All posts by hlancey@bloomberg.net

UAN

California, Eastern Cornbelt, France, Market Watch, Pacific N.W., U.S. Gulf, UAN, Western Canada, Western Cornbelt

US Gulf:

No new NOLA UAN business was reported during the week, but sources quoted the latest indications at $235-$245/st ($7.34-$7.66/unit) FOB based on netbacks from upriver terminal pricing.

Eastern Cornbelt:

The UAN-32 market remained at $270-$290/st ($8.44-$9.06/unit) FOB terminals in the Eastern Cornbelt, with the low confirmed out of spot Illinois River terminals and the high at inland locations. The Cincinnati market continued at $275/st ($8.59/unit) FOB for UAN-32 and $240.63/st ($8.59/unit) FOB for UAN-28.

Western Cornbelt:

UAN-32 pricing remained 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. Prompt pricing in the Southern Plains slipped to a low of $275/st ($8.59/unit) FOB in Oklahoma on a spot basis, down $10/st or more from last week.

California:

UAN-32 slipped to $330-$345/st ($10.31-$10.78/unit) FOB terminals in California, down from the prior $340-$360/st ($10.63-$11.25/unit) FOB range, with rail-DEL pricing quoted at $330-$350/st ($10.31-$10.94/unit) in the state, below the previous $370-$380/st ($11.56-$11.88/unit) DEL range.

Pacific Northwest:

UAN-32 was steady at $350-$360/st ($10.94-$11.25/unit) FOB in the Pacific Northwest, with the Kennewick, Wash., market reported at the $355/st $11.09/unit) FOB level. Delivered pricing was also pegged at $350-$360/st ($10.94-$11.25/unit) in the region in late May.

Western Canada:

UAN-28 was steady at C$470-$480/mt (C$16.79-$17.14/unit) DEL in Western Canada.

France:

Rouen UAN prices were unchanged at €210-€215/mt FCA. The new season brought some volume activity around €213/mt FCA, but few details could be confirmed. Overall, sellers seem encouraged by the uptake on new-season values and by the recent uptick in urea, and several buyers were reportedly covering shorts. Coverage for the new season is reported at 25%.

Ammonium Nitrate

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

Western Cornbelt:

Ammonium nitrate pricing was unchanged at $365-$410/st FOB in Missouri, with the low reported at Caruthersville, Mo., and the high in northern parts of the state.

France:

Yara on May 21 announced a new ammonium nitrate price for July at €340/mt CPT, up €15/mt from the company’s June price of €325/mt CPT. The increase follows urea’s recent spike, which reached $320/mt FOB at the start of the week. The weekly ammonium nitrate range was reported at €325-€340/mt CPT in France.

United Kingdom:

There was no news of a new CF ammonium nitrate price in the UK after the producer last week withdrew its £315/mt CPT offer for June following urea’s bullish march in Egypt. For now, the UK market remains unchanged at a flat £315/mt CPT. No updated imported offers were available.

Ammonium Sulfate

Ammonium Sulfate, Brazil, California, China, Eastern Cornbelt, Market Watch, Pacific N.W., U.S. Gulf, Western Canada, Western Cornbelt

US Gulf:

The NOLA ammonium sulfate barge market slipped to $395-$400/st FOB based on reports of limited new business, down from the prior $400-$405/st FOB range.

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 at inland terminals in Ohio. The Cincinnati market remained at the $430/st FOB level, while delivered tons in central Michigan were pegged at the $463/st mark.

Western Cornbelt:

The granular ammonium sulfate market was unchanged at $405-$430/st FOB in the Western Cornbelt, with the low reported at St. Louis and the high in Iowa.

California:

The ammonium sulfate market was steady at $410-$460/st FOB and $470-$520/st DEL in California, with the low for standard and the high for granular tons. Reference prices included granular at $447/st FOB Richvale and Helm, and $457/st FOB French Camp. Bagged product was reported at the $520/st level FOB Stockton during the week.

Pacific Northwest:

Ammonium sulfate pricing in the Pacific Northwest firmed to $365-$425/st FOB or DEL, depending on grade and supplier, up $5/st from last report.

Western Canada:

The latest ammonium sulfate prices in Western Canada were quoted at C$580-$600/mt DEL for limited offers, depending on grade and location.

