South Korea imported 385,000 mt of urea in during the first five months of the year, Trade Data Monitor reported, a 5% increase from the year-ago 368,000 mt. Qatar shipped 115,000 mt, Vietnam added 91,000 mt, and Indonesia sent 46,000 mt.

China sent 28,000 mt during the period, down from 154,000 mt in 2023 and 135,000 mt in January-May 2022. May imports were reported at 32,000 mt, falling more than half from the 70,000 mt received in the prior May.

Brazil:

Sources noted softer demand for the week due to rising urea prices, leaving buyers wary. The restoration of gas supply in Egypt combined with lower international prices could lead to a price correction in Brazil, players speculated, potentially helping growers to complete summer crop purchases. With imports from Nigeria and Qatar rising by nearly 25% and 5%, respectively, January-May import volumes are now similar to those seen one year earlier.

Granular urea imports softened by $5/mt, breaking a five-week uptrend to settle at $360-$370/mt CFR. Multiple offers were reported for tons originating from Oman, Nigeria, and Russia.

Rondonópolis prices rose another 6% to $500-$530/mt FOB, though a small number of negotiations were reported in the $490-$495/mt FOB range.