All posts by hlancey@bloomberg.net

UAN

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

US Gulf:

The NOLA UAN market remained at $220-$225/st ($6.88-$7.03/unit) FOB for the latest indications, though sources once again confirmed no new barge business during the week. Sources reported good sidedress movement in the Midwest, with demand centered in the Cornbelt and Southern Plains.

US Imports:

April UAN imports firmed 127.1%, to 397,171 st from the year-ago 174,869 st. Imports totaled 2.06 million st in July-April, however, off 10.9% from 2.34 million st in the prior year. Russia sent 1.12 million st for July-April. Trinidad and Tobago shipped 471,745 st, ahead of 402,783 st from Canada. 

US Exports:

April UAN exports were noted at 22,601 st, a 78.0% decline from the year-ago 102,526 st. July-April volumes were off 31.4%, at 1.42 million st compared to the 2.06 million st posted one year earlier. France purchased 375,889 st of UAN from the US in July-April, Australia took 337,767 st, and Argentina received 210,302 st.

Eastern Cornbelt:

The UAN-32 market remained at $255-$270/st ($7.97-$8.44/unit) FOB in the Eastern Cornbelt, with the low reported at Mount Vernon, Ind. The latest Cincinnati offers continued at $265/st ($8.28/unit) FOB for UAN-32 and $231.88/st ($8.28/unit) FOB for UAN-28.

Western Cornbelt:

UAN-32 was unchanged at $260-$275/st ($8.13-$8.59/unit) FOB in the Western Cornbelt, with the low confirmed at St. Louis and the high in Iowa.

Northern Plains:

The UAN-32 market dipped to $265-$280/st ($8.28-$8.75/unit) FOB Minnesota terminals. Reference prices for UAN-28 in North Dakota included $270/st ($9.64/unit) FOB and $315/st ($11.25/unit) DEL for tons shipped from Canada.

Northeast:

UAN-32 in the Northeast was quoted at $285-$295/st ($8.91-$9.22/unit) FOB Baltimore and Fairless Hills during the week. The latest offers out of terminals in upstate New York were reported at the $340/st ($10.63/unit) FOB level.

The 27-0-0-3S market was pegged at $258/st FOB Baltimore, down $12/st from last report, while 28-0-0-5S pricing was reported at the $292/st level FOB Baltimore.

Eastern Canada:

UAN-28 in Eastern Canada slipped to C$406-$460/mt (C$14.50-$16.43/unit) FOB in mid-June, down C$10/mt at the bottom of the range. The UAN-32 market in Ontario was down C$11/mt, to the C$464/mt (C$14.50/unit) FOB level.

France:

UAN purchasing at Rouen has slowed down, with the French market reported as more than 50% covered for the 2024/25 season. UAN prices were stable at €245-€265/mt FCA.

Ammonium Nitrate

Ammonium Nitrate, France, Market Watch, U.S. Exports, U.S. Imports, United Kingdom, Western Cornbelt

US Imports:

Ammonium nitrate imports for July-April slipped 0.5% year-over-year, to 268,226 st from 269,478 st. April imports were 38,392 st, down 23.3% from 50,056 st in the year-ago period. Canada sent 222,211 st in July-April, Russia followed with 43,333 st, and China added 890 st.

US Exports:

Ammonium nitrate exports firmed 37.2% in July-April, to 685,488 st from the year-ago 499,695 st. April shipments were 51,440 st, however, down 34.5% from 78,510 st in the previous April. Canada received 356,265 st of US product in July-April, Mexico purchased 231,314 st, and Lithuania took 39,690 st.

Western Cornbelt:

Ammonium nitrate pricing fell to $345-$360/st FOB in the Western Cornbelt, down from the prior $375-$410/st FOB range, with the low reported in southwestern Missouri and the high in northeastern areas of the state.

France:

Prompt ammonium nitrate prices in France were unchanged at €340-€355/mt CPT as the French market remains broadly inactive. Yara’s new price of €360/mt CPT for August has yet to attract any interest.

United Kingdom:

After it increased its prompt price by £10/mt last week, CF UK is now reportedly offering November ammonium nitrate volumes at £330/mt CPT. Offers for imported product have also moved some £5/mt higher, to £300-£305/mt CIF.

