All posts by mickeybarb@charter.net

DAP/MAP

Bangladesh, Brazil, Central Florida, China, DAP/MAP, Eastern Cornbelt, India, Market Watch, Pakistan, South Central, Southeast, Southern Plains, U.S. Exports, U.S. Gulf, U.S. Imports, Western Cornbelt

Central Florida:

Truck-loaded DAP selling from Central Florida was posted at $770/st FOB, steady from the prior report. Posted MAP prices remained at $790/st, also unmoved from the previous week.MAP trucks loading from North Florida were unchanged at $820/st, sources said.

US Gulf:

Sources noted softening values for NOLA DAP and MAP barges.

DAP barges reportedly traded down to $720/st FOB for open-origin material, with trades topping out around the $730/st FOB mark, below last week’s $730-$750/st FOB range. Posted offers from domestic producers continued to be quoted at $760/st FOB.

NOLA MAP barges were noted trading at a $725/st FOB low for non-Russian tons, falling from the prior week’s $747/st FOB floor. Most called the top of the market at $740/st FOB, below the week-ago $765/st FOB high. Offers for domestically-produced tons were quoted at $775/st FOB, with no buyers reported at that level.

Due both to ongoing low-water issues on the Mississippi River and the impending shutdown of upper-river locks for the winter navigation season, sources noted an emphasis on barges already stationed at upriver locations.

US Imports:

July-August DAP imports were off 78.4% year-over-year, to 90,447 st from 418,202 st. August imports totaled 61,943 st, falling 72.7% from 226,800 st in the prior year.

Material shipped from Saudi Arabia moved to the top of the July-August import slate with 60,627 st, followed by 26,168 st from Australia. Tons shipping from China totaled 1,291 st.

August MAP/Other imports were off 95.1%, falling to 5,278 st from the prior year’s 106,970 st. Imports shifted 84.0% lower for July-August, to 40,308 st from the year-ago 251,193 st.

Australia topped the July-August MAP import list with 27,503 st, despite sending zero tons to the US in August. Material loading from Mexico was counted at 4,955 st, followed by 3,078 st from Belgium. China added 2,749 st.

US Exports:

DAP exports moved 132.5% higher in July-August, to 169,121 st from the year-ago 72,750 st. August cargoes totaled 109,787 st, lifting 210.4% from the prior year’s 35,365 st.

MAP/Other exports softened 41.6% in July-August, to 253,981 st from the year-ago 435,255 st. Export totals were posted at 182,145 st for August, off 13.1% from 209,573 st noted one year earlier.

Citing “very limited” supply availability through the November loading window, sources described no new spot business on the US Gulf export market during the week. The market’s most recent reported trades continued in the $750-$760/mt FOB range for both DAP and MAP, unchanged from the prior report.

Eastern Cornbelt:

DAP prices firmed to a broad $800-$840/st FOB in the region, with the low confirmed at Cincinnati and the high at Ottawa, Ill. The increase at the upper end of the range was attributed to the impact of low river levels on barge movement, resulting in what some sources described as a premium for upriver tons that are already in place.

MAP prices strengthened as well, moving to a broad $815-$855/st FOB in the region, with the upper end again reported at Ottawa. The Cincinnati MAP market was pegged at $815-$830/st FOB at midweek.

Western Cornbelt:

Phosphate prices were inching up amid the ongoing river and barge issues. DAP pricing was pegged at $795-$815/st FOB in the Western Cornbelt, with MAP reported in a broad $815-$850/st FOB range, depending on location. The St. Louis market was pegged at $795-$815/st for DAP and $810-$825/st FOB for MAP. Caruthersville DAP was reported at the $800/st FOB level at midweek.

Southern Plains:

DAP pricing was quoted at $800-$825/st FOB Catoosa/Inola, depending on supplier and time of the week, with the Houston market reported at the $810/st FOB level at midweek. MAP pricing firmed to a broad range at $810-$840/st FOB Catoosa/Inola, with the Houston market quoted at a solid $830/st FOB.

“Supply of phosphate products has become limited,” said one source. “Volatility, limited buying interest early, and high demurrage rates for barges did not encourage sellers to aggressively position product at Tulsa. That has been compounded with delays for river transportation.”

South Central:

The DAP market remained at $800-$810/st FOB in the South Central region, with Memphis pricing steady at the $805-$810/st FOB level in mid-October.

Southeast:

MAP pricing from Nutrien remained at $820/st FOB Aurora, N.C., and White Springs, Fla. DAP is currently unavailable at Aurora.

