All posts by mickeybarb@charter.net

OCP Provides Discounts on Fertilizers to Africa

Africa, Morocco, News, News Briefs

As part of its first-half financial results statement (see separate earnings story), OCP Group SA, Casablanca, highlighted that it has launched “a major initiative” to empower African farmers during the current period of elevated fertilizer prices.

The group said in 2022 it is contributing by providing discounts on 550,000 mt of fertilizers, which it said represents approximately 16% of Africa’s total annual needs, “to mitigate the impact of soaring commodity prices and droughts.”

OCP said this program is expected to benefit over 4 million farmers on the African continent.

Kenya Announces New Subsidized Fertilizer Prices Following Moroccan Deal

Africa, Morocco, News, News Briefs

The government of Kenya has announced new subsidized fertilizer prices after the government made available a Ksh3.5 billion (approximately $28.8 million at current exchange rates) fertilizer subsidy, according to a report by FurtherAfrica on Sept. 26.

The Ministry of Agriculture, Livestock, Fisheries, and Co-operatives made the announcement, and said the move follows a directive by the recently-elected President William Ruto for the ministry to import 1.4 million bags of fertilizer – mainly from Morocco (GM Sept. 23, p. 28).

In his first full day in office on Sept. 13, Ruto publicly pledged to lower the price of fertilizer from the current Ksh6,100 to Ksh3,600 (approximately $50.2 to $29.6 at current exchange rates) per 50-kg bag to combat the high-cost producers in the farming sector incur and improve the country’s food production and security.

Emmerson Secures Renewal Investment Commitment; Plans $6 M Equity Placement

Isle of Man, News, News Briefs

Emmerson Plc, Isle of Man, on Sept. 26 reported it had reached an agreement with Global Sustainable Minerals Pte Ltd. (GSM), a Singapore-based company, and Gold Quay Capital Pte Ltd. (GQC), to extend the commitment period for the previously announced $40.0 million convertible loan note subscription to Sept. 30, 2023.

Emmerson secured the strategic investment with the two parties last November to help fund the development of its Khemisset Potash Project in northern Morocco (GM Nov. 12, 2021).

In addition, the company announced it has entered into a subscription agreement with GSM whereby GSM will make an immediate equity investment of $6.0 million at a price of 6.0 UK pence per new ordinary share of nil par value in the capital of Emmerson.

The potash developer said it is now funded to complete basic engineering work, remaining permitting, and project financing processes through to a construction decision, for Khemisset. It expects to make the construction decision and realize the finalization of project financing in second-half 2023.

Emmerson expects to invest some $500 million in the potash project, which is planned to produce 800,000 mt/y and have a 19-year mine life.

Ammonia

Ammonia, Black Sea, California, Eastern Cornbelt, India, Market Watch, Middle East, Northwestern Europe, Pacific N.W., Southeast Asia, Tampa, U.S. Gulf, Western Canada, Western Cornbelt

US Gulf/Tampa:

Tampa ammonia moved up for October, but ever so slightly. Prices firmed just $25/mt, to $1,175/mt CFR, up from September’s $1,150/mt CFR. While European ammonia outages have required ammonia imports, some sources argued that international supplies were plentiful enough to supply Europe without the need for much of a price increase.

Eastern Cornbelt:

The ammonia market remained at $1,250-$1,300/st FOB for the last confirmed offers in the Eastern Cornbelt, with the low in Illinois and the high FOB Lima, Ohio, for both prompt or prepay tons.

Western Cornbelt:

The ammonia market was steady at $1,200-$1,225/st FOB in the Western Cornbelt for the last confirmed offers, with the high at Palmyra, Mo., and the low reported in Nebraska and Iowa on a spot basis.

California:

Ammonia postings in California were confirmed at $1,250/st DEL for September tons, up from the previous $1,147/st DEL price. New aqua ammonia postings in the state were quoted at $271-$336/st FOB, with the low at Stockton while inventory is available, and the high at Sycamore.

Pacific Northwest:

Ammonia pricing in the Pacific Northwest was pegged at $1,275-$1,325/st FOB and $1,325-$1,350/st DEL, up significantly from early September pricing in the $1,070-$1,200/st FOB and $1,050-$1,100/st DEL ranges.

The aqua ammonia market firmed to $345/st FOB in the region, up $50/st from last report.

Western Canada:

The last offers for ammonia were quoted in a broad C$1,600-$1,800/mt DEL range for fall tons in Western Canada, up C$100/mt from last report at the low end of the range.