Ammonium Sulfate

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

US Gulf:

The last NOLA ammonium sulfate barge business remained at the $385-$390/st FOB level.

US Imports:

Ammonium sulfate imports for July-April firmed 58.7%, to 1.06 million st from the year-ago 666,249 st. April imports inched down 0.1%, however, to 147,836 st from 147,953 st in April 2023.

Imports from Canada were noted at 441,568 st for July-April, ahead of 193,422 st from Belgium. The Netherlands leapfrogged Germany and Russia into third place with 116,160 st, ahead of Germany’s 105,423 st.

US Exports:

Ammonium sulfate exports softened 17.5% in July-April, to 547,210 st from the year-ago 663,012 st. April exports were counted at 20,770 st, dropping 65.7% from the 60,502 st reported one year earlier.

Exports to Peru totaled 161,999 st in July-April, followed by Canada with 75,194 st. Mexico took 57,083 st, ahead of 51,695 st sent to the Dominican Republic.

Eastern Cornbelt:

Granular ammonium sulfate was steady at $415-$435/st FOB in the Eastern Cornbelt, with the low confirmed at Illinois River locations and the high in Ohio.

Western Cornbelt:

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

Northern Plains:

Sources quoted the latest prompt granular ammonium sulfate offers in the Northern Plains at $390-$410/st FOB St. Paul, Minn., $400-$425/st FOB North Dakota terminals, and $430/st DEL in North Dakota.

Northeast:

The granular ammonium sulfate market remained at $415-$430/st FOB and $415-$425/st DEL in the Northeast in mid-June.

Eastern Canada:

The ammonium sulfate market fell to C$555-$675/mt FOB in Eastern Canada, depending on location and supplier, with the low end of the range reflecting a C$15/mt drop from last report.

China:

Reports of lower urea prices were expected to pressure the ammonium sulfate market lower. The lowest price offered into a Thai caprolactam grade amsul tender during the week showed a netback of $170-$175/mt FOB to China. At the same time, sources in China reported the current market in the low-$170s/mt FOB, reflecting a $10/mt drop from last report.

January-May ammonium sulfate exports totaled 5.3 million mt, according to Trade Data Monitor, a 14% increase on the year-ago 4.7 million mt. Brazil was China’s largest buyer with 881,000 mt. May exports were 1.3 million mt, above the 1 million mt shipped in May 2023.

South Korea:

Trade Data Monitor reported January-May ammonium sulfate exports at 19,000 mt, down significantly from the 72,000 mt sent through the first five months of 2023, with most of the exports shipping in May. May exports of 19,000 mt were all sent to New Zealand, down about 25% from the 25,000 mt shipped in May 2023.

Fewer exports from South Korea could indicate stronger domestic demand for amsul in blended fertilizers, sources speculated.

Brazil:

Brazil granular ammonium sulfate traded at a flat $200/mt CFR, in the middle of last week’s $195-$205/mt CFR range.

Following weeks of rising international prices, Rondonópolis prices firmed 6%, to $325-$335/mt FOB. Recent softening in the international nitrogen market could weigh on Brazil amsul in the near term, however.

Higher imports in 2024 – pegged at approximately 1.27 million mt in January-May – could also pressure prices. The import growth was highlighted by a 7% increase in product received from China, which is currently trading at lower prices in the domestic market.

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, U.S. Imports, Western Cornbelt

Central Florida:

Central Florida DAP trucks moved up $10/st to a flat $570/st FOB, while MAP held steady at $600/st FOB. North Florida MAP prices were stable at $630/st FOB.

US Gulf:

NOLA DAP traded multiple times in the $540-$555/st FOB range, players said, rising from $540-$546/st FOB at last report, while third-quarter trades were reported at $550-$555/st FOB.

Thin availability continued to impact the MAP barge market. Sources reported business concluding at $643/st FOB, above last week’s $600-$620/st FOB range.

US Imports:

April DAP imports were 70,369 st, a sharp increase from the year-ago 2,421 st. July-April volumes totaled 1.50 million st, up roughly 100.0% from 747,815 st in the prior year. July-April imports from Saudi Arabia were noted at 937,180 st, followed by 294,902 st from Jordan. Egypt shipped 126,765 st.