China:

Reports continue to circulate of DAP deals at $690/mt FOB, but with no additional details. The move to sub-$700/mt FOB prices has been steady for about a month. Indian buyers have become more aggressive in their demands for lower prices, and suppliers have accommodated the buyers to ensure steady business in an otherwise slow market.

India:

Sources said the country still needs DAP. With lower phos acid prices, however, Indian buyers may begin to step away from the global market. With inputs for DAP production coming down, sources speculated that more DAP plants in India will step up their production rates, leaving less need for imports.

Bangladesh:

The government gave BCIC approval to move ahead with a tender for 40,000 mt of DAP. The call will most likely come at the same time as the tender for 60,000 mt of urea.Awards from the previous DAP tender held by BADC were settled with Ma’aden at $726/mt CFR bagged for 40,000 mt.

Pakistan:

Sources said the country still needs DAP. There are reports of discussions taking place with Saudi Arabia for a government-to-government deal.

Brazil:

Low demand for MAP is having an impact on pricing. Sources said the lower end of the range dropped, for a new price of $650-$680/mt CFR.

The Rondonopolis price experienced a slight dip as well, moving to $795-$825/mt FOB ex-warehouse. The lack of demand for MAP is expected to keep exerting a downward push on prices.

TSP

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

US Gulf:

TSP barge pricing was heard at $675-$680/st FOB, softening from $675-$700/st FOB one week earlier.

Eastern Cornbelt:

The TSP market was reported at $725-$735/st FOB Cincinnati at mid-month.

Western Cornbelt:

The TSP market was quoted at $750-$760/st FOB in the Western Cornbelt, with the low reported at St. Louis and the high at Caruthersville.

South Central:

TSP warehouse pricing in the region edged up slightly to $750-$760/st FOB, with the low at Memphis and the high at Little Rock, Ark.

Phosphoric Acid

Eastern Cornbelt, India, Market Watch, Phosphoric Acid, Southern Plains, U.S. Exports, Western Cornbelt

US Exports:

Wet-process phosphoric acid exports moved up 5.7% in July-August, to 46,131 st from the year-ago 43,658 st. August exports firmed 26.1%, to 6,391 st from 5,070 st in August 2021.

Eastern Cornbelt:

Phos acid postings in the Eastern Cornbelt remained at $14.00/unit rail-DEL for October.

Western Cornbelt:

Phos acid prices were unchanged at $14.00/unit rail-DEL in the Western Cornbelt for October tons.

Southern Plains:

October pricing for phos acid remained at the $14.00/unit rail-DEL level in the Southern Plains, unchanged from September.

India:

Phosphoric acid contracts at India were reported in the $1,100-$1,200/mt P2O5 CFR range for the fourth quarter, down from $1,715/mt P2O5 CFR published for the second and third quarters. Talks for additional tonnage were reportedly under consideration with Moroccan sellers in the $1,000-$1,100/mt P2O5 CFR range.

Ammonium Polyphosphate

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

Eastern Cornbelt:

10-34-0 pricing was steady at $665-$675/st FOB for the last confirmed offers in the Eastern Cornbelt.

Western Cornbelt:

10-34-0 was pegged at the $650-$665/st FOB level in the Western Cornbelt in mid-October.

Southern Plains:

The 10-34-0 market was steady at $665-$670/st FOB in the Southern Plains. The last confirmed 11-37-0 pricing in Texas edged up to a broad $750-$800/st FOB range, depending on location and supplier.

Muriate of Potash

Bangladesh, Brazil, Eastern Cornbelt, Germany, India, Market Watch, Potash Muriate, South Central, Southeast, Southern Plains, U.S. Exports, U.S. Gulf, U.S. Imports, Western Cornbelt

US Gulf:

NOLA potash barges inched lower to $565-$575/st FOB, down from the week-ago $565-$580/st FOB range.

US Imports:

July-August MOP imports were off 7.8%, to 2.09 million st from 2.27 million st last year. August imports firmed 14.6%, however, to 1.26 million st from 1.10 million st in the prior year.

July-August imports from Canada stood at 1.84 million st. Russia sent 196,237 st for the two-month period, followed by 47,388 st from Israel.

US Exports:

Potash exports for July-August fell 24.8%, to 570,749 st from 758,520 st last year. Exports were 7.1% higher in August, however, to 351,656 st from the year-ago 328,229 st.

Eastern Cornbelt:

Potash pricing slipped to $670-$680/st FOB in the Eastern Cornbelt, down another $10/st at the high end of the range. The Ottawa potash market was pegged at the $675/st FOB level at midweek.

Western Cornbelt:

The potash market was quoted at $660-$700/st FOB in the Western Cornbelt, with the high confirmed at Caruthersville. St. Louis potash pricing was reported in the $660-$675/st FOB range at midweek.

