All posts by hlancey@bloomberg.net

Ammonium Nitrate

Ammonium Nitrate, Brazil, Market Watch, U.S. Exports, U.S. Imports, Western Cornbelt

US Imports:

February ammonium nitrate imports were 20,492 st, off 1.7% from the year-ago 20,843 st. July-February volumes totaled 203,627 st, a 0.2% decrease from 204,014 st in the prior year. Canada sent 170,404 st in July-February, Russia followed with 31,235 st, and China sent 675 st.

US Exports:

Ammonium nitrate exports firmed 45.8% in July-February, to 559,794 st from the year-ago 383,912 st. February cargoes totaled 77,821 st, an 87.2% increase from the 41,572 st reported one year earlier. Canada received 269,913 st in July-February, Mexico purchased 180,178 st, and Lithuania took 39,690 st.

Western Cornbelt:

Ammonium nitrate pricing was steady at $415-$430/st FOB terminals in Missouri, with the low reported in southern areas of the state.

Brazil:

Ammonium nitrate imports to Brazil totaled 170,000 mt for the first quarter, according to Trade Data Monitor, off from 186,000 mt in January-March 2023. Russia accounted for 79% of the imports with 134,000 mt, followed by 18,000 mt from the US. March imports were 108,000 mt, more than double the 53,000 mt recorded in March 2023.

Ammonium Sulfate

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

US Gulf:

The NOLA barge market for ammonium sulfate remained at $375-$385/st FOB for the last confirmed business, though sources continued to report no new trades during the week. Some suppliers were reportedly sold out through May.

US Imports:

February ammonium sulfate imports stood at 186,078 st, up 516.2% from the 30,198 st reported in February 2023. July-February volumes were noted at 720,524, a 63.3% rise from the year-ago 441,247 st.

Imports from Canada stood at 346,238 st for July-February, ahead of 146,347 st from Belgium. Russia dropped into third place with 89,936 st.

US Exports:

February ammonium sulfate exports were 32,505 st, a 46.1% increase on the year-ago 22,252 st. July-February volumes were down 19.4%, however, at 458,920 st compared to the 569,273 st posted one year earlier.

Exports to Peru totaled 125,624 st in July-February, followed by Canada with 63,078 st. Brazil took 40,743 st, slightly ahead of Mexico’s 40,524 st, while the Dominican Republic bought 38,385 st.

Eastern Cornbelt:

Granular ammonium sulfate prices climbed to $410-$440/st FOB in the Eastern Cornbelt, up another $10/st at the top of the range, with the low confirmed at Cincinnati and the high in Illinois. In the Great Lakes region, the latest offers in Michigan ranged from $440-$450/st FOB, depending on location.

Western Cornbelt:

The granular ammonium sulfate market was pegged at $400-$430/st FOB in the Western Cornbelt, with the low reported at St. Louis.

California:

The latest ammonium sulfate prices were pegged at $410-$460/st FOB and $470-$520/st DEL, 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, well above the $385-$395/st FOB range reported in mid-March.

Pacific Northwest:

Granular ammonium sulfate pricing in the Pacific Northwest firmed to $360-$400/st FOB or DEL, depending on supplier, up from $330-$350/st in mid-March. New postings from IRM effective April 8 in Oregon, Washington, Idaho, Utah, and Montana included Tranzform and WesternPremium at $390/st FOB or DEL, and WesternStandard at $330/st FOB or DEL.

Western Canada:

The latest ammonium sulfate offers in Western Canada jumped to C$585-$595/mt DEL for limited April-May tons, up sharply from C$500-$515/mt DEL. Some suppliers reportedly had no tons to offer until later in May, however.

Northwest Europe:

Ammonium sulfate prices in Northwest Europe have been largely unaffected by the slump in urea and nitrates, due in part to lower caprolactam utilization rates. Prices for standard ammonium sulfate were unchanged at $170-$180/mt FOB, with demand expected to remain muted through May.

China:

The drop in urea prices is affecting China’s caprolactam grade amsul market, sources said. Prior to the Indian tender action, producers were prepared to push for $130/mt FOB. Instead, reports of deals at $118-$125/mt FOB were noted during the latter part of the week.

The market’s weakness has led several producers to take unscheduled maintenance turnarounds. One producer described the number of plants shutting for April and most of May as falling outside the norm.