April MAP/Other imports stood at 89,036 st, up 2,606.3% from the 3,290 st reported last April. July-April volumes were noted at 866,049 st, a 22.4% rise from the year-ago 707,770 st. Saudi Arabia topped the seller list with 272,232 st, beating 193,865 st from Mexico and 175,777 st from Tunisia.

US Exports:

The last reported DAP export business continued at $550/mt FOB. With no MAP exports reported from the US Gulf in recent months, the market’s last public spot transaction continued to be quoted at the $570/mt FOB level.

DAP exports softened 49.9% in April, to 20,221 st from the year-go 40,343 st. July-April exports were 381,697 st, down 39.7% from the prior 633,291 st. US DAP sellers sent 95,398 st to Peru in July-April, ahead of 70,444 st to Uruguay and 49,209 st to Brazil. Canada took 48,033 st.

July-April MAP/Other exports were counted at 1.75 million st, down 4.1% from the year-ago 1.82 million st. April shipments fell 4.5%, to 210,069 st from 219,961 st in the prior April. Canada received 1.43 million st of MAP from the US in July-April, ahead of 111,136 st to Australia and 44,189 st to Brazil. Mexico bought 42,943 st.

Eastern Cornbelt:

DAP remained at $600-$640/st FOB in the Eastern Cornbelt, with the low reported out of spot Illinois River terminals for June-July offers. MAP prices firmed to $660-$685/st FOB in the region, depending on location. The latest Cincinnati offers were pegged at $615-$620/st FOB for DAP and $675-$685/st FOB for MAP.

Western Cornbelt:

DAP remained at $630-$650/st FOB and MAP at $660-$680/st FOB in the Western Cornbelt, with the St. Louis market pegged at $640-$650/st FOB for DAP and $665-$675/st FOB for MAP.

Northern Plains:

DAP was pegged at $640-$660/st FOB St. Paul, with MAP at $670-$680/st FOB.

Northeast:

DAP slipped to $675/st FOB East Liverpool, down $5-$10/st from last report, with MAP unchanged at the $700/st FOB level at that location.

Eastern Canada:

MAP pricing in Eastern Canada slipped to C$955-$995/mt FOB, down C$20/mt at the low end of the range, with DAP falling to C$925/mt FOB Montreal, also down C$20/mt.

Benelux:

DAP prices in Benelux were stable at €590-€600/mt FCA. This translates to a lower $633-$643/mt FCA range at midweek exchange rates, with the euro depreciating against the US dollar. While availability is limited given trends in the global market, demand is also muted.

Morocco:

A flurry of Moroccan DAP sales into Europe reflected netbacks of around $585/mt FOB, representing the high end of the range. Indian netbacks from bids received in the recent RCF tender reflected the low end at $495/mt FOB.

Up to $600/mt FOB was reportedly achieved on European sales, but for very small volumes and was therefore not included in the weekly range. No new Tunisian sales were reported, but indicative prices were reported as broadly in line with Moroccan values.

Baltic:

MAP prices in the Baltic moved up to $540-$560/mt FOB, reflecting higher Brazilian CFR levels.

China:

Sources reported regular small-lot DAP shipments of under 10,000 mt from China, mostly shipped in containers, with no reports of large cargoes being loaded for export. Prices remained in the low-$520s/mt FOB.

January-May DAP exports were counted at 1 million mt, Trade Data Monitor reported, down about one-third from the 1.5 million mt shipped through the same period of 2023. India took about 25% of the exports with 257,000 mt, followed by Thailand with 146,000 mt and Vietnam with 136,000 mt. May exports were 487,000 mt, down slightly from 516,000 mt in May 2023.

China exported 615,000 mt of MAP in January-May, a 30% decline from the year-ago 878,000 mt. Brazil took 226,000 mt, Argentina bought 84,000 mt, and Australia received 78,000 mt. May exports were 305,000 mt, up 47% from 208,000 mt in May 2023.

India:

DAP supplies are low in India, and several state-owned enterprises have conducted tenders to set a price for additional purchases. The most recent call was orchestrated by National Fertilizers Ltd. (NFL), which received only one offer in the upper-$530s/mt CFR.

While NFL scrapped the tender after receiving just the single offer, sources said the Indian market appears to sit in the $530s/mt CFR. Another test of pricing ideas will come on June 25, when a Rashtriya Chemicals and Fertilizers (RCF) tender for 100,000 mt of DAP is scheduled to close. The company requested deliveries to be split evenly between the east and west coasts.

