All posts by hlancey@bloomberg.net

UAN

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

US Gulf:

The UAN barge market remained at an indicative $235-$245/st ($7.34-$7.66/unit) FOB NOLA based on netbacks from upriver terminal pricing, though no actual barge transactions were reported during the week.

Eastern Cornbelt:

The UAN-32 market was quoted at $260-$275/st ($8.13-$8.59/unit) FOB in the Eastern Cornbelt, down from $270-$290/st ($8.44-$9.06/unit) FOB, with the low confirmed at Cincinnati during the week. The latest UAN-28 offers at Cincinnati were reported at the $228-$236.25/st ($8.14-$8.44/unit) FOB level, down from $240.63/st ($8.59/unit) FOB.

Western Cornbelt:

UAN-32 was unchanged at $270-$290/st ($8.44-$9.06/unit) FOB for prompt tons in the Western Cornbelt, depending on location, with the low confirmed at St. Louis.

Northern Plains:

The UAN-28 market was quoted at $250-$265/st ($8.93-$9.46/unit) FOB terminals in the Northern Plains, with reference prices for delivered tons from Canada holding at $325/st ($11.61/unit) level for the last confirmed offers.

Great Lakes:

The UAN-28 market was pegged in a broad range at $248-$287/st ($8.86-$10.25/unit) FOB in the Great Lakes region, depending on location, with the higher end of the range reported out of Michigan terminals.

Northeast:

The temporary channel has allowed Baltimore UAN inventories to be partially restocked as the first sidedress applications begin on early-planted corn in the Northeast.

UAN-32 pricing in the region slipped to $275-$295/st ($8.59-$9.22/unit) FOB for the latest offers, down from the previous $310-$320/st ($9.69-$10.00/unit) FOB range. Both the high and low ends of the range were reported at Baltimore in late May, while offers at Fairless Hills were quoted at the $295/st FOB level during the week.

The latest 27-0-0-3S offers were pegged at the $270/st level FOB Baltimore.

Eastern Canada:

UAN-28 pricing in Eastern Canada slipped to C$416-$460/mt (C$14.86-$16.43/unit) FOB in late May, just C$4/mt lower at the bottom of the range. The UAN-32 market in Ontario was down C$5/mt, to C$475/mt (C$14.84/unit) FOB.

France:

Rouen UAN prices ticked higher, following the bullish momentum in the urea market. The latest indications were reported at €215-€230/mt FCA, though business as high as €235/mt FCA is believed possible by some sellers. The previous week’s €210-215/mt FCA offers were no longer deemed workable.

Ammonium Nitrate

Ammonium Nitrate, France, Market Watch, United Kingdom, Western Cornbelt

Western Cornbelt:

Ammonium nitrate remained at $365-$410/st FOB in Missouri, with the low reported in the south and the high in northern parts of the state.

France:

Yara on May 27 announced a new ammonium nitrate price of €355/mt CPT for July deliveries, up €15/mt from the previous list price announced last week. The weekly price range for France was quoted at €340-€355/mt CPT, with the low reflecting sales of limited volumes at Yara’s previous price.

United Kingdom:

With no news of a new ammonium nitrate price from CF, the UK market remained flat at last week’s £315/mt CPT. CF is expected to issue new pricing soon, however, buoyed by stable-to-rising ammonia prices and a bullish urea market.

Ammonium Sulfate

Ammonium Sulfate, Brazil, China, Eastern Canada, Eastern Cornbelt, Great Lakes, Indonesia, Market Watch, Northeast, Northern Plains, Northwestern Europe, Thailand, U.S. Gulf, Western Cornbelt

US Gulf:

The ammonium sulfate barge market slipped to $390-$395/st FOB based on the latest trades, down $5/st from last week’s $395-$400/st FOB range.

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. The Cincinnati market was quoted at $430-$435/st FOB in late May.

Western Cornbelt:

The granular ammonium sulfate market firmed slightly to $415-$430/st FOB in the Western Cornbelt, with the low reported at St. Louis and reflecting a $10/st increase from last week amid reports of tight supply.

Northern Plains:

Sources quoted the latest granular ammonium sulfate offers in the Northern Plains at $410-$440/st FOB St. Paul and up to $450/st FOB Missouri River terminals in South Dakota, with delivered offers reported in a wide range at $430-$480/st in the region.

Great Lakes:

Ammonium sulfate was quoted at $425-$435/st FOB terminals in the Great Lakes region, with delivered pricing at the $463/st level in central Michigan. Sources described inventories as tight, with multiple locations sold out in late May.