Black Sea:

The damage to the Nord Stream natural gas pipeline raised more concerns about talks to reopen the ammonia pipeline from Russia to Odessa, Ukraine.

Talk of reactivating the pipeline started in mid-September when the United Nations and Trammo discussed shipping Russian ammonia under the deal that allows for the export of grain and fertilizers. The ammonia pipeline passes through areas of Ukraine where Ukrainian and Russian forces are still in active combat. One trader said the possibility of damage to the pipeline would be too great and could cause more damage than what has been seen from the recent Nord Stream breaks.

Some in the ammonia industry were also perplexed by the UN move. Sources said except for the US, no country uses ammonia as a fertilizer. One trader added that there is enough ammonia available to cover the needs of urea and DAP producers. While sources admit the price for ammonia is higher than in the past, having adequate supplies is not the issue. While the loss of Russian ammonia from the Black Sea and the Baltic ports did disrupt the market initially, buyers have been aggressive in securing their needs from other sources.

Despite the talk, industry sources said port authorities have not yet received any orders to prepare for the storage and loading of ammonia. Likewise, vessel inquiries to pick up the product are not being reported.

India:

Buyers in India are still taking what spot tons they can, and the main source for these purchases appears to be China. The deals at $850-$900/mt CFR are usually for 10,000-15,000 mt.

Contract tons from the Arab Gulf in larger volumes are also still coming in. Nailing down a spot deal from the Arab Gulf, however, is much harder. Producers are holding to FOB prices that exceed the landed Indian price, leaving Indian buyers to look elsewhere for a bargain.

The recent deals between Saudi and Omani suppliers with OCP will make finding any discounts on spot deals more difficult, said one trader.

Middle East:

Sources said Saudi and Omani firms have signed contracts with OCP in Morocco for large quantities of ammonia. The deals reportedly cover the loss of 500,000-900,000 mt from Russia that OCP faced when exports from the Black Sea stopped due to the Russian invasion of Ukraine.

The contracts are reportedly only for one year. Sources said the deals will take up any excess tons the Arab Gulf producers might have had, leaving few, if any, opportunities for spot sales. The contracts are a boon to the producers, said one trader. Excess tons had been building up as buyers, such as India, were demanding prices lower than producers were willing to accept. The sales to OCP should take care of the built-up reserves and prevent any tons from sitting around looking for a buyer.

Sources did not know the settled price of the deals, but speculated it would be formula-based, with each cargo’s price determined by published numbers. The current contract price out of the Arab Gulf is reported at $1,000-$1,100/mt FOB, with no spot deals reported.

OCP had been pursuing ammonia from suppliers as far afield as Indonesia and Trinidad in the fallout of the Russian invasion of Ukraine. At the same time, said sources, the phosphate giant reduced the output of DAP for MAP and TSP, which required less ammonia. This allowed OCP to maintain its DAP contracts while also nursing its ammonia reserves. With the new contract in hand, sources expect to see DAP production step up to normal levels.

Sources were careful to point out that while the deal with the Arab Gulf producers will cover most of OCP’s needs, it may not be enough. To fill in the gap, OCP is expected to continue to seek out occasional spot purchases from Southeast Asia and Trinidad.

Northwest Europe:

The ammonia market has stabilized, with no new deals to move the price from the $1,310/mt C&F recently achieved.

Even before the damage to the Nord Stream gas line was discovered, the price of natural gas put the production cost of 1 mt of ammonia at more than $2,000. The shutdown of the gas line will push that price higher.

Despite the higher European production costs, sources do not expect the Northwest Europe price of ammonia to skyrocket. Buyers can secure tons from Trinidad and Southeast Asia at levels that allow for the current price to hold, sources said. Availability from North Africa is also considered likely. Some tons from the Arab Gulf might also be tossed into the mix, even though the last deal with OCP is leaving producers with fewer tons available for spot sales.

European producers are expected to keep churning out ammonia despite the high cost. Sources said the plants need to fulfil contracts, not only for ammonia, but also for byproduct material such as CO2 for non-fertilizer industries.

Southeast Asia:

Sources said the ammonia buying market remains soft. Industrial buyers continue to ask suppliers to slow down deliveries of contracted tons. At the same time, the buyers are also invoking the provisions in their contracts that allow for reduced amounts in each shipment.

