All posts by mickeybarb@charter.net

Ammonium Nitrate

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

Western Cornbelt:

The ammonium nitrate market remained at $640-$650/st FOB Missouri terminals in mid-September.

Southern Plains:

Ammonium nitrate prices were moving up in the Southern Plains. New offers FOB Muskogee, Okla., were confirmed at the $650/st FOB level at midweek, up from $600-$610/st FOB at last report.

South Central:

Although no current ammonium nitrate prices were being offered at Yazoo City, Miss., sources speculated that any new business there would be at the $600/st level or higher, up from $550/st FOB at last report.

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 continued to be called $400-$410/st FOB, with sellers quoting $415/st FOB for the next round of business.

Eastern Cornbelt:

The granular ammonium sulfate market was steady at $460-$480/st FOB in the Eastern Cornbelt, depending on location. Cincinnati pricing was quoted in the $465-$475/st FOB range at mid-month, with the Ottawa, Ill., market pegged firmly at the $470/st FOB level.

Western Cornbelt:

Granular ammonium sulfate pricing was quoted at $440-$460/st FOB in the Western Cornbelt, with the low confirmed at St. Louis. The Caruthersville market was reported at the $450/st FOB level at midweek.

Southern Plains:

Granular ammonium sulfate was pegged at $450-$470/st FOB in the Southern Plains, with the low confirmed at Houston and the high at Catoosa/Inola.

South Central:

Ammonium sulfate pricing was quoted at $440-$450/st FOB in the South Central region, down $10/st at the upper end of the range, with the low confirmed at Memphis and the high in Arkansas.

Southeast:

Ammonium sulfate prices FOB Hopewell, Va., remained at $450/st FOB for granular, $410/st FOB for mid-grade, and $390/st FOB for standard. Pricing in the Florida market was reported at $395/st FOB/DEL for standard and $505/st FOB/DEL for granular.

China:

Demand is stepping up, largely because European buyers are looking for a cheaper substitute for urea. Reportedly, talks are now focusing on $230-$250/mt FOB for caprolactam-grade amsul. So far, no deals have been reported.

Exports to European countries from China jumped to 113,000 mt in January-August 2022, up from 54,000 mt during the same period in 2021, according to Trade Data Monitor.

Total exports for January-August 2022 were reported at 7 million mt, up 11% from the 6.3 million mt exported during the same period in 2021. Sources said the increase is not surprising. Amsul was not included in the export restrictions affecting urea and other fertilizers. Buyers looking for nitrogen for their blending operations stepped away from Chinese urea and moved to ammonium sulfate because no extra permissions from the government were required to close the deals.

Brazil dominated the purchases of Chinese amsul for the period with 1.8 million mt, for 24% of all exports. Vietnam came in second with 783,000 mt, for 19% of the market. Turkey took a large leap in imports to 604,000 mt, up from 310,000 mt during the same period in 2021.

August exports were reported at 1.3 million mt against the 645,000 mt exported during August 2021. Brazil took almost half of the exports at 653,000 mt. The remaining 55 customers took the remaining 681,000 mt.

Brazil:

Limited sales put the ammonium sulfate price at $300-$320/mt CFR. The slight uptick in the upper end of the range could be an indicator that growing demand from Europe for Chinese amsul is beginning to have an impact on the Brazilian market.

Rondonopolis pricing was reported at $430-$470/mt FOB ex-warehouse. People will be watching to see how the shifts in urea pricing affects the amsul market, especially with the blenders.

DAP/MAP

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

Central Florida:

Central Florida DAP trucks continued to be posted at $770/st FOB during the week, unchanged from the prior report. MAP truck postings were steady as well at $790/st FOB.

Truck-loaded MAP offered from North Florida was posted at $820/st FOB, sources confirmed.

US Gulf:

NOLA DAP and MAP barge pricing was trending lower during the week.

Players reported DAP trades bottoming at $725/st FOB on Sept. 22, down $30/st FOB from the prior $755/st FOB low. Subsequent offers were heard bouncing slightly to $730/st FOB, while posted offers for domestically produced DAP remained at the week-ago $765/st FOB on Sept. 22. Prior to the price drop, sources called the week’s high in the $745-$755/st FOB range.

MAP offers were reported falling as low as $745/st FOB during the Sept. 16-22 trading week, off from the prior $780/st FOB bottom. Domestic producer offers continued to be quoted at $785/st FOB, while sources put the early-week market at $780/st FOB.

Some sources pointed to a perceived downturn in demand at both the international and domestic US levels as dragging prices lower, while others speculated an index play could be weighing on nearby values.

