All posts by hlancey@bloomberg.net

UAN

Eastern Cornbelt, France, Market Watch, Southeast, Southern Plains, U.S. Gulf, UAN, Western Cornbelt

US Gulf:

The latest UAN barge indications continued in the $202-$205/st ($6.31-$6.41/unit) FOB NOLA range, though no actual trades were confirmed in an extremely quiet market.

Eastern Cornbelt:

UAN-32 slipped to $235-$265/st ($7.34-$8.28/unit) FOB in the Eastern Cornbelt, with the low confirmed at Mount Vernon, Ind., for shipments through September. Recent offers FOB LaSalle, Ill., and Cincinnati included UAN-32 at $245/st ($7.50/unit) for August-September, with UAN-28 quoted at the $214.38/st ($7.66/unit) level FOB Cincinnati.

Western Cornbelt:

UAN-32 was steady at $240-$260/st ($7.50-$8.13/unit) FOB regional terminals, depending on location, with the low reported at Port Neal. The St. Louis market was quoted at the $245-$250/st ($7.66-$7.81/unit) FOB level during the week.

Southern Plains:

The UAN-32 market was pegged at $232-$250/st ($7.25-$7.81/unit) FOB in the Southern Plains, with the low reported in Oklahoma and the high in Texas.

South Central:

UAN-32 was unchanged at $225-$240/st ($7.03-$7.50/unit) FOB terminals in the South Central region, with the low reported in Louisiana and the high out of Ohio River terminals in Kentucky.

Southeast:

The UAN-32 market remained at $235-$250/st ($7.34-$7.81/unit) FOB in the Southeast, with the low confirmed out of port terminals and the high at inland terminals in Georgia.

France:

UAN transactions at Rouen were few and far between, with no significant activity expected until later in September. Prices were unchanged at €240-€250/mt FCA this week.

Ammonium Nitrate

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

Western Cornbelt:

Ammonium nitrate prices firmed to $260-$290/st FOB in Missouri in late August, up from the prior $240-$250/st FOB range, with the low reported in southern Missouri and the high in northern areas of the state.

Southern Plains:

The ammonium nitrate market remained at the $280/st FOB level in Oklahoma.

South Central:

The last ammonium nitrate prices in the South Central region were pegged at $230-$250/st FOB El Dorado and Yazoo City, Miss.

United Kingdom:

CF in the UK continues to offer spot tons through November at £330/mt CPT, while December is offered at £340/mt CPT. Offers for imported product were reported in the same range.

Ammonium Sulfate

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

US Gulf:

NOLA ammonium sulfate barges were pegged at $280/st FOB for the latest trades, unchanged from last week.

Eastern Cornbelt:

Granular ammonium sulfate prices were sliding in the region. Recent offers out of Illinois River terminals were confirmed in the $320-$340/st FOB range during the week, depending on location, with the Cincinnati market pegged at $320-$325/st FOB. Delivered pricing in central Michigan was reported at the $385/st level for fall tons.

Western Cornbelt:

Granular ammonium sulfate slipped slightly to $335-$350/st FOB in the Western Cornbelt.

Southern Plains:

Granular ammonium sulfate prices were under pressure in the Southern Plains. Recent offers were confirmed at $330-$340/st FOB, down sharply from the wide $345-$410/st FOB range reported previously, with low confirmed at Houston, Texas, and the upper end at Catoosa/Inola.

South Central:

Granular ammonium sulfate prices slipped to $320-$340/st FOB in the South Central region, down from the prior $335-$375/st range, with the low confirmed at Memphis and the high in Arkansas. The latest offers out of Owensboro were quoted at the $330/st level.

“It seems like the lack of activity across the board is resulting in lower prices,” commented one regional contact.

Southeast:

The granular ammonium sulfate market in the Southeast was pegged at $300-$320/st FOB for new orders, with the low confirmed in Alabama and the high in Florida. The latest postings from AdvanSix FOB Hopewell, Va., included granular at $315/st FOB, mid-grade at $295/st FOB, and standard at $275/st FOB, up $20/st from the company’s Aug. 5-8 summer fill program.

China:                              

Sources reported caprolactam grade amsul prices in the low-$140s/mt FOB, with producers now asking upwards of $150/mt FOB. The price boost appears to have largely come from Brazilian demand rather than regional buyers. A recent tender by TCC showed prices at $142-$143/mt FOB.