The lack of buying demand is leaving some producers in the area with extra tons for sale. Buyers in Northwest Europe continue to monitor the price and availability of product, along with shipping costs, to determine if a deal can be made. So far, deals have been done that allow for a reasonable netback to the producer and no price increase in Europe.

Imports of ammonia into Thailand for January-August were reported at 237,000 mt by Trade Data Monitor, down 12% from the 269,000 mt imported during the same period in 2021. The main suppliers in 2022 so far have been Malaysia with 154,000 mt, and Indonesia with 75,000 mt.

August 2022 imports were reported at 32,000 mt, up dramatically from the 2,600 mt imported during August 2021. Indonesia sent 16,000 mt, for 52% of the import market in August. Malaysia rounded out the sales with 15,000 mt, for 48% of the market.

Urea

Black Sea, Brazil, California, China, Eastern Cornbelt, India, Indonesia, Market Watch, Middle East, Nepal, Pacific N.W., Thailand, U.S. Gulf, Urea, Western Canada, Western Cornbelt

US Gulf:

NOLA urea barges were quoted in the $600-$635/st FOB range, with $600-$605/st FOB being the most prominent numbers reported. Week-ago prices were $620-$672/st FOB.

Eastern Cornbelt:

Additional softening in the NOLA barge market pushed urea prices lower in the Eastern Cornbelt in late September. The regional market was pegged at $680-$700/st FOB, down from $695-$705/st FOB the week before, with the low confirmed at Cincinnati, Ohio, at midweek.

Western Cornbelt:

Urea pricing continued to drop during the week. Sources pegged the Western Cornbelt market in a broad range at $660-$690/st FOB, depending on location, with the low confirmed at St. Louis, Mo.

In the Northern Plains, new urea offers were reported at $685-$700/st FOB St. Paul, Minn., with delivered pricing pegged in the $740-$765/st range in the Dakotas.

California:

Urea was quoted in a broad range at $760-$840/st FOB in California, depending on location. No current delivered prices were confirmed in the state.

Pacific Northwest:

The urea market slipped to $735-$740/st FOB in the Pacific Northwest, down $15/st from last report, with the low confirmed at Rivergate, Ore. Rail-DEL urea pricing was pegged in the $740-$750/st range in late September.

Western Canada:

Urea prices were reported in a broad range at C$1,085-$1,120/mt FOB in Western Canada, down from C$1,130-$1,150/mt FOB in early September. Delivered pricing was also lower at C$1,110-$1,140/mt, compared with C$1,135-$1,150/mt DEL at last report.

India:

Sources still expect the next tender to be called by mid-October. This timing would allow for all the tonnage awarded in the last tender to be assigned vessels, removing the possibility of a producer backing off from the deal in favor of the expected higher price in the next tender.

RCF is running a small tender for KSCL in Nepal. The tender for 30,000 mt of granular urea closes on Oct. 7, with shipping to take place within 30 days of the issuance of the purchase order. The urea is to be shipped in 50 kg bags for delivery to KSCL warehouses in Nepal.

Black Sea:

Sources pegged the Black Sea prilled urea price at $550-$580/mt FOB. There are reports that some additional sales from the far eastern portion of the Black Sea out of Georgia and neighboring countries are at higher levels. Prices from last week as high as $700/mt FOB do not seem to have been repeated this week.

Indonesia:

Producers have been quiet with pricing ideas as they process the movement of previously purchased tons. Sources report some rumblings that Pusri is preparing the paperwork for a selling urea tender in October. Some have speculated the call could come as early as the next week.

Middle East:

The shutdown of the Nord Stream natural gas pipeline has raised concerns that urea production will be further curtailed in Europe. All eyes quickly turned to Egypt for the necessary product.

Until the damage to the gas pipeline occurred, sources were speculating that prices in Egypt would come off dramatically from the $850/mt FOB level that producers last received in a public deal. Now, sources still expect to see prices lower than that level, but not as much as before the pipeline incident.

Prices out of the Arab Gulf remain steady at $645-$650/mt FOB, based on the most recent Indian tender. Sources said there have been no new spot deals to move the price as producers work to fill the orders placed from the tender and to cover other contracts.

China:

There was a reported sale of up to 30,000 mt of granular urea to two Mexican buyers in the mid-$690s/mt CFR. With freight costs pegged at $70/mt, sources said the netback to China would be in the mid-$620s/mt FOB. The deal was reportedly brokered by a Chinese trader.