China:

Prices continue to inch upward in the China ammonium sulfate market. Sources reported a selling price of $123-$128/mt FOB for caprolactam grade amsul, and producers see $130/mt FOB as their next target.

The upward pressure is coming from both the supply and demand sides, sources said. Some producers brought their plants up slowly after the Golden Week holiday at the beginning of May, while others have kept their plants down for routine maintenance turnarounds.

At the same time, NPK producers in China are anxious to get their hands on amsul due to the refusal of domestic urea prices to come down. Southeast Asian buyers are also clamoring for amsul for their own NPK production.

As ammonium sulfate exports are not subject to the same export regulations as urea and other fertilizers, Chinese amsul exports have increased so far in 2024.

Trade Data Monitor reported January-April exports at 4 million mt, up 11% from the year-ago 3.6 million mt. While Brazil remains China’s largest buyer with 681,000 mt, the Latin American country accounted for just 17% of amsul exports during the period. Myanmar followed with 519,000 mt, while another 80 countries received the balance. April exports were reported at 930,000 mt, up 10% from the 849,000 mt shipped in April 2023.

Brazil:

Ammonium sulfate prices in Brazil followed urea higher, firming 4.6% to $165-$175/mt CFR from last week’s $160-$165/mt CFR range, with fresh offers reported at $180/mt CFR.

The recent change in grain prices could translate to an improved barter ratio for ammonium sulfate, making the market more attractive to producers. Inland negotiations were reported at $275-$295/mt FOB Rondonópolis during the week, stretching from $280/mt FOB at last report.

DAP/MAP

Argentina, Baltic Sea, Benelux, Brazil, California, Central Florida, China, DAP/MAP, Eastern Cornbelt, India, Market Watch, Morocco, Pacific N.W., U.S. Exports, U.S. Gulf, Western Canada, Western Cornbelt

Central Florida:

Central Florida phosphate prices were unchanged at $580/st FOB for DAP and $600/st FOB for MAP. The posted North Florida MAP price remained at $630/st FOB.

US Gulf:

Sources noted an active week of summer fill trading in the NOLA DAP and MAP barge markets. Some players reported the highest weekly trade volumes since fourth-quarter 2023, with a concentration on MAP.

DAP inched $5/mt higher, sources said, to $510-$525/st FOB from last week’s $505-$520/st FOB, while MAP lifted to $530-$565/st FOB, a 3.8% increase from $520-$535/st FOB at last report.

US Exports:

Nothing new was reported on the US Gulf market, leaving DAP and MAP exports flat at $570/mt FOB.

Eastern Cornbelt:

DAP continued at $620-$660/st FOB in the Eastern Cornbelt, with MAP quoted at the $660-$680/st FOB level in the region. The Cincinnati market was pegged at $650-$660/st FOB for DAP and $670-$680/st FOB for MAP during the week. In the Great Lakes region, delivered prices in central Michigan were reported at $658/st for DAP and $673/st for MAP.

Western Cornbelt:

DAP was reported at $640-$660/st FOB in the Western Cornbelt, with MAP pegged at $660-$680/st FOB in the region. The St. Louis market was quoted at $640-$650/st FOB for DAP and $665-$675/st FOB for MAP in late May.

California:

MAP was quoted at a solid $790/st FOB or DEL for the latest offers in California.

Pacific Northwest:

MAP was unchanged at $770-$780/mt DEL in the Pacific Northwest, depending on location, with the low reported in Idaho.

Western Canada:

MAP in Western Canada was unchanged at C$1,135-$1,145/mt FOB or DEL in late May.

Benelux:

DAP prices in Benelux were flat at €585-€595/mt FCA, with demand described as thin but availability also scarce. Due to the euro appreciating against the US dollar, however, DAP prices have moved to $636-$647/mt FCA in the region, reflecting midweek exchange rates.

Morocco:

Moroccan FOB values for DAP dipped slightly this week, with European business reportedly reflecting netbacks of up to $590/mt FOB. The low end continues to reflect netbacks from India, but downward pressure could continue to build.

Baltic:

MAP prices in the Baltic were $5/mt higher at the low end of the range this week due to an increase in Brazil CFR prices to $575/mt. As a result, the Baltic MAP spot market was quoted at $520-$530/mt FOB.