The one exception is a tender from India for 20,000-25,000 mt of amsul, with the buyer reportedly targeting a netback of around $130/mt FOB. The tender closed on Aug. 28, but no details regarding offers or prices were available at press time.

Brazil:

Brazil granular ammonium sulfate prices were steady in the $180-$185/mt CFR range, though multiple sellers indicated prices at or above that range for October loading. Inland sales have yet to match the new CFR prices, however, with players noting transactions closer to a $170/mt CFR equivalent.

Rondonópolis prices moved up $10/mt, to $300-$310/mt FOB, reflecting a roughly 3% rise over the last four weeks amid a climate of steady demand and a favorable barter ratio for product used in blends. Amsul remains an attractive option for fertilizer blending, presenting a good short-term opportunity for buyers.

Negotiations for 20-00-20 remained active with prices noted around $385/mt FOB Rondonópolis, a 1% decrease from the previous week.

DAP/MAP

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

Central Florida:

Central Florida DAP trucks stretched $10/st at the top of the range, to $570-$580/st FOB from $570/st FOB at last report. MAP lifted to $620-$680/st FOB from last week’s $620/st FOB, returning the product to a $100/st premium to DAP. North Florida MAP postings remained at $650/st FOB.

US Gulf:

NOLA phosphate traders reported a focus on DAP barges during the week. DAP prices narrowed to $550-$553/st FOB, near the top of last week’s $540-$555/st FOB, while a trade for just 500 mt was reported at $555/st FOB. MAP barges were unchanged at $635-$640/st FOB, tightening the DAP/MAP price differential to an average $86/st during the week.

US Exports:

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

Eastern Cornbelt:

The DAP market was reported at $595-$610/st FOB in the Eastern Cornbelt, with the low confirmed at Cincinnati. Recent offers in Illinois included DAP at $597/st FOB Ottawa and LaSalle. MAP slipped slightly to $687-$700/st FOB in the region, with the low reported at Ottawa.

Western Cornbelt:

DAP was steady at $585-$610/st FOB in the Western Cornbelt, with the St. Louis market quoted in the $585-$595/st FOB range. The latest DAP offers FOB Caruthersville, Mo., were pegged at the $600/st FOB level, down $10/st from last report. MAP remained at $680-$700/st FOB in the region, with the low again confirmed at St. Louis.

Southern Plains:

DAP was reported at $600-$615/st FOB in the Southern Plains, with MAP at $690-$710/st FOB.

South Central:

DAP was quoted at $590-$615/st FOB in the South Central region, down from $600-$625/st FOB at last report, with the low confirmed at Memphis and the high in Arkansas. Pricing in Kentucky was pegged at the $597/st FOB level during the week.

Southeast:

Reference prices for MAP at Aurora, N.C., and White Springs, Fla., remained at $650/st FOB during the week.

Benelux:

DAP business in Benelux remained limited, with indications unchanged in the €620-€625/mt FCA range. Due to an appreciating euro against the US dollar, however, this reflects a higher US dollar price of $690-$695/mt FCA.

Baltic:

DAP prices in the Baltic were stable this week at $520-$615/mt FOB. PhosAgro is reportedly down for a planned turnaround in September, which is expected to limit spot activity loading ex-Baltic.

There were no changes to MAP prices in the Baltic, which remained stable at $585-$595/mt FOB. Brazil’s import season is waning, with limited changes expected to Brazilian netbacks.

Morocco:

Moroccan DAP FOB levels moved up sharply, reflecting netbacks from India, where OCP sold 500,000 mt of DAP at $620/mt CFR in conjunction with TSP. With returns from sales into Europe reflecting the high end of the range, Moroccan DAP strengthened to $575-$625/mt FOB.

China:                              

Sources elaborated on the government’s decision to begin restricting phosphate exports. Rather than shut down the whole inspection process, sources now say the processing period has moved from 14 days to 40-70 days, depending on the product and destination.

Few players will be willing to commit to a deal with such a long time frame before it is even known whether the tons can be exported, said one source. The move, he said, has effectively stopped all phosphate exports without explicitly halting shipments.