This amount bumps up against other reports that Fudao closed a deal for granular at $645-$650/mt FOB. The Fudao price represents a slight drop in the price estimated from the latest Indian urea tender.

The Mexican deal is set for shipment in October or early November, while the Indian-related business needs to ship by Oct. 21. Sources had been talking about softer prices going into the next quarter, despite expectations that India still needs to buy 3 million mt for this application season and Ethiopia appears to be gearing up for a 1 million mt tender.

Prills from China are showing a marked bearish view, with sources pegging the price at $620/mt FOB with further drops to come.

The export price offers Chinese traders potentially excellent margins. Reportedly, granular product is being offered at $349-$350/mt FOB ex-factory, with bids at $339-$341/mt FOB ex-factory.

The wide margin makes some international traders nervous. If a Chinese trader offers tons for export substantially below the existing market levels in an Indian tender, no other firm will be able to match the low price, leaving India with only the few tons offered at the low price. At the same time, the rest of the market will face growing reserves from other producers that could lead to a price collapse.

Reports of port warehouse inventories showed 185,000 mt for September, down 33% from the average. Sources said the current supplies appear to be tonnage arriving to cover sales into the previous Indian tenders. Some of the tonnage may also be export-approved tons for the next tender. Sources said they expect to see an increase in export permit requests as the date of the next Indian tender approaches.

Nepal:

A tender for 30,000 mt of granular urea is being conducted by RCF of India on behalf of KSCL of Nepal. The tender closes Oct. 7. The tender is to be shipped in 50 kg bags within 30 days of the issues of a purchase order.

Delivery of the product is slated for three warehouses in Nepal. Birgunj is to receive 11,500 mt, Biratnagar will get 8,500 mt, and Bhairahawa will receive 10,000 mt.

After several failed tender attempts, the Nepalese government authorized contracting with foreign companies such as RCF to supply material to domestic companies for distribution.

Thailand:

Imports of urea for January-August 2022 were reported at 1.5 million mt by Trade Data Monitor, down about 8% from the 1.6 million mt imported during the same period of 2021. The main suppliers so far this year were Saudi Arabia with 588,000 mt, Qatar with 325,000 mt, and Malaysia with 313,000 mt.

August 2022 imports were reported at 212,000 mt, up 36% from the 156,000 mt imported during August 2021. Saudi Arabia led the way with 94,000 mt, for 44% of the import market. Malaysia sent 54,000 mt for 26% of the market, Qatar shipped 32,000 mt for 15% of the market, and Bahrain sold 25,000 mt for 12% of the market.

Saudi Arabian suppliers have had a long relationship with Thai buyers. Often the landed price in Thailand was equal to or below the publicly posted FOB price from the Saudi ports.

Brazil:

A lack of buying interest has pushed down the landed urea price to $660-$690/mt CFR. Sources said even as the price drifted downward, some buyers were pushing for an even greater drop by bidding at $630/mt CFR. These aggressive buyers were unsuccessful.

Rondonopolis also showed a decline in prices, with sources reporting deals at $815-$855/mt FOB ex-warehouse.

Stepped up soybean planting in the center of the country could soon see demand for urea pick up. Sellers are hoping the demand will be strong enough to stem the steady drop in prices.

UAN

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

US Gulf:

NOLA UAN barge price ideas continued at $537-$550/st ($16.78-$17.19/unit) FOB, though some said the lower end of the range was getting hard to find.

Eastern Cornbelt:

The latest UAN-32 prices were quoted at $575-$595/st ($17.97-$18.59/unit) FOB for limited offers in the Eastern Cornbelt, with rail-DEL pricing firming to $600-$615/st ($18.75-$19.22/unit) in the region.

Western Cornbelt:

UAN-32 prices in the Western Cornbelt pushed up to $565-$585/st ($17.66-$18.28/unit) FOB for limited offers, depending on location, with rail-DEL pricing pegged at the $600/st ($18.75/unit) level or higher in Nebraska.

California:

UAN-32 offers in California were reported in the $590-$600/st ($18.44-$18.75/unit) FOB range in late September, depending on location and supplier, up from recent lows at the $565/st ($17.66/unit) level. Effective Sept. 27, IRM reposted UAN-32 at $590/st ($18.44/unit) FOB Stockton. Rail-DEL pricing was pegged at the $600/st level or higher.

Pacific Northwest:

New UAN-32 pricing in the Pacific Northwest jumped to $600-$620/st ($18.75-$19.38/unit) FOB truck terminals, depending on location, up significantly from the $500-$535/st FOB level reported in early September. The Kennewick, Wash., market was pegged solidly at the $610/st ($19.06/unit) FOB level, up full $110/st from early September.