Northeast:

The granular ammonium sulfate market was pegged at $415-$430/st FOB and $415-$425/st DEL in the Northeast in late May.

Eastern Canada:

The ammonium sulfate market was steady at C$570-$675/mt FOB in Eastern Canada, depending on location and supplier.

Northwest Europe:

Standard ammonium sulfate prices in Northwest Europe found support in a strengthening urea market, firming to €140-€145/mt FOB, or $150-$157/mt FOB at midweek exchange rates.Granular prices were reported in the wider range at €180-€200/mt FOB, or $195-$217/mt FOB.

Indonesia:     

Pupuk Holdings has closed a tender for 35,000 mt of caprolactam grade amsul to be delivered in three June shipments. The lowest price came just shy of $150/mt CFR, though Pupuk did not reveal the offering company’s name. Other offers were reported in the upper-$150s/mt CFR.

The tender called for 20,000 mt to be shipped to Gresik, 5,000 mt to Palembang, and 10,000 mt to Jakarta. Freight was pegged in the low-$20s/mt for the larger shipments and low-$30s/mt for the smaller lots.

Thailand:      

Ammonium sulfate imports totaled 223,000 mt in January-April, Trade Data Monitor reported,up dramatically from the 67,000 mt received through the first four months of 2023, with nearly all of the tonnage coming from China. April imports were pegged at 78,000 mt, against the 23,000 mt received in April 2023.

China:

Increased demand and limited supplies lifted the China amsul price to $125-$130/mt FOB. Offers made into the Pupuk Holdings/Indonesia tender helped to set the new price level, sources said.

Brazil:

Brazil ammonium sulfate prices traded up to $175-$180/mt CFR, above last week’s $165-$175/mt CFR and a 7.6% month-over-month increase in May. Buyers have been active in booking product for forward shipment, while new offers were noted firming to $180-$185/mt CFR.

Rondonópolis prices moved up in line with the broader nitrogen market, to $300-$315/mt FOB from $275-$295/mt FOB. Despite players reporting firmer demand, the market has yet to reach its seasonal peak.

DAP/MAP

Baltic Sea, Benelux, Brazil, Central Florida, China, DAP/MAP, Eastern Canada, Eastern Cornbelt, Great Lakes, India, Morocco, Northeast, Northern Plains, U.S. Exports, U.S. Gulf, Western Cornbelt

Central Florida:

Central Florida phosphate prices held firm, with truck-loaded DAP posted at $580/st FOB while MAP trucks continued at $600/st FOB. North Florida MAP was steady at $630/st FOB, sources said.

US Gulf:

Players reported another active week at NOLA for DAP and MAP barges loading in both the second and third quarters, though third-quarter barge trades were excluded from the week’s prompt range.

Second-quarter DAP barges firmed $10/st, to $520-$535/st FOB from last week’s $510-$525/st FOB range. MAP increased 3.2% for the week and 17.1% in May to settle at $550-$580/st FOB, up from the prior $530-$565/st FOB.

US Exports:

Sources reported a $550/mt FOB DAP cargo sold into the West Coast of Latin America during the week, down from $570/mt FOB at last report. With no MAP transactions reported, that product continued at $570/mt FOB.

Eastern Cornbelt:

DAP continued at $620-$660/st FOB for prompt tons in the Eastern Cornbelt, with the low reported out of spot Illinois River locations and the high inland. The Cincinnati DAP market was pegged in the $635-$650/st FOB range during the week, down from $650-$660/st FOB.

MAP was quoted in a broad range at $640-$685/st FOB in the region, depending on location, with the low once again confirmed at spot Illinois River terminals and the high inland. The Cincinnati MAP market was pegged at $660-$680/st FOB in late May.

Western Cornbelt:

DAP was steady 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 late May.

Northern Plains:

DAP was pegged at $640-$660/st FOB in the Northern Plains with MAP slipping to $650-$670/st FOB in the region.

Great Lakes:

MAP was quoted at $645-$690/st FOB in the Great Lakes region, depending on location and time of shipment, with the low reported for limited fill offers. Delivered DAP was reported at the $658/st level in central Michigan in late May.

Northeast:

DAP slipped to $680-$685/st FOB East Liverpool, with MAP pegged at the $700/st FOB level at that location. Rail-DEL MAP offers in Pennsylvania were quoted at the $720/st level in late May.

Eastern Canada:

MAP pricing in Eastern Canada slipped slightly to C$975-$995/mt FOB, down C$10/mt at the low end of the range, with DAP remaining at C$945/mt FOB Montreal.

