All posts by hlancey@bloomberg.net

Ammonium Nitrate

Ammonium Nitrate, Market Watch, South Central, Southeast, Southern Plains, United Kingdom, Western Cornbelt

Western Cornbelt:

Ammonium nitrate was quoted at $375-$410/st FOB in Missouri, with the low reported at Caruthersville and the high in northern locations in the state.

Southern Plains:

The last ammonium nitrate offers were pegged at the $365-$375/st FOB range in Oklahoma.

South Central:

The ammonium nitrate market slipped to a broad $300-$370/st FOB range in the South Central region, with the low reported at Yazoo City, Miss., and the high out of spot river terminals in Kentucky.

Southeast:

The latest ammonium nitrate offers in Florida were confirmed at the $470/st FOB level in early June.

United Kingdom:

CF UK announced a new ammonium nitrate price of £320/mt CPT for June-August deliveries, marking a £5/mt increase from CF’s previous price. In addition, the producer is reportedly offering September volumes at £327/mt CPT.

Ammonium Sulfate

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

US Gulf:

The NOLA ammonium sulfate barge market remained at $390-$395/st FOB for the last confirmed business, though no new transactions were reported during the week.

Eastern Cornbelt:

Granular ammonium sulfate remained 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 was pegged at $410-$430/st FOB in the Western Cornbelt, with the low reported at St. Louis.

Southern Plains:

Granular ammonium sulfate was quoted in a broad range at $380-$440/st FOB in the Southern Plains, down from the prior $410-$465/st FOB. The Catoosa/Inola market was reported at $425-$440/st FOB in early June, while the latest offers at Houston, Texas, fell in the $380-$400/st FOB range.

South Central:

Ammonium sulfate prices were quoted at $400-$440/st FOB in the South Central region, with the low reported in Kentucky and the high in Arkansas. The Memphis market was pegged at the $425/st FOB level during the week.

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 the region 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.

Northwest Europe:

Standard ammonium sulfate prices in Northwest Europe ticked higher this week, with several lots sold in the €140-€150/mt FOB range, or $152-$163/mt FOB at midweek exchange rates. Granular ammonium sulfate prices were also higher at €190-€200/mt FOB, or $206-$217/mt FOB. Western European producers are reportedly well committed through the summer months.

China:                                                                                                                   

Prices have moved up in the face of strong, steady demand and weakening supply, sources said, lifting standard ammonium sulfate to $140-$145/mt FOB. The $15/mt jump from last week came as NPK producers stepped up demand for amsul at the same time Chinese production waned.

Turkey:                                                                                                                 

January-April ammonium sulfate imports in Turkey totaled 450,000 mt, according to Trade Data Monitor, a marginal decline from the year-ago 489,000 mt. China sent 385,000 mt for the period. April imports were noted at 68,000 mt, a significant drop from the 185,000 mt received in April 2023.

Brazil:

Ammonium sulfate imports moved up to $180-$185/mt CFR, a $5/mt week-over-week increase, with buyers continuing to target third-quarter deliveries. With no new developments reported in the Rondonópolis market, prices firmed slightly to $305-$315/mt FOB from the prior week’s $300-$315/mt FOB range.

DAP/MAP

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

Central Florida:

Central Florida DAP trucks softened to $560-580/st FOB, off from $580/st FOB at last report, while truck-loaded MAP held its value at $600/st FOB. North Florida MAP postings continued at $630/st FOB.

US Gulf:

NOLA phosphate barges continued to press higher for the week. DAP barges lifted to $528-$535/st FOB from $520-$535/st FOB, an $8/st increase at the low side of the range, while MAP barges moved up 5.3%, to $590-$600/st FOB from the week-ago $550-$580/st FOB.

US Exports:

DAP cargoes exported from the US Gulf continued at $550/mt FOB for the latest business. With no spot transactions reported in recent months, the last-done MAP price continued at the $570/mt FOB level.

Eastern Cornbelt:

DAP prices continued to fall, with the latest prompt pricing in the Eastern Cornbelt reported at $600-$640/st FOB, down another $20/st from last week. The low was reported out of spot Illinois River terminals for June-July offers, while the Cincinnati market was quoted at $630-$640/st FOB in early June.

MAP slipped to $638-$670/st FOB in the region, down from last week’s $640-$685/st, with the Cincinnati market reported at $660-$670/st FOB during the week.

Western Cornbelt:

DAP was quoted at $640-$660/st FOB in the Western Cornbelt, with MAP pegged in the $660-$680/st FOB range in the region. Pricing at St. Louis remained at $640-$650/st FOB for DAP and $665-$675/st FOB for MAP in early June.