Effective Sept. 26, IRM reposted UAN-32 at $610/st ($19.06/unit) FOB Pasco, Wash., and Umatilla, Ore.; $620/st ($19.38/unit) FOB Central Ferry, Wash.; and $655/st ($20.47/unit) DEL in eastern Oregon and Washington. Those levels were up $85/st from the company’s Sept. 8 postings in the region.

Western Canada:

The UAN-28 market in Western Canada strengthened to C$715-$740/mt (C$25.54-$26.43/unit) DEL for fall pricing, up from C$700-$730/mt (C$25.00-$26.07/unit) in early September.

 

Ammonium Sulfate

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

US Gulf:

NOLA ammonium sulfate barges remained in the $400-$410/st FOB range.

Eastern Cornbelt:

The granular ammonium sulfate market was steady at $460-$480/st FOB in the Eastern Cornbelt, depending on location. Cincinnati pricing remained at $465-$475/st FOB in late September.

Western Cornbelt:

Granular ammonium sulfate pricing was quoted at $440-$460/st FOB in the Western Cornbelt, with the low confirmed at St. Louis.

California:

The granular ammonium sulfate market was reported at $500-$525/st FOB, with the upper end reflecting list prices at Lathrop, Woodland, and Richvale.

Pacific Northwest:

Ammonium sulfate pricing in the Pacific Northwest was pegged at $400/st FOB for standard and $470-$490/st FOB for granular. Delivered pricing was reported at $400-$445/st for standard and $475-$490/st for granular, depending on supplier and location.

Western Canada:

Ammonium sulfate prices in Western Canada was quoted at C$665-$685/mt DEL for fall tons. While posted pricing remained as high as C$735/mt DEL, sources said discounts were available for immediate shipment.

China:

The market has apparently gone quiet. Sources reported steady and strong demand from Europe and Brazil, but no recent shift in pricing. The export price for caprolactam-grade amsul remains at $220-$230/mt FOB with most of the deals taking place in the upper end of the range.

Thailand:

Imports of ammonium sulfate for January-August 2022 were reported at 300,000 mt by Trade Data Monitor, down 14% from the 348,000 mt imported during the same period of 2021. The main supplier so far this year was China, with 245,000 mt.

August 2022 imports were reported at 25,000 mt, down 36% from the 39,000 mt imported during August 2021. China sent 21,000 mt for 83% of the import market, with Madagascar shipping 3,000 mt for 12% of the market.

Brazil:

Landed prices for ammonium sulfate remained flat at $300-$320/mt CFR in Brazil. Prices inland at Rondonopolis, however, softened at $415-$450/mt FOB ex-warehouse.

DAP/MAP

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

Central Florida:

Central Florida DAP truck pricing remained at the prior week’s $770/st FOB level, sources said, although posted prices were reportedly under reassessment in the aftermath of Hurricane Ian on Sept. 29. Truck-loaded MAP continued at $790/st FOB, also steady from one week earlier.

Pricing for MAP trucks loading from northern Florida was unchanged at $820/st FOB.

US Gulf:

Hurricane Ian’s Sept. 28 landfall north of Fort Myers, Fla., sent the NOLA barge phosphate markets into a holding pattern, sources said, with players describing pulled bids and offers while the market waits to hear of any damage to production facilities in Florida.

All Mosaic Florida locations moved to Hurricane Condition 4 on Sept. 27, with company assets secured in advance of a possible shutdown prior to the storm’s arrival. Ian came ashore as a Category 4 hurricane on Sept. 28. The Port of Tampa moved to Port Condition Zulu on Sept. 27, effectively halting operations at the site.

Pricing was largely flat on DAP barges ahead of Ian’s arrival. Low offers were heard at a $730/st FOB floor early in the week, above the prior $725/st FOB bottom, while domestically-produced tons traded even with the week-ago $755/st FOB top. Domestic producers were noted reassessing posted prices on Sept. 29.

NOLA MAP barges were quoted at a $755/st FOB low, lifting from the week-ago $745/st FOB floor, while sales of domestically produced MAP slated for full-October loading were reported at $765/st FOB, shy of the prior $780/st FOB top.

Sources noted DAP barges in a wide $730-$755/st FOB range through the week, lifting from $725-$755/st FOB in the prior report. NOLA MAP was pegged at $755-$765/st FOB, a change from $745-$780/st FOB reported previously.