Benelux:

DAP in Benelux remained flat at €585-€595/mt FCA, but prices inched marginally lower, to $635-$646/mt FCA, reflecting midweek exchange rates for an appreciating euro. Demand remains minimal, which is normal for the time of year, but supply has stayed in check, resulting in stable indicative pricing.

Morocco:

Moroccan DAP prices were stable this week, with OCP’s sales into Latin America and Europe resulting in netbacks falling in the existing $495-$590/mt FOB range. Sellers overall appear more confident that DAP prices may have reached a floor and expect FOB values to soon see some gains, encouraged by the recent buying momentum in Brazil.

Baltic:

MAP prices in the Baltic were stable this week at $520-$530/mt FOB. Some market participants expect FOB values to rise in the near term, however, fueled by lower freight indications, and assuming Brazil CFR values remain supported.

China:

Buyers continue to bid in the $490s/mt FOB for Chinese DAP, though sellers refuse to go below the $500/mt FOB mark. Buyers believed their arguments carried more weight because of earlier business, but the latest deal into India showed a netback of$500/mt FOB with wiggle room on either side. Producers responded that the last Indian business consisted of Russian and Moroccan tons – not Chinese – followed by a repeat of offers in the low-$500s/mt FOB.

Shipments of DAP and MAP are expected to remain strong for the next few months. As previously reported, April DAP exports of 310,000 mt were more than triple the total exported during the first quarter.

India: 

Buyer efforts to secure lower-priced product has failed. Sources reported the latest DAP deal into India at $518/mt CFR, a slight increase on the last spot purchase. This price nets back $500/mt FOB to China, a level that Chinese producers have indicated they do not want to sink below.

Brazil:

The Brazil MAP range lifted to $575-$580/mt CFR from last week’s $560-$575/mt CFR, with the low end reportedly trading early in the week. Domestic tons were reported trading at a $590-$595/mt CFR equivalent.

With only a single quarter remaining for summer crop fertilizer purchasing, players reported standout MAP demand during the week. Prices were stimulated by strong buyer interest and regional supply restrictions, pushing negotiations to $700-$735/mt FOB Rondonópolis. Additional price increases are expected over the coming weeks.

TSP

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

US Gulf:

NOLA TSP barges moved up $14/st at the top of the range, to $425-$449/st FOB from the prior $425-$435/st FOB, with tons priced at the range’s low side reported trading early in the week.

Eastern Cornbelt:

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

Western Cornbelt:

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

Great Lakes:

Delivered TSP was quoted at the $548/st level for May-June tons in central Michigan.

Brazil:

Landed TSP prices firmed to $425-$435/mt CFR from last week’s $415-$420/mt CFR, closing out May with a 2.4% price increase compared to April. The next round of TSP imports is expected in August, sources said.

Following a week of high demand, some Rondonópolis players reportedly pulled their TSP prices, resulting in an uncertain market. While pricing is generally expected to continue trending higher through the near term, the combined lack of availability and suspended price lists put the market at $560/mt FOB for the week.

SSP

Brazil, Market Watch, SSP

Brazil:

Citing a focus on higher-concentration phosphates, players continued to note Brazil SSP 19-21 prices at the $200-$220/mt CFR level, while Rondonópolis prices firmed to $340-$355/mt FOB, a $5-$20/mt increase from last week’s $320-$350/mt FOB.

Phosphoric Acid

Eastern Cornbelt, Great Lakes, Market Watch, Northern Plains, Phosphoric Acid, Western Cornbelt

Eastern Cornbelt:

May phosphoric acid pricing continued at $12.50/unit rail-DEL in the Eastern Cornbelt.

Western Cornbelt:

The phos acid market was steady at $12.50/unit rail-DEL in the Western Cornbelt for May tons.

Northern Plains:

Phos acid pricing for May remained at $12.50/unit rail-DEL in the Northern Plains.

Great Lakes:

Phos acid was quoted at $12.50/unit rail-DEL for May shipments in the Great Lakes region.

Ammonium Polyphosphate

Ammonium Polyphosphate, Eastern Cornbelt, Great Lakes, 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, with the low reported in Nebraska and the high in Iowa.

Northern Plains:

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

Great Lakes:

10-34-0 in the Great Lakes region was unchanged at $550-$575/st FOB in late May.

Northeast:

The 10-34-0 market remained at $550/st FOB for the last confirmed offers in New York.