The size of the tender indicates that RCF is looking to send DAP directly to farmers instead of using it for NPK production, sources said. One trader noted that RCF’s NPK plant can only accommodate cargoes of 20,000 mt or less.

For now, the price of DAP is too expensive for any of the private-sector companies to import and make a profit. Based on current import prices, the maximum selling price will not allow importers to make any money – even once subsidies are applied. However, state-owned enterprises have other ways of receiving government support to cover DAP imports, said one trader.

If the DAP price remains high, one trader noted that some farmers may consider substituting urea for DAP, even if the nutrient formulation is not optimal for their crops.

DAP imports softened 53% in January-April, according to Trade Data Monitor, falling to 726,000 mt from the year-ago 1.5 million mt. Saudi Arabia sent 384,000 mt for 53% of imports, followed by Morocco with 232,000 mt. April imports were reported at 238,000 mt, a slight decline from the 242,000 mt received one year earlier.

The limits on Chinese DAP exports were evident in the Indian import numbers. January-April imports were reported at 33,000 mt, a 90% drop from the 324,000 mt received in January-April 2023.

Brazil:

MAP imports climbed to $610-$620/mt CFR, up from $600-$605/mt CFR at last report. New offers were reportedly scarce amid an ongoing period of high demand, sources said.

Supply limitations continued to affect some regions of midwestern Brazil, leading to higher prices in recent weeks. While there were no definitive shortages in the country’s southeast and northeast areas, short-term availability was reduced. Despite the higher prices, the market progressed well in recent negotiations, with just 10-20% of seasonal phosphate demand remaining in Mato Grosso state. Rondonópolis prices continued at $730-$760/mt FOB.

Brazil’s import window has narrowed heading into July, and product from some international trade partners will take too long to arrive for the current season. Imports of Russian MAP remained above 950,000 mt for the year-to-date, a 2% decrease from 2023, while larger import declines were seen from Morocco and the US.

TSP

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

US Gulf:

NOLA TSP barges strengthened 2.6% to settle at $475-$495/st FOB, above $465-$480/st FOB in the previous week, with the range’s low side reportedly trading early in the week.

Eastern Cornbelt:

TSP was unchanged at $500-$510/st FOB in the Eastern Cornbelt, with the low reported at Cincinnati.

Western Cornbelt:

TSP was steady at $510-$520/st FOB in the Western Cornbelt, with the low reported at St. Louis.

Brazil:

Landed TSP prices increased by $5/mt to settle at a flat $450/mt CFR. Players reported limited availability, with the next offers pointing to August arrivals.

Signaling another week of uncertainty and suspended price lists, many players remained out of the TSP market due to short-term challenges in securing supply. The latest indications continued at $550-$570/mt FOB Rondonópolis.

SSP

Brazil, Market Watch, SSP

Brazil:

Brazil SSP prices were unchanged at the week-ago $210-$240/mt CFR level.

Rondonópolis SSP 19-21 moved up to $350-$380/mt FOB, while increased demand pushed SSP-23 up to $395-$410/mt FOB. Operations in Serra do Salitre could lead to supply increases in nearby regions, sources indicated.

Phosphoric Acid

Eastern Cornbelt, Market Watch, Northern Plains, Phosphoric Acid, U.S. Exports, Western Cornbelt

US Exports:                                 

Wet-process phosphoric acid exports moved 292.8% higher in April, to 44,233 st from 11,261 st in April 2023. July-April exports firmed 16.5%, to 306,207 st from the year-ago 262,949 st. India took 172,953 st of US phos acid in July-April. Mexico followed with 84,498 st, while Canada bought 45,418 st.

Eastern Cornbelt:

June phosphoric acid pricing continued at $10.50/unit rail-DEL in the Eastern Cornbelt.

Western Cornbelt:

The phos acid market remained at $10.50/unit rail-DEL in the region for June tons.

Northern Plains:

Phos acid reference pricing for June was reported at $10.50/unit rail-DEL in the Northern Plains.