Even before the new extended inspections were put into place, sources had noticed few approvals for DAP shipments to India. No shipments to India have been allowed in the past couple of weeks, players reported.

Some tied the move to political maneuvering between the two countries, while others view the denial of DAP exports to India as a way to default on earlier fixed-price sales now seen as too low by producers.

The restrictions on phosphate exports have effectively closed the export market, replacing actual business with speculation for price discovery.

India:                                

No new DAP purchases were reported this week, leaving the market at the $620/mt CFR level achieved by OCP in its recent large deal with India. Indian buyers continue to look for product, sources noted, as the country’s DAP stockpiles were reported to remain at uncomfortably low levels.

Brazil:

MAP Imports were unchanged at $635/mt CFR, with players citing limited offseason interest. Some inquiries have reportedly begun to surface for October shipments, however.

Following several weeks of firm prices due to limited availability, MAP prices stretched to $760-$790/mt FOB at Rondonópolis, reflecting seasonal softening ahead of the soybean planting season. Demand for product has remained low, contributing to price flexibility in the market and allowing suppliers to adopt different pricing strategies.

Despite grain market fluctuations that have threatened the MAP barter ratio, prices have remained relatively stable over the past month.

Argentina:

OCP/Morocco dominated MAP sales to Argentina in January-June, according to Trade Data Monitor, accounting for 77% of the country’s 297,000 mt of total imports during the period, while China added 47,000 mt. First-half imports were up 9% from the 272,000 mt received in January-June 2023.

June MAP imports totaled 110,000 mt, down 20% from the year-ago 138,000 mt, and second-quarter imports of 235,000 mt were up 8% from the 217,000 mt received in April-June 2023.

TSP

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

US Gulf:

NOLA TSP barges lifted $7/st at the low side to settle at $507-$510/st FOB, up from $500-$510/st FOB.

Eastern Cornbelt:

TSP was unchanged at $555-$565/st FOB for limited tons in the Eastern Cornbelt, depending on location, with delivered pricing in Michigan reported at the $585/st level. October-November offers in Illinois reportedly slipped to the $545/st level FOB Ottawa.

Western Cornbelt:

TSP was unchanged at $550-$560/st FOB for limited prompt tons in the Western Cornbelt, with rail-DEL offers also confirmed at the $550/st level in Iowa. Offers at Caruthersville were quoted at $555/st FOB in late August.

South Central:

The TSP market widened to $540-$565/st FOB in the South Central region, depending on location.

Brazil:

Landed TSP prices continued at $510/mt CFR during the offseason. Though no immediate demand was confirmed, sources reported a handful of inquiries for October shipment. In the domestic market, pricing for forward delivery softened $5/mt, to $630/mt FOB Rondonópolis, with players noting continued low demand.

SSP

Brazil, Market Watch, SSP

Brazil:

Prices for SSP 19-21 drifted to $215-$230/mt CFR in Brazil, down from last week’s $210-$235/mt CFR range. Demand for SSP is quickly fading as the market approaches the end of the phosphate season.

Prices stretched to $335-$365/mt FOB Rondonópolis, with the range’s low side offered for SSP 19-20. Despite the current limited demand, the barter ratio for SSP has remained stable during the last month. SSP-23 was priced at $390-$400/mt FOB Rondonópolis.

Ammonium Polyphosphate

Ammonium Polyphosphate, Eastern Cornbelt, Market Watch, Southern Plains, Western Cornbelt

Eastern Cornbelt:

The 10-34-0 market was unchanged at $505-$525/st FOB for the latest fill offers in the Eastern Cornbelt. Delivered pricing in central Michigan was pegged at the $570-$580/st level.

Western Cornbelt:

10-34-0 was quoted at $520-$530/st FOB in the Western Cornbelt, depending on location.

Southern Plains:

10-34-0 remained at $515-$525/st FOB in the Southern Plains for the last confirmed offers, with the 11-37-0 market quoted in the mid-$500s/st FOB in Texas.

Muriate of Potash

Brazil, Eastern Cornbelt, India, Market Watch, Northwestern Europe, Potash Muriate, South Central, Southeast Asia, Southern Plains, U.S. Gulf, Western Cornbelt

US Gulf:

NOLA potash barges were reported at a flat $270/st FOB for the latest trades.