Southern Plains:

DAP at Catoosa/Inola slumped to $620-$630/st FOB for prompt tons, down from the prior $635-$660/st FOB range. MAP pricing in the Southern Plains slipped to $630-$675/st FOB from the previous $645-$675/st FOB, depending on location, with the Catoosa/Inola market quoted at the $640-$650/st FOB level.

South Central:

DAP pricing in the South Central region slipped to a low of $610-$620/st FOB in Kentucky and Memphis, down from the previous low of $635/st FOB, with the upper end of the regional range reported at the $665/st FOB level in Arkansas on a spot basis.

Southeast:

The Aurora, N.C., MAP price remained at $650/st FOB in early June.

Benelux:

DAP prices in Benelux were flat at €585-€595/mt FCA, or $636-$647mt FCA at midweek exchange rates, amid lackluster demand and no reports of new-season offers. In neighboring Southern Europe, offers are some $10/mt higher at $650/mt FCA, but failing to find traction.

Morocco:

Moroccan DAP prices retreated slightly this week, with netbacks from sales into Europe pushing the high end of the range down $5/mt from last week. Sales from Tunisia were heard in the $540-$550/mt FOB range, consistent with the midpoint of Moroccan netbacks.

Baltic:

MAP prices in the Baltic ticked higher to $530-$540/mt FOB this week, fueled by continued upward momentum in Brazilian CFR levels.

China:                                                                                                                   

Producers have been pushing for higher DAP prices and got them this week, with sources reporting small lots of 6,000-12,000 mt selling at $520-$525/mt FOB. Talks for larger cargoes projected to become available in July will start at $530/mt FOB, traders said.

India continues to need DAP. At the same time, Bangladesh and Pakistan are expected to enter the market soon. While the latter two countries do not purchase as much as India, their demand – when added to India’s – is expected to substantially boost the price of DAP on the global market.

Some buyers may succeed in limiting the price increase, or even manage a price reduction in their deals. However, sellers have previously included clauses in such transactions to prevent buyers from disclosing either pricing or supplier information.

India:                                                                                                                     

Another buyer for India has picked up a DAP cargo at $518/mt CFR. Players now expect prices to move up to $525/mt CFR for June and July orders.

Sources put India’s current DAP stockpile at 1.5 million mt, against remaining 2024 demand of 4.5 million mt. India will have to step up its buying program to meet the needs of growers, traders said.

Indonesia:                                                                                                             

A Pupuk Holdings tender has closed for 100,000-120,000 mt to be delivered over six months to various ports. Shipments will be made in 6,000-12,000 mt lots, sources said, most likely in containers. The settled price was reported at $525-$540/mt CFR, depending on shipping date and port of delivery.

The only suppliers ready to handle the small lots required by Pupuk are based in China, players said. With Chinese prices currently reported at $525/mt FOB, matching a delivered price of $525/mt CFR could be difficult, sources noted, unless the material was purchased in May when prices were lower.

Brazil:

The landed MAP price firmed $15/mt at the high end, to $575-$595/mt CFR from last week’s $575-$580/mt CFR. The market is focused on securing product for the soybean season, and reports of limited availability pushed offers as high as $600/mt CFR for the week. Some market players expressed concern that lower soybean prices, mixed with higher phosphate values, could trigger demand destruction.

Following weeks of stability in the inland MAP barter market, rising demand and firming international values stoked price increases at Rondonópolis, pushing negotiations to the $720-$750/mt FOB range from last week’s $700-$735/mt FOB. The sales, for use in the region’s summer crops, were noted coming late in the season compared to recent years.

TSP

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

US Gulf:

NOLA TSP barges lifted to $430-$465/st FOB, sources said, up $5-$16/st from last week’s $425-$449/st FOB range.

Eastern Cornbelt:

TSP remained at $500-$510/st FOB in the Eastern Cornbelt, with the lower end of the range reported at Cincinnati.

Western Cornbelt:

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

South Central:

The TSP market remained at $500-$520/st FOB in the South Central region, with the low reported at Memphis and the high in Arkansas.

Brazil:

Brazil TSP prices gained $10/mt at the top of the range, moving to $425-$445/mt CFR from $425-$435/mt CFR on reports of limited availability. The market’s newest offers appeared to be for August arrival, sources noted.

Some Rondonópolis sellers reportedly pulled TSP prices during the week amid a backdrop of rising phosphate values and tight supply. The limited remaining offers tracked in the $545-$560/mt FOB range, off from $560/mt FOB in the prior week.

SSP

Brazil, Market Watch, SSP

Brazil:

Import prices for SSP 19-21 firmed to $210-$235/mt CFR, a $10-$15/mt week-over-week increase. Due to limited availability of higher-concentration phosphates in Brazil, buyers are increasingly turning to SSP to secure their needs. Rondonópolis prices followed the broader phosphate market to $345-$365/mt FOB, a $5-$10/mt increase from last week.