DAP barge values were pegged in a wide $725-$755/st FOB range through the period. NOLA MAP barges were called $745-$780/st FOB, falling from $780-$790/st FOB reported previously.

US Exports:

Sources reported sales of DAP and MAP totaling approximately 5,000 mt out of the US Gulf during the week.

Priced in a $750-$760/mt FOB range, the tons were slated for distribution into multiple markets in Northern Latin America, with loading scheduled for October. The market was previously reported in the $765-$785/mt FOB range.

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 pegged at $805-$810/st FOB for DAP and $815-$825/st FOB for MAP, while Ottawa pricing was confirmed at $815/st FOB for DAP and $825/st FOB for MAP.

Western Cornbelt:

DAP remained at $800-$810/st FOB in the Western Cornbelt, with MAP pricing reported in the $815-$825/st FOB range. The St. Louis market was pegged at $800-$805/st for DAP and $815-$820/st FOB for MAP.

Southern Plains:

DAP pricing was quoted at $795-$820/st FOB in the Southern Plains, higher than last week’s $795-$810/st FOB range, with the low confirmed at Catoosa/Inola and the high at Houston, Texas. The MAP market in mid-September was quoted at $820-$835/st FOB Catoosa/Inola and $840/st FOB Houston.

South Central:

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

Southeast:

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

China:

India keeps talking with DAP producers and keeps making deals that leave traders out of the market. Sources said any inquiries to producers are met with either no returned calls or flat-out statements of being sold out.

The government apparently has encouraged the major – usually state-owned – producers to work out direct deals with the major buyers in India and Pakistan. Sources said the move seems to be part of a charm offensive with the two governments by Beijing.

Even as talks and deals are happening, India has also moved to secure DAP from other suppliers at lower prices than what the Chinese producers offer. The latest came as India and Ma’aden in Saudi Arabia settled on a couple of cargoes at $750/mt CFR, for a China-equivalent price of $720-$725/mt FOB.

January-August 2022 exports of DAP were reported at 2.2 million mt by Trade Data Monitor, down 55% from the 4.6 million mt exported during the same period in 2021. The main buyers were India at 740,000 mt, Bangladesh at 313,000 mt, and Thailand at 237,000 mt.

August DAP exports were reported at 518,000 mt, down slightly from the 550,000 mt exported during August 2021. Of the 30 countries buying Chinese DAP, India with 185,000 mt and Bangladesh with 150,000 mt accounted for 65% of the purchases.

Exports of MAP for January-August were reported at 1.2 million mt, down 62% from the 3.1 million mt exported during the same period in 2021. Brazil took almost half of the exports with 521,000 mt, followed by Argentina at 207,000 mt, and Australia at 149,000 mt.

August 2022 MAP exports were reported at 157,000 mt, down from the 564,000 mt exported during August 2021. Brazil nabbed 45% of the exports at 71,000 mt, followed by Japan with 12,000 mt, for 8% of the exports.

India:

Major DAP buyers continue to work directly with producers. The most recent deals involved at least two cargoes from Ma’aden at $750/mt CFR. Buyers are also still talking with major Chinese producers for product at ever-lower prices.

Imports of DAP for January-July 2022 were reported at 2.6 million mt by Trade Data Monitor, up slightly from the 2.5 million mt imported during the same period in 2021. Saudi Arabia with 663,000 mt, Morocco with 540,000 mt, and China with 466,000 mt dominated the suppliers.

July 2022 DAP imports were reported at 386,000 mt, down 53% from the 823,000 mt imported during July 2021. Saudi Arabia dominated the sales with 57% of the import market, at 220,000 mt.

Brazil:

An oversupply of MAP continues to push prices down in Brazil. Sources said the imported price has dropped to $700-$750/mt CFR. New bids reportedly are coming in closer to $600/mt CFR, but with nothing done at that level yet.

Rondonopolis is pegged at $850-$885/mt FOB ex-warehouse. Sources said while the market is quiet now, demand is expected to pick up as the October application season hits.

TSP

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

US Gulf:

With little-to-no business reported for the week, TSP barges continued to be called $690-$710/st FOB, unmoved from the prior report.

Eastern Cornbelt:

The TSP market slipped to $730-$735/st FOB Cincinnati, down $10-$15/st from last report.

Western Cornbelt:

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

South Central:

TSP warehouse pricing in the South Central region slipped to $750-$755/st FOB, down $5/st from last report.

Phosphoric Acid

Eastern Cornbelt, India, Market Watch, Phosphoric Acid, Southern Plains, Western Cornbelt

Eastern Cornbelt:

September phos acid postings in the Eastern Cornbelt remained at $14.00/unit rail-DEL.

Western Cornbelt:

Phos acid prices remained at $14.00/unit rail-DEL in the Western Cornbelt for September tons.