Muriate of Potash

Brazil, Eastern Canada, Eastern Cornbelt, Great Lakes, Market Watch, Northeast, Northern Plains, Northwestern Europe, Potash Muriate, Southeast Asia, Thailand, U.S. Gulf, Western Cornbelt

US Gulf:

The NOLA potash market slipped to $290-$300/st FOB for confirmed business during the week, down slightly from last week’s $290-$305/st FOB range. Sources reported a relatively slow trading week as the industry awaits the release of summer fill programs, which are expected in mid-June.

Eastern Cornbelt:

Potash was steady at $340-$370/st FOB in the Eastern Cornbelt, with the low reported on the Illinois River and the high inland. The Cincinnati market slipped to $350-$355/st FOB for the latest offers, down from the prior $355-$370/st FOB level.

Western Cornbelt:

Potash was flat at $340-$365/st FOB in the Western Cornbelt, depending on location, with the low reported at St. Louis and the high in Iowa.

Northern Plains:

The latest potash offers in the Northern Plains were quoted at $345-$365/st FOB St. Paul, with rail-DEL potash reported at the $360-$380/st level in the Northern Plains. Potash pricing FOB Saskatchewan mines was quoted at the $360-$365/st FOB, depending on grade.

Great Lakes:

Potash pricing in the Great Lakes region was quoted at $360-$383/st FOB, depending on location and grade, with the low reported for red and the high for white tons out of Michigan warehouses. Delivered red potash in central Michigan was pegged at the $388/st level.

Northeast:

Potash in the Northeast edged up to $385-$393/st FOB, depending on grade and location, with the high reported for white MOP. Rail-DEL potash was quoted in the $380-$385/st range in the region.

Eastern Canada:

Potash was steady at C$580/mt FOB regional warehouses for red granular tons in Eastern Canada.

Northwest Europe:

Granular potash prices in Northwest Europe were unchanged at €340-€350/mt CIF amid seasonally muted demand. Standard potash was quoted at €320-€330/mt CIF, €5/mt lower on the high end, with buyers still on the sidelines and expected to remain there until later in June when new-season demand kicks off.

Southeast Asia:

Standard potash prices in the region slipped to $280-$300/mt CFR as market participants continue to turn their attention to the India contract settlement. The low end of the range reflects Laotian product offered into nearby Indonesia and Thailand, where buyers are being swayed from Israeli and Jordanian product due to ongoing logistics difficulties in the Red Sea.

In Indonesia, Pupuk issued a tender for up to 250,000 mt, but no award was made public by press time. A standard potash bid in the tender was heard at $300/mt CFR but could not be confirmed. Granular potash remains at $335-$355/mt CFR, but sources said downward pressure on the market is building.

Thailand:      

January-April potash imports firmed 80% year-over-year, according to Trade Data Monitor, to 242,000 mt from 135,000 mt. Canada shipped 88,000 mt, Laos sent 57,000 mt, and Belarus added 53,000 mt. April imports were 43,000 mt, a slight increase from the 40,000 mt received in the prior April.

Brazil:

Potash imports continued in the $305-$315/mt CFR range during the week, though discounts were reportedly available for high-volume purchases.

Inland prices were stable at $420-$440/mt FOB Rondonópolis. Despite limited remaining demand for the Brazil summer crop, potash continues to present a strong soybean barter ratio for producers in several regions.

Sulfur

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

Tampa:

Tampa molten sulfur contracts were noted at $81/lt CFR for the second quarter, up $17.4% from $69/lt CFR in 1Q.

US Gulf:

US Gulf sulfur prices were unchanged at $80-$85/mt FOB.

Brazil:

Brazil sulfur imports remained at $110-$115/mt CFR, with the latest demand from CMOC reportedly covered by product loading from the US Gulf.

Vancouver:   

Vancouver prilled sulfur prices were steady at $74-$77/mt FOB.

Alberta:

Alberta sulfur netbacks were estimated in the (-)$34-$11/mt FOB range, which included both molten sulfur cargoes contracted into the US market and solid tons sold internationally through the Vancouver export market.

West Coast:

On par with Vancouver, solid sulfur loading from the West Coast was stable at $74-$77/mt FOB. Second-quarter molten contracts were valued in the $60-$62/lt FOB range, a $7-10/lt increase from $50-$55/lt FOB in the first quarter.

China:

China sulfur imports continued at $105-$110/mt CFR during the week.

ADNOC:

Sulfur produced by the Abu Dhabi National Oil Co. (ADNOC) was posted at $87/mt FOB Ruwais for May loading, up 2.4% from $85/mt FOB in April. A new June price is expected soon.

Qatar:

Muntajat prices softened 8.1% for June loading, sources said, falling to $79/mt FOB Ras Laffan from $86/mt FOB in May.