China:

Sources said reports of sub-$500/mt FOB DAP deals have upset producers. While actual spot deals have not yet been reported at that level, talk of pricing in the $490s/mt FOB has intensified in the past week.

Producers have expressed concern about the low pricing for a couple of reasons. Primarily, the breakeven price for DAP production currently sits in the upper-$480s/mt FOB, sources said. Any move to settle prices in the $490s/mt FOB will fall too close to the breakeven level for the producers’ comfort.

Another concern is that should prices go too low, more demand for DAP will materialize from international buyers. If demand becomes too strong, said one trader, the export inspectors tasked with approving each offshore sale will become nervous about the potential impacts to domestic supply. If that happens, the trader said, the inspectors will deny the export permit.

The government is already moving to buy up more DAP for domestic stockpiles in an effort to counter any potential increase in international demand, sources said.

China’s easing export restrictions were evident in the country’s April export numbers, with DAP shipments for the month exceeding the country’s entire first-quarter export total. Even with April’s stepped-up exports, the 541,000 mt shipped in January-April remain significantly off from the 966,000 mt exported through first four months of 2023, Trade Data Monitor reported.

April DAP exports stood at 400,000 mt, up 20% from the 333,000 mt shipped in April 2023. January-March 2024 exports totaled just 141,000 mt.

MAP exports showed a similar pattern. China exported 309,000 mt of MAP in January-April, against 670,000 mt sent through the first four months of 2023. April MAP exports were 210,000 mt, up from 135,000 mt in April 2023.

Month 2024 China Exports (mt)
DAP MAP
January 108,251 84,882
February 7,120 14,403
March 26,157 356
April 399,757 210,000

India: 

No new spot DAP business was reported into India, leaving the price unchanged at $510-$512/mt CFR. Buyers continue to push for lower prices but are seeing strong resistance from Chinese suppliers. Other DAP-producing countries appear willing to entertain pricing discussions, however.

First-quarter DAP imports to India totaled 488,000 mt, according to Trade Data Monitor, down 62% from the 1.3 million mt received through the first three months of 2023, with Saudi Arabia and Morocco each supplying roughly 48% of the tonnage. March imports were put at 222,000 mt, off 40% from the 445,000 mt received in March 2023.

Brazil:

MAP imports in Brazil moved up $5/mt, to $560-$575/mt CFR from $555-$570/mt CFR at last report. Russian material continued at the top of the range, while Chinese product was priced at the bottom. NP 10-45 was quoted at $475/mt CFR.

Rondonópolis negotiations for MAP were reported at $685-$705/mt FOB, off slightly from last week’s $685-$710/mt FOB, though players said the current prices don’t necessarily reflect concluded deals.

Argentina:

January-April MAP imports to Argentina firmed 10% year-over-year, Trade Data Monitor reported, to 115,000 mt from 104,000 mt. Morocco topped the supplier list with 73,000 mt, for 63% of the import market. April MAP imports of 53,000 mt were up slightly from the 50,000 mt received in the previous April.

TSP

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

US Gulf:

NOLA TSP softened $5/st, to $425-$435/st FOB from last week’s $430-$440/st FOB.

Eastern Cornbelt:

TSP was unchanged at $500-$510/st FOB in the Eastern Cornbelt, with delivered tons quoted at the $548/st level in central Michigan.

Western Cornbelt:

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

Brazil:

Landed TSP prices narrowed in Brazil, sources said, to $415-$420/mt CFR from the prior $410-$425/mt CFR, with most product originating from North Africa. Bidding softened by $10/mt at Rondonópolis, dragging prices to $535-$560/mt FOB from the week-ago $545-$560/mt FOB.

SSP

Brazil, Market Watch, SSP

Brazil:

With players reporting an abundance of offers during the week, SSP 19-21 imports moved up slightly, to $200-$220/mt CFR from $195-$220/mt CFR at last report, while inland prices softened to $320-$350/mt FOB ex-warehouse. Sources reported a busy trading week at Rondonópolis, with most discussions tracking toward the low side of the range.

Phosphoric Acid

California, Eastern Cornbelt, Market Watch, Pacific N.W., Phosphoric Acid, Western Cornbelt

Eastern Cornbelt:

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

Western Cornbelt:

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

California:

May phos acid reference prices in California continued at $12.85/unit rail-DEL, with MGA posted at $13.05/unit FOB Lathrop. No indications were reported for June phos acid pricing.