Southern Plains:

Potash warehouse pricing continued to fall. New offers in the Southern Plains were reported at $650-$660/st FOB in mid-October, down from recent levels in the $675-$695/st FOB range, with the low confirmed at Catoosa/Inola and the high at Houston.

The last official potash postings from Intrepid FOB Carlsbad, N.M., remained at $855/st for 60% white granular and $875/st FOB for 62% white standard.

South Central:

Potash pricing in the South Central region was quoted at $675-$700/st FOB, depending on location, with the low confirmed at Memphis and the high in Arkansas.

Southeast:

Potash offers in the Southeast were confirmed at $685/st FOB Wilmington, N.C., well below the last reported list price at $760/st FOB.

Germany/India:

K Plus S Middle East FZE DMCC, a subsidiary of Germany’s K+S Minerals and Agriculture GmbH, and India’s state-owned Rashtriya Chemicals and Fertilizers Ltd. (RCF) have signed a Memorandum of Understanding (MOU) for the import of 105,000 mt/y of potash for 2022-2025, according to a Press Trust of India statement on Oct. 11.

Under the agreement, K Plus S will supply the potash at “a discounted India specific price,” the statement said, but no further price details were reported. The MOU was signed on Oct. 6 and submitted to India’s Minister of Chemicals and Fertilizers, Mansukh Mandaviya, on Oct. 11.

The agreement will go a long way in “ensuring adequate supply of potash at a reasonable price to the Indian farming community,” Mandaviya said in a statement.

RCF will use the potash for its captive consumption, as well as for trading purposes. The volume to be supplied under the agreement will fulfill 60% of the company’s captive consumption requirement, according to the statement. RCF has typically issued tenders for its potash requirements. Until recent sanctions came into play, the company has largely made the tonnage awards to Belarus Potash Co. (BPC).

To ensure fertilizer availability for the country’s farmers, the Indian government has encouraged domestic fertilizer producers to establish supply linkages through long-term partnerships.

Canpotex in late September signed MOUs with Indian Potash Ltd., Coromandel International Ltd., and Chambal Fertilisers and Chemicals Ltd. for the supply of 500,000 mt/y of potash from Jan. 1, 2023, to Dec. 31, 2025 (GM Sept. 30, p. 14).

Bangladesh:

There was still no news of the Bangladesh Agriculture Development Corp.’s (BADC) tender for an unspecified quantity of standard potash. The lowest offer into the tender was reported at $843/mt CFR.

Brazil:

Suppliers had hoped the beginning of the month marked a floor for MOP. They were disappointed this week as prices dropped another $30/mt, to $620-$650/mt CFR. Large reserves with little to no demand will continue to be the bane of sellers, said sources.

The situation inland is not much different. Rondonopolis reported plentiful supplies and limited demand. The price has shifted down to $750-$805/mt FOB ex-warehouse.

Sulfur

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

Tampa:

Sources reported the settlement of fourth-quarter Tampa molten sulfur negotiations on Oct. 7. Consumers and suppliers agreed to a $90/lt CFR contract price for the period, down 74.4% from $352/lt CFR in the third quarter, and in line with earlier expectations of a $90-$105/lt CFR settlement.

The prior Tampa contract was concluded just weeks before a dramatic tumble in international sulfur market pricing. A confluence of swollen supply, the easing of market uncertainties stemming from the war in Ukraine, and production cuts from several phosphate producers resulted in a greater number of sellers than willing buyers during the quarter.

On July 1, the US Gulf sulfur market – traditional guidepost for pricing at Tampa – was reported at $420/mt FOB, down from a recent $480/mt FOB high. Prices plummeted to $10-$50/mt FOB for the week ending Aug. 12, a nearly 97.6% tumble from the start of the quarter, before bouncing to the last-reported $90-$110/mt FOB range. Many sources in recent weeks expressed a belief that the international markets had bottomed, and that neutral-to-firm demand from phosphate producers would support pricing in the short-to-midterm timeframes.

Some speculated the 4Q contract’s conclusion at the low side of the anticipated $90-$105/lt CFR spread may represent a concession from suppliers in response to Tampa’s outsized third-quarter price. “Yes, Tampa is low, I think,” one source said. “(Buyers) probably got some money back for overpaying in 3Q for so long.”

Others disagreed, however, arguing the contract’s $90/lt landing spot represented an accurate reflection of US Gulf values, adjusted for reduced production levels from US phosphate producers. “The lack of consumption (is) … making the domestic market way more sloppy than the rest of the world,” noted one source.

Following Tampa lower, pricing on molten sulfur delivered to Houston was indicated at $75/lt CFR, off from $337/lt CFR in the prior period, while NOLA indications softened to $79/lt CFR from $341/lt CFR.