US Exports:

Sources reported a quiet Gulf export market, with recent DAP and MAP transactions unchanged from the last-heard $750-$760/mt FOB level.

Eastern Cornbelt:

DAP prices remained at $805-$815/st FOB in the Eastern Cornbelt, with MAP quoted at $815-$825/st FOB in the region. Cincinnati pricing was steady at $805-$810/st FOB for DAP and $815-$825/st FOB for MAP.

In the wake of Hurricane Ian, Mosaic said it would be reassessing the availability and posted prices for the NOLA, Central Florida, and inland terminal phosphate markets in the coming days.

Western Cornbelt:

DAP pricing slipped to $790-$810/st FOB in the Western Cornbelt, with MAP reported in the $805-$820/st FOB range, depending on location. The St. Louis market was pegged at $790-$800/st for DAP and $805-$815/st FOB for MAP.

California:

MAP was unchanged at $900/st FOB or DEL in California in late September.

Pacific Northwest:

The MAP market was steady at $870-$890/st FOB or DEL in the Pacific Northwest, depending on location.

Western Canada:

MAP was pegged in a wide range at C$1,235-$1,305/mt FOB in Western Canada, up from the previous C$1,220-$1,280/mt range. Delivered tons were quoted at C$1,250-$1,315/mt in the region in late September.

China:

Sources reported the price of DAP deals directly between producers and Indian buyers at $720-$725/mt FOB. However, a recent deal reportedly of Russian DAP to India at $720/mt CFR has shifted pricing expectations to $690-$700/mt FOB.

Because traders are shut out of DAP deals, sources said calculating netbacks from Indian deals remains the most reliable method to estimate the Chinese price. Sources now put the market at $690-$725/mt FOB for DAP.

Port warehouse inventories of DAP for September are reported at 308,400 mt, representing a 4% advantage over the average tonnage. International traders said the tonnage most likely represents pending shipments for India to cover the Rabi season.

Inventories of MAP are also up. The September tonnage is reported at 163,000 mt, 10% above average. Sources reported at least four cargoes are already booked for Australia. Another option is that some of the tonnage was initially slated for Brazil, but later canceled.

India:

Sources reported a DAP sale into India at $720/mt CFR. At that price, sources speculated that the product most likely came from Russia. The deal, said one trader, is more evidence that Indian buyers are looking for product wherever they can.

Reportedly, Indian buyers spent the week bidding at $700-$720/mt CFR, but seemed to be willing to accept $740-$750/mt CFR. The latest deal could lead to a more aggressive push for lower prices from Chinese suppliers, who are digging in their heels to stop further price drops.

Some Indian companies have become so emboldened by the softer prices of DAP that they are now reportedly talking with Chinese producers to lower the price on tons contracted months ago, from $820/mt CFR to $750/mt CFR.

Sources said part of the push for lower prices is coming from rumors that the Indian government is planning to cut the amount paid for DAP subsidies. Reportedly, some buyers are now even looking at $680-$700/mt CFR.

Pakistan:

Buyers are reportedly making inquiries for DAP. Saudi Arabian sellers are listening, but seem to be focusing on formula-based deals rather than locking in prices at current levels.

Brazil:

The price of MAP in Brazil moved down to $690-$700/mt CFR. The decline in pricing is not expected to stop any time soon. Sources said buyers were aggressive with bids as low as $650/mt CFR, but with no success yet.

The Rondonopolis MAP market tightened, with the lower end of the range dropping for a new price of $820-$855/mt FOB ex-warehouse. Sources said demand for MAP has slackened as farmers pay attention to their planting plans. Future demand may come as weather patterns and markets become clearer.

TSP

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

US Gulf:

NOLA TSP barge values were described in the $675-$700/st FOB range for the week, below the prior week’s $690-$710/st FOB.

Eastern Cornbelt:

The TSP market was reported at $730-$735/st FOB Cincinnati in late September.

Western Cornbelt:

TSP pricing was quoted at $725-$750/st FOB for the last confirmed offers in Missouri, with the low reported at St. Louis.

Iran:

As previously reported,Agricultural Support Services Co. (ASSC) closes a tender on Oct. 3 for the purchase of 250,000 mt of granular TSP for shipment in 30,000 mt, 40,000 mt, or 50,000 mt lots at the seller’s option (GM Sept. 9, p. 13).