Brazil:

Ammonium sulfate imports declined $5/mt at the top of the range, to $150-$155/mt CFR from last week’s $150-$160/mt CFR. While some players expected granular amsul prices to follow the urea market lower, healthy demand has allowed sellers to hold prices relatively stable.

Following the trend in urea, ammonium sulfate prices moved lower at Rondonópolis, though to a lesser degree. Demand for cotton planting has helped support the market, and sellers have resisted appeals for lower prices. Negotiations were reported at $260-$270/mt FOB, a $5/mt drop from the bottom of last week’s range.

Trade Data Monitor reported January-March Brazil amsul imports at 812,000 mt, a marginal increase from the 779,000 mt received in first-quarter 2023, with China shipping 93% of the tonnage. March imports totaled 177,000 mt – up from 155,000 mt in March 2023 – with China supplying 169,000 mt.

DAP/MAP

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, U.S. Imports, Western Canada, Western Cornbelt

Central Florida:

Central Florida phosphate trucks were noted at $630/st FOB for DAP and $655/st FOB for MAP, both unchanged from the prior report. North Florida MAP postings remained at the week-ago $650/st FOB.

US Gulf:

NOLA DAP and MAP barges extended their losing streak, players said. DAP barges softened 6% during the week, falling to $530-$550/st FOB from $550-$600/st FOB at last report, while MAP barges pulled back to $550/st FOB, off from the week-ago $560-$635/st FOB.

US Imports:

February DAP imports totaled 336,559 st, a significant 356.4% increase from 73,737 st in February 2023. July-February imports were counted at 1.13 million st, up 155.2% from the year-ago 444,594 st. July-February imports from Saudi Arabia were noted at 659,759 st, followed by 259,201 st from Jordan. Egypt sent 82,673 st, ahead of 80,372 st from Australia.

MAP/Other imports for February moved 4.9% higher year-over-year, to 68,969 st from 65,758 st. July-February imports firmed 8.0%, to 724,209 st from 670,415 st in the prior July-February. Saudi Arabia led sellers with 192,204 st in the fertilizer year-to-date, narrowly topping 191,121 st from Mexico. Tunisia sent 175,693 st.

US Exports:

No new DAP or MAP spot business was reported out of the US Gulf, leaving prices at $570/mt FOB.

DAP exports softened 38.0% in July-February, to 326,909 st from the year-ago 527,072 st. February shipments were 73,406 st, however, up 63.8% from 44,812 st in February 2023. US DAP sellers sent 95,398 st to Peru in July-February, ahead of 58,870 st to Uruguay and 49,209 st to Brazil. Canada took 41,102 st.

MAP/Other exports softened 2.3% in July-February, to 1.33 million st from the year-ago 1.36 million st. February exports were counted at 196,406 st, however, rising 22.6% from the 160,222 st reported one year earlier. Canada received 1.04 million st of MAP from the US in July-February, ahead of 111,136 st sent to Australia and 40,656 st to Mexico.

Eastern Cornbelt:

DAP slipped to $660-$710/st FOB in the Eastern Cornbelt, down $10-$15/st from last week, depending on location and time of delivery, with the low reported out of spot Illinois River terminals. The Cincinnati DAP market remained in the $685-$710/st FOB range for limited supply, depending on supplier.

MAP was pegged at $680-$715/st FOB in the region, with the low reported out of spot Illinois River terminals. MAP pricing at Cincinnati was pegged at $690-$710/st FOB.

In the Great Lakes region, delivered DAP and MAP were quoted at the $730/st level for April-May tons, with warehouse MAP reported at $700-$715/st FOB.

Western Cornbelt:

DAP was pegged at $660-$705/st FOB in the Western Cornbelt, with the MAP market quoted at $675-$715/st FOB in the region. St. Louis offers remained at $690-$700/st FOB for DAP and $700-$710/st FOB for MAP, though tons were described as very limited.

California:

MAP pricing remained at $790-$795/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.

Western Canada:

MAP in Western Canada was quoted at C$1,135-$1,145/mt FOB or DEL in mid-April.

Morocco:

Though no fresh transactions were confirmed, Moroccan DAP prices slipped this week to $510-$595/mt FOB, reflecting the price retreat in India on the low end and lower values in Northwest Europe at the high. In nearby Tunisia, prices were heard at similar levels to Morocco.