Phosphoric Acid

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

Eastern Cornbelt:

June phosphoric acid pricing dropped to $10.50/unit rail-DEL in the Eastern Cornbelt, down from May’s $12.50/unit price.

Western Cornbelt:

The phos acid market was reported at $10.50/unit rail-DEL in the Western Cornbelt for June tons, down from the $12.50/unit May reference price.

Southern Plains:

Phos acid dropped to $10.50/unit rai-DEL for June tons in the Southern Plains.

Ammonium Polyphosphate

Ammonium Polyphosphate, Eastern Cornbelt, Market Watch, Southern 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:

10-34-0 was steady at $550-$575/st FOB in the Western Cornbelt, with the low reported in Nebraska and the high in Iowa.

Southern Plains:

10-34-0 remained at $535/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, Southern Plains, U.S. Gulf, Western Cornbelt

US Gulf:

The NOLA potash market remained at $290-$300/st FOB for the latest business, unchanged from last week.

Eastern Cornbelt:

Potash was quoted at $340-$360/st FOB in the Eastern Cornbelt, with the low reported on the Illinois River. The Cincinnati market remained at $350-$355/st FOB for the latest offers. Sources said they expect summer fill programs to be announced soon.

Western Cornbelt:

Potash was flat at $340-$360/st FOB in the Western Cornbelt, depending on location, with the low reported at St. Louis and the high in Iowa.

Southern Plains:

The potash market was reported at $350-$360/st FOB Catoosa/Inola, down from $355-$370/st FOB at last report. Potash 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:

South Central potash dropped to $340-$365/st FOB regional warehouses in early June, down $5-$10/st from last report.

Southeast:

Potash was pegged at $335-$345/st FOB in the Southeast, with the low confirmed at Wilmington. Rail-DEL offers were reported at the $345-$365/st level in the region.

Northwest Europe:

Potash prices in Northwest Europe were unchanged for both granular and standard product this week amid continued muted demand.

Attention has turned toward new-season prices, which are eagerly awaited by buyers and should be issued in June. Granular prices in Northwest Europe remained at €340-€350/mt CIF, while standard potash was steady at €320-€330/mt CIF.

Southeast Asia:

Standard potash prices in the region were flat at $280-$300/mt CFR, while market participants continued to eye the long-awaited India contract settlement. Granular prices were also flat at $335-$355/mt CFR.

No updates were heard on the FACT India tender for 40,000 mt. The Pupuk Indonesia tender for 250,000 mt was reportedly awarded at $299/mt CFR, near the high end of the range, a fact which some interpret as a supportive signal for prices going forward.

Brazil:

Imported potash prices were steady at $305-$315/mt CFR. While some sellers expect rising prices in the short term, discounts are reportedly available for large-volume purchases.

With the potash market still within the season’s “ideal purchasing window,” players noted balanced supply and demand conditions at Rondonópolis. Pricing for the week was noted at $420-$445/mt FOB ex-warehouse, up $5/mt from the week-ago $440/mt FOB high.

Sulfur

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

Tampa:

The second-quarter Tampa molten sulfur contract was reported at $81/lt CFR, up 17.4% from $69/lt CFR in the first quarter.

US Gulf:

US Gulf sulfur prices were noted at $82-$85/mt FOB for the latest transactions, a slight increase from $80-$85/mt FOB at last report, though multiple players voiced expectations of a decline to $77-$80/mt FOB in the next round of business.

Brazil:

Brazil sulfur imports softened to $104-$106/mt CFR from the prior $110-$115/mt CFR level.

Vancouver:   

Vancouver prilled sulfur exports were stable in the $74-$77/mt FOB range, players said.

Alberta:

Alberta sulfur netbacks continued at (-)$34-$11/mt FOB, with both molten sulfur cargoes contracted into the US market and solid material exported through the Vancouver export market included in the range.

West Coast:

West Coast prills continued at $74-$77/mt FOB, sources said, in line with the Vancouver market. Second-quarter molten contracts were reported at $60-$62/lt FOB, above $50-$55/lt FOB in 1Q.

China:

The China market slipped to $101-$105/mt CFR, down from $105-$110/mt CFR in the prior report.

ADNOC:

Abu Dhabi National Oil Co. (ADNOC) sulfur was posted at $87/mt FOB Ruwais for May loading. An updated June price is expected soon.

Qatar:

June Muntajat prices were posted at $79/mt FOB Ras Laffan, a $7/mt decrease from $86/mt FOB in May.