Pacific Northwest:

Phos acid reference prices in the Pacific Northwest were steady at $12.85/unit rail-DEL and $12.35/unit FOB Pocatello, Idaho, for May tons.

Ammonium Polyphosphate

Ammonium Polyphosphate, California, Eastern Cornbelt, Market Watch, Pacific N.W., Western Canada, Western Cornbelt

Eastern Cornbelt:

10-34-0 was pegged 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 upper end confirmed in the Iowa market.

California:

The 10-34-0 market was steady at $587-$592/st FOB in California, with 11-37-0 pricing quoted at $640-$645/st FOB in late May.

Pacific Northwest:

The 10-34-0 market remained at $575-$585/st FOB in the Pacific Northwest, with the latest 11-37-0 offers quoted at $630-$635/st FOB and $620/st DEL in Idaho and Utah.

Western Canada:

10-34-0 prices were unchanged at C$990/mt DEL in Western Canada for May shipments.

Muriate of Potash

Brazil, California, China, Eastern Cornbelt, India, Market Watch, Northwestern Europe, Pacific N.W., Potash Muriate, Southeast Asia, U.S. Gulf, Western Canada, Western Cornbelt

US Gulf:

The NOLA potash market slipped to $290-$305/st FOB for new business during the week, down slightly from last week’s $295-$305/st FOB range, with the low confirmed for prompt, loaded barge trades at midweek and the high reported for June business.

Eastern Cornbelt:

Potash was steady at $340-$370/st FOB in the Eastern Cornbelt, with the low reported on the Illinois River. The Cincinnati market remained at the $355-$370/st FOB level during the week. Delivered potash in central Michigan was pegged at the $388/st 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.

California:

Potash continued at $525-$548/st FOB or DEL in California for the last offers.

Pacific Northwest:

Potash was reported at $490-$503/st FOB or DEL in the Pacific Northwest, with the high reflecting reference pricing for 62% MOP and the low for 60%. Potash postings from Intrepid FOB Moab and Wendover, Utah, remained at $455/st FOB for 60% white standard and $460/st for 60% white granular.

Western Canada:

Truck pricing for potash at the mine in Western Canada remained at C$540-$545/mt FOB for 2Q shipments, depending on grade.

Northwest Europe:

There was no change to granular potash prices in Northwest Europe this week as demand remains seasonally muted. Some suppliers cited a modest uptick in buyer interest, but business should pick up in June when demand resumes in earnest for the new season. Standard potash pricing was also flat at €320-€335/mt CIF.

Southeast Asia:

No updates to standard and granular potash prices in Southeast Asia were heard during the IFA Singapore conference, with market participants still eyeing the imminent Indian contract settlement, particularly since expectations are that China may not settle before July given its high existing stocks.

Several small tenders in the region were reportedly awarded at the low end of the range, hinting that prices could head lower once activity resumes.

China:

Potash imports moved up 32% in January-April, according to Trade Data Monitor, to 4.7 million mt from the year-ago 3.5 million mt. Russia sent 1.6 million mt, Canada shipped 1.2 million mt, and Belarus added 936,000 mt. Laos has stepped up its exports to China in 2024, sending 619,000 mt in January-April, up from the 445,000 mt recorded through the same period of 2023.

April imports stood at 776,000 mt, a 17% decline from the 940,000 mt received in April 2023.

India:

First-quarter potash imports were counted at 503,000 mt, Trade Data Monitor reported, a 40% increase on the 360,000 mt received through the first three months of 2023. Russia and Canada dominated the imports with 183,000 mt and 173,000 mt, respectively. March imports were 46,000 mt, off from 95,000 mt in March 2023.

Brazil:

After more the two months of inactivity, Brazil potash shifted for the first time since the week of March 15, climbing $5/mt to $305-$315/mt CFR. Offers were noted as high as $320/mt CFR, but no transactions were confirmed at that level.

The year’s strong potash sales have left prices for remaining inventory on par with the May average. Prices widened to $420-$440/mt FOB Rondonópolis from the prior $430-$435/mt FOB range. Offers noted up to $465/mt FOB failed to transact, though higher prices may be achievable in other parts of Mato Grosso state, such as Sorriso and Sinop.