Benelux:

DAP prices in Benelux drifted lower this week as the spring season draws to a close. DAP reportedly transacted at €600-€610/mt FCA, equivalent to $651-$662/mt FCA at midweek exchange rates.

Some just-in-time demand for small volumes is still expected, but the consensus among sources is that this will be covered by the existing line-ups to French and Belgian ports.

Baltic:

Baltic DAP prices moved lower this week, to $505-$600/mt FOB, with the low end reflecting Indian netbacks on Russian product following a $15/mt drop on the last business in India. Lithuanian DAP netbacks from Northwest Europe represented the week’s high.

Russian MAP prices in the Baltic moved up again this week, to $515-$525/mt FOB, fueled by cheaper freight and continued strength in Brazilian MAP prices.

India: 

National Fertilizers Ltd. (NFL) has released the numbers from the 45,000-50,000 mt DAP tender that closed last week. The lowest offer for April shipment came from Midgulf at $548.50/mt CFR. Ameropa offered $522/mt CFR for shipping in mid-May, and Agrifields offered $559/mt CFR for April shipping.

NFL had not issued an award in the tender as Green Markets went to press on April 12. India is short of DAP, sources said. While calling a tender for a single cargo has been India’s normal practice in the past, the price set in the tender will become the basis for a much larger order priced on a formula basis.

China:

DAP export prices tightened during the week. Sources put the market at $550-$555/mt FOB, while buyers are pushing for prices in the $540s/mt FOB. At least one producer is seriously considering a one-off deal at $545/mt FOB, according to reports.

Prices are under pressure to come down, sources noted. The recent DAP tender from NFL in India showed an estimated $528-$530/mt FOB netback to China. The lower prices expected by buyers, along with the producers’ desire to move as many tons as possible, have led to a series of talks that are likely to precipitate a gradual decline in prices, sources said.

Brazil:

The landed MAP price edged up to $565-$570/mt CFR in Brazil, matching levels seen two weeks earlier. Brazil’s current stocks-to-use ratio is tracking at its lowest level in five years, sources said, with over 60% of demand remaining to be purchased.

Rondonópolis prices firmed to $710-$720/mt FOB on reports of low availability, approaching the top prior range, with few transactions confirmed. Players are reportedly waiting for Chinese product and expect prices to drop going forward. Sellers were said to offer lower prices for October delivery.

MAP imports to Brazil fell significantly in the first quarter, Trade Data Monitor reported, to 658,000 mt from the 1.15 million mt received through the first three months of 2023. Russia sent 531,000 mt for 81% of the imports, followed by Morocco with 91,000 mt. March receipts were noted at 256,000 mt, a 42% decline from 442,000 mt in March 2023.

China has been a steadfast supplier of MAP to Brazil, but Chinese export restrictions impacted Brazil’s first-quarter imports. China sent just 9,000 mt to the country in January-March, off from the 29,000 mt shipped during the same period of 2023.

TSP

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

US Gulf:

NOLA TSP barges fell $5/st at the top of the range, to $435-$450/st FOB from $435-$455/st FOB at last report.

Eastern Cornbelt:

TSP slipped to $520-$530/st FOB in the Eastern Cornbelt, with the low reported at Cincinnati. Delivered pricing in Michigan was pegged at the $565-$570/st level.

Western Cornbelt:

TSP was quoted at $515-$520/st FOB in the Western Cornbelt, with the low confirmed at St. Louis and the high at Caruthersville, Mo.

Brazil:

TSP prices slipped to $410-$420/mt CFR in Brazil, a $5-$10/mt decline from $420-$425/mt CFR at last report. Market players reported offers for Chinese material during the week.

With sources describing high availability at Rondonópolis, new TSP business slipped to $540-$560/mt FOB, down from $550-$560/mt FOB last week. Offers reported above that range were not confirmed to transact.

SSP

Brazil, Market Watch, SSP

Brazil:

Brazil SSP 19-21 softened to $190-$210/mt CFR, players said, down from last week’s $190-$230/mt CFR, with players attributing the decline to increased supply from Egypt and China. Local product was reported at $250/mt FOB Cubatão.