Eastern Cornbelt:

Potash was unchanged at $315-$335/st FOB in the Eastern Cornbelt, with the Cincinnati market pegged at $320-$330/st FOB at mid-month. The latest offers FOB Ottawa and LaSalle included $325/st for August-September tons, while delivered prices in central Michigan remained at the $350/st level for August-September.

Western Cornbelt:

Potash was unchanged at $315-$330/st FOB in the Western Cornbelt, with the low reported at St. Louis. Rail-DEL offers in Iowa were reported at $335-$345/st in late August.

Southern Plains:

Potash in the Southern Plains was reported at $315-$325/st FOB regional warehouses, depending on location and supplier, down $5-$15/st from last report. The latest potash reference prices from Intrepid FOB Carlsbad, N.M., were $405/st for 60% white granular and $413/st for 62% white standard.

South Central:

Warehouse potash pricing in the South Central region slipped to $315-$325/st FOB, down $10/st from last report at the top of the range.

Southeast:

Potash pricing slipped to $305-$315/st FOB Wilmington, N.C., for the latest offers, down from the prior $315-$335/st FOB range.

Northwest Europe:

Potash prices in Northwest European were unchanged this week, with standard potash at €315-€330/mt CIF and granular at €330-€350/mt CIF. Little change is anticipated before mid-September, when players expect updated producer prices.

Southeast Asia:

Despite the lack of substantial activity, standard potash prices in the region moved up $5/mt on the low end, to $280-$290/mt CFR. Granular potash was stable at $330-$340/mt CFR.

Further direction is expected from the outcome of Pupuk Indonesia’s import tender, which closed on Aug. 23. Reports of offers in the $300-$305/mt CFR range could not be confirmed by press time. Pupuk’s last tender award was at $299/mt CFR back in June.

India:

Israel’s ICL announced on Aug. 28 that it has reached an agreement with long-term customer Indian Potash Ltd. (IPL) for the supply of 420,000 mt of potash through December 2024. The agreement is within the framework of the five-year supply agreement with IPL for the years 2022-2027, which was signed in March 2022.

The sales price was not disclosed but is reported in line with the prevailing Indian contract price of $279-$283/mt CFR. The Israeli producer said it has sold out the entirety of its standard and fine potash for the year.

Brazil:

Potash imports softened to a flat $290/mt CFR, off $5/mt from the top of the prior range. While some sellers have continued to report offers at $300-$305/mt CFR, sources referenced unconfirmed reports of a purchase at $280/mt CFR.

Rondonópolis slipped to $420-$430/mt FOB, a $5/mt decline at the high side of the range, with players noting balanced supply and demand conditions. The market’s price consolidation resulted in a slight reduction in the number of available offers, sources said.

Sulfur

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

Tampa:

Third-quarter Tampa molten sulfur contracts were valued at $76/lt CFR, off 6.2% from $81/lt CFR in the second quarter.

US Gulf:

US Gulf sulfur pricing continued at the prior $105-$115/mt FOB level, with no new activity reported.

Brazil:

The Brazil sulfur price was unchanged at $135-$140/mt CFR as the market awaits a new round of purchases.

Vancouver:   

The Vancouver sulfur market was steady at $100-$105/mt FOB.

Alberta:

Alberta netbacks were estimated in the (-)$39-$35/mt FOB range, unchanged from the prior week, with molten tons contracted in the US market setting the bottom of the range.

West Coast:

The West Coast prill market was noted in line with Vancouver at $100-$105/mt FOB. Third-quarter molten contracts were noted at $58/lt FOB, falling from $60-$62/lt FOB in the second quarter.

China:

The China import market firmed to $142-$147/mt CFR, up from $135-$140/mt CFR at last report as prices rally West of Suez.

ADNOC:

Abu Dhabi National Oil Co. (ADNOC) sulfur offers were posted at $107/mt FOB Ruwais for August, a 30.5% increase from $82/mt FOB in July.

Qatar:

A Muntajat tender was awarded at $130/mt FOB, sources said, while sales out of Kuwait were noted at the $125/mt FOB level. Players expect September price postings from the Middle East to be announced close to these numbers.

August Muntajat pricing was reported at $106/mt FOB Ras Laffan, up 30.9% from July’s $81/mt FOB offer.