Ammonium Polyphophate

Ammonium Polyphosphate, Eastern Cornbelt, Market Watch, Northeast, Northern Plains, Western Cornbelt

Eastern Cornbelt:

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

Western Cornbelt:

The 10-34-0 market remained at $550-$575/st FOB in the Western Cornbelt, depending on location.

Northern Plains:

10-34-0 pricing in the Northern Plains was steady at $570-$580/st FOB in mid-June, depending on location.

Northeast:

10-34-0 was quoted at $575/st FOB in New York, up $25/st from last report.

Muriate of Potash

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

US Gulf:

The NOLA potash market dropped to $275-$285/st FOB based on the latest offers, down from the prior $290-$300/st FOB range. The drop was fueled by lower offers for imports and Nutrien’s July 20 fill program prices for third-quarter shipment.

US Imports:

Potash imports for April moved 19.6% higher year-over-year, to 1.60 million st from 1.34 million st. July-April imports firmed 20.5%, to 12.18 million st from 10.11 million st in the prior July-April. Imports from Canada were reported at 10.39 million st in July-April, Russia sent 1.37 million st, and Israel added 297,033 st.

US Exports:

Potash exports rose 41.6% in April, to 543,084 st from 383,422 st in April 2023. July-April totals softened 0.2% year-over-year, however, to 3.127 million st from 3.133 million st. Exports to Brazil totaled 670,554 st for the July-April fertilizer year-to-date, followed by 582,456 st to China and 327,809 st to South Korea.

Eastern Cornbelt:

Nutrien announced a summer fill program for potash on June 20, with orders required by June 27 for tons shipped before Sept. 30. Fill prices were reported at $330/st FOB Midwest river terminals and $335/st FOB inland warehouses, with a $20/st increase for 4Q shipments.

Prior to the program announcement, sources were reporting prompt potash pricing in the $340-$360/st FOB range in the region, depending on location.

Western Cornbelt:

Potash fill offers on June 20 were reported at $330-$335/st FOB in the region for tons pulled in the third quarter, with the low out of river terminals and the high at inland warehouses. The last prompt business was quoted in the $340-$360/st FOB range in the Western Cornbelt.

Northern Plains:

The latest potash offers in the Northern Plains were quoted at $335-$365/st FOB and $360-$380/st DEL, with the lower end of the FOB range reflecting summer fill pricing.

Northeast:

Potash in the Northeast dropped to $365-$385/st FOB for the latest prompt offers, down from the prior $385-$393/st FOB range, with the low reported at Fairless Hills and the high at East Liverpool. Nutrien on June 20 reportedly came out with summer fill offers down to $335/st FOB out of East Coast warehouses for the third quarter.

Eastern Canada:

Potash was steady at C$580/mt FOB regional warehouses for prompt red granular tons in Eastern Canada. While potash fill offers were reportedly circulating late in the week, no details were available on pricing.

Northwest Europe:

Potash prices in Northwest Europe were flat this week following last week’s decline. Muted demand and a lack of fresh new-season prices are expected to continue weighing on both standard and granular potash in the weeks to come. Sources reported ample supplies of standard product and adequate supply of granular.

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

Southeast Asia:

Declining palm oil prices and a lack of market direction from the delayed Indian contract resulted in flat potash prices in Southeast Asia. Standard potash was quoted at $280-$300/mt CFR, with Belarusian product reportedly offered within this range. Granular product was pegged at $335-$355/mt CFR, with lower offers of Russian origin suggested but not yet confirmed.

India: 

January-April potash imports firmed 47% year-over-year, Trade Data Monitor reported, to 712,000 mt from 483,000 mt. Canada sent 307,000 mt, Russia shipped 183,000 mt, and Jordan added 109,000 mt. April imports were 209,000 mt, up significantly from the 124,000 mt received in April 2023.

China:

January-May potash imports totaled 5.7 million mt, according to Trade Data Monitor, a significant increase from the4.2 million mt purchased during the same period of 2023. Russia supplied 1.8 million mt, followed by Canada and Belarus with 1.3 million mt each. May imports were 1 million mt, rising from 659,000 mt in May 2023.

Brazil:

Potash import prices were steady at last week’s $305-$315/mt CFR, while offers noted up to $320/mt CFR reportedly failed to attract a buyer. Rising imports and stable demand held Rondonópolis prices at $420-$450/mt FOB, with most business trending toward the upper end of the range.