Prices moved lower at Rondonópolis this week. Negotiations were reported in the $305-$340/mt FOB range, off from last week’s $310-$345/mt FOB. As with TSP, sources reported ample supply in the inland markets.

Phosphoric Acid

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

US Exports:                                 

Wet-process phos acid exports firmed 4.4% in February, to 10,701 st from the year-ago 10,253 st. July-February exports were 250,813 st, up 20.1% from the prior 208,751 st. India received 138,260 st of US phos acid in July-February, Mexico took 73,773 st, and Canada purchased 35,500 st.

Eastern Cornbelt:

April 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 April tons.

California:

Phos acid reference prices in California were up $0.25/unit for April, to $12.85/unit rail-DEL, with MGA posted at $13.05/unit FOB Lathrop.

Pacific Northwest:

April phos acid reference prices in the Pacific Northwest strengthened to $12.85/unit rail-DEL and $12.35/unit FOB Pocatello, Idaho, up $0.25/unit from March.

Ammonium Polyphosphate

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

Eastern Cornbelt:

10-34-0 inched up to $545-$575/st FOB for the latest offers in the Eastern Cornbelt.

Western Cornbelt:

10-34-0 remained in a broad range at $515-$550/st FOB in the Western Cornbelt, depending on location.

California:

10-34-0 was up $9/st from last report, to $587-$592/st FOB in California. 11-37-0 pricing was quoted at $640-$645/st FOB in the state, reflecting a $10/st increase from March.

Pacific Northwest:

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

Western Canada:

10-34-0 prices in Western Canada strengthened to C$965/mt DEL for the latest April-May offers, up from C$955/mt DEL in March.

Muriate of Potash

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

US Gulf:

The NOLA potash market was quoted at $305-$310/st FOB for the latest business, down $5/st from last week.

US Imports:

Potash imports lifted 33.4% in February, to 1.34 million st from 1.00 million st in February 2023. Imports moved up 18.7% in July-February, to 9.03 million st from the prior year’s 7.61 million st. Imports from Canada were reported at 7.80 million st in July-February, Russia sent 915,788 st, and Israel added 200,280 st.

US Exports:

July-February potash exports were counted at 2.17 million st, down 3.8% from the year-ago 2.26 million st. February shipments fell 12.7%, to 279,080 st from 319,607 st in the prior February. Exports to China totaled 437,295 st for the July-February fertilizer year-to-date, followed by 304,685 st to Brazil and 283,989 st to Malaysia.

Eastern Cornbelt:

Potash was quoted at $365-$375/st FOB in the Eastern Cornbelt, depending on location, with the low reported at Cincinnati.

Western Cornbelt:

Potash was steady at $355-$375/st FOB in the Western Cornbelt, with the low reported at St. Louis. Rail-DEL offers were quoted at the $385/st level in Iowa at mid-month.

California:

Potash continued at $525-$550/st FOB or DEL in California for the last offers.

Pacific Northwest:

Potash pricing was unchanged at $495-$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:

Granular potash prices in Northwest Europe were unchanged at €355-€375/mt CIF amid low seasonal demand. Standard potash prices were similarly stagnant at €325-€345/mt CIF. Distributors and buyers continue to expect further downward pressure on prices as suppliers chase liquidity.

Southeast Asia:

Potash prices in Southeast Asia were flat this week with muted activity during the Eid holiday, but sources said they expect a wave of demand emerging after the holiday week.

No updates on Israeli offers were heard in the region, underscoring once again the freight disadvantage and difficult logistics in the Near East. There have been no further updates on the potash contract from nearby India, with some regional sources suggesting that Indian buyers may be able to delay purchases in the hope of lower prices.

Brazil:

Potash imports held steady for a fifth consecutive week, at $300-$310/mt CFR. Offers noted at $315/mt CFR failed to attract a buyer, players said.

Rondonópolis prices were stable at $420-$435/mt FOB, unchanged from last report. With large portions of the market already covered for the season, sources reported fewer negotiations during the week.

Brazil imported 2.5 million mt of potash in the first quarter, Trade Data Monitor reported, up slightly from the year-ago 2.4 million mt. Canada led suppliers with 842,000 mt, followed by Russia with 766,000 mt. March imports of 1 million mt were down 7% from the 1.1 million mt received one year earlier.