Refinery utilization fell in the US for the week ending Oct. 7, the Energy Information Administration (EIA) reported. Operable capacity was noted at 89.9% for the period, a decline from the prior week’s 91.3% rate, but above both the year-ago 86.7% and the 85.2% five-year average.

Daily crude inputs fell to an average 15.683 million barrels/d during the period, a 278,000 barrel/d decrease from the previous weeek’s15.961 million barrels/d rate.

US Imports:

July-August sulfur imports softened 8.1% year-over-year, to 526,027 st from 572,145 st. Imports were up 17.3% in August, however, to 262,311 st from the year-ago 223,697 st.

US Exports:

Sulfur exports were up 81.1% in August, to 123,931 st from the year-ago 68,441 st. Exports totaled 337,200 st for July-August, rising 178.3% from the year-ago 121,154 st.

US Gulf:

Price ideas on the Gulf sulfur market continued in the $90-$110/mt FOB range, unchanged from last report.

Brazil:

Sources continued to note last-done Brazil spot in the $138-$158/mt CFR range, unmoved from the prior report.Fourth-quarter contracts for delivery to Brazil were quoted at $119-$138/mt CFR.

Vancouver:

Sources continued to describe recent Vancouver pricing in the $95-$100/mt FOB range, unchanged from last week. Increases reported at China for the current week could prompt a lift at Vancouver in the next round of business, however.

Alberta:

Alberta sulfur price indications softened to (-)25-$25/mt FOB, falling from $25-$282/mt FOB in the prior report. The range included molten tons contracted into Tampa at the low side, while netbacks from prilled material selling internationally through the Vancouver export market established the high.

West Coast:

West Coast pricing was even with Vancouver at $95-$100/mt FOB, unchanged from one week earlier.Contracts for molten sulfur loading from West Coast refineries were reported settling in the $75-$79/lt FOB range for the fourth quarter, falling from $370-$385/lt FOB in 3Q.

China:

China import sulfur values reportedly firmed to the $145-$150/mt CFR range following the Oct. 1-7 Golden Week holiday, a $10/mt increase from $135-$140/mt CFR reported previously.

ADNOC:

Abu Dhabi National Oil Co. solid sulfur postings for October were heard at $103/mt FOB Ruwais, up $11/mt from $92/mt FOB reported for the prior month.

Qatar:

Qatar-loading prills were posted at $104/mt FOB Ras Laffan for loading in October, an increase of $15/mt from $89/mt FOB in September.

Sulfuric Acid

Brazil, Gulf Coast, Market Watch, Midwest, Sulfuric Acid, U.S. Exports, U.S. Gulf, U.S. Imports, West Coast

US Gulf:

Sources described a range of recent proposal requests aimed into the US markets. Bidding was expected to continue into mid-November. Gulf sulfuric acid price ideas continued in the $120-$140/mt CFR range through the period.

US Imports:

Sulfuric acid imports firmed 11.1% in August, to 331,123 st from 298,046 st last year. July-August imports stood at 624,135 st, however, off 0.6% from the year-ago 628,033 st.

US Exports:

August sulacid export totals softened 74.2%, to 19,307 st from the prior year’s 74,765 st. July-August exports fell 58.8% year-over-year, to 42,856 st from 104,027 st.

Gulf Coast:

Contracts for sulfuric acid delivered by rail to US Gulf Coast locations were valued in a wide $195-$280/st DEL range for 2022.

Midwest:

Midwest-delivered tons were described at parity to the Gulf Coast at $195-$280/st DEL for full-year agreements.

West Coast:

Sources described West Coast contracts in the $185-$270/st DEL range for contract-year 2022.

Brazil:

Nothing new was heard in the Brazil spot market, leaving price ideas unchanged at $130-$150/mt CFR.

Ammonium Thiosulfate

Amthio, Eastern Cornbelt, Market Watch, South Central, Southern Plains, Specialty, Western Cornbelt

Eastern Cornbelt:

Ammonium thiosulfate pricing continued to be reported in a broad range at $400-$450/st FOB in the Eastern Cornbelt, depending on location and time of shipment, with the low for prompt tons FOB Seneca, Ill.

Western Cornbelt:

Ammonium thiosulfate remained at $350-$400/st FOB in the region, depending on location and supplier, with the low reported in Nebraska and the high in Iowa.

Southern Plains:

Ammonium thiosulfate prices in Texas were unchanged at $350/st FOB Houston and $400/st FOB Lubbock.

South Central:

New ammonium thiosulfate offers in Memphis were quoted at $450-$455/st FOB, down $10/st from last report.