Southern Plains:

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

India:

Phosphoric acid suppliers in Jordan were reported under contract with buyers in India at $1,715/mt P2O5 CFR for the second and third quarters, up $185/mt from $1,530/mt CFR in 1Q.

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 $660-$670/st FOB level in the Western Cornbelt.

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 remained at the $730/st level FOB Houston.

Muriate of Potash

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

US Gulf:

NOLA potash barges continued to soften, slipping to $585-$600/st FOB from the week-ago $610-$620/st FOB range. Despite the continued downward trend, sellers were optimistic that prices would stabilize as demand starts up after the harvest season progresses.

Eastern Cornbelt:

The potash market was quoted at $695-$725/st FOB in the Eastern Cornbelt, down from $700-$725/st FOB at last report. Warehouse pricing at Cincinnati reportedly slipped to the $695-$700/st FOB level, with the Ottawa market reported at the $700/st FOB mark at midweek.

Western Cornbelt:

Potash pricing fell to $685-$705/st FOB in the Western Cornbelt, down another $15-$20/st from last report, with the St. Louis market pegged at $685-$700/st FOB for new offers

Southern Plains:

Potash pricing in the Southern Plains slipped to $690-$705/st FOB, down significantly from the last confirmed $720-$730/st FOB range, with the low 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 slipped to $695-$705/st FOB, down from the last reported $720-$745/st FOB range.

Southeast:

Potash in the Southeast remained at $760/st FOB Wilmington, N.C., based on list prices, with rail-DEL pricing quoted in the $775-$780/st range.

China:

Imports of MOP for January-August 2022 were reported at 5.5 million mt by Trade Data Monitor, equaling the import numbers for the same period in 2021. Canada, Russia, and Belarus were the dominant suppliers, each sending 1.4-1.5 million mt during the period.

August 2022 imports were reported at 766,000 mt, doubling the August 2021 imports of 383,000 mt. Canadian MOP accounted for 40% of the market, with 309,000 mt. Belarus came in second with 186,000 mt, followed by Russia with 144,000 mt.

India:

Imports of MOP for January-July 2022 were reported at 1.7 million mt by Trade Data Monitor, down 16% from the 1.99 million mt imported during the same period in 2021. Canada supplied 541,000 mt of the imports, followed by Belarus with 384,000 mt, and Israel with 366,000 mt.

July 2022 imports of MOP were reported at 235,000 mt, up marginally from the 232,000 mt imported during July 2021. Canada accounted for 75% of the imports with 176,000 mt. Israel took the rest of the market with 59,000 mt.

Brazil:

Prices for MOP dropped to $650-$680/mt CFR as limited buying interest met high stockpiles. Sources added that reports of more Belarus product coming into Brazil, at possibly discounted prices because of the sanctions against that country, appear to have added to the downward pressure on pricing. Sellers pushed back, however, noting that very few vessels lined up to enter Brazilian ports are carrying potash.

Rondonopolis reported prices down to $770-$840/mt FOB. As with the landed price, an excess of material and limited demand is pushing pricing levels down.

Sulfur

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

Tampa:

The BP Husky Toledo Refinery near Toledo, Ohio, shut down on Sept. 20 following a fire that killed two people, local news outlets reported. Genscape reported the fire as originating from the plant’s 120,000 barrel/d Crude Unit 1 crude distillation unit (CDU), starting at 5:50 p.m. on Sept. 20. Elevated flaring was observed from the site prior to the fire on Sept. 20.

BP in August announced a plan to sell its 50% stake in the 160,000 barrel/d Toledo facility to joint-venture partner Cenovus.

Genscape observed activity levels returning to normal on Sept. 15 at the 255,000 barrel/d Pipestill 12 CDU at BP’s Whiting, Ind., refinery. The facility suffered widespread unit shutdowns following an Aug. 24 electrical fire.

Tampa molten sulfur contracts were valued at $352/lt CFR for the third quarter, off $129/lt from the prior period’s $481/lt CFR contract. Players are anticipating significant price declines in the upcoming fourth-quarter contract.

Refinery utilization in the US lifted for the week, according to the Energy Information Administration (EIA) on Sept. 21. Capacity utilization was pegged at a combined 93.6% for the week ending Sept. 16, up 2.1 points from 91.5% in the prior report. The rate remained ahead of both the year-ago 87.5% and the 88.5% five-year average.

Daily crude inputs also moved higher, rising to an average 16.355 million barrels/d, a 333,000 barrel/d increase from 16.022 million barrels/d reported previously.

US Gulf:

Phillips 66 restarted a 206,000 barrel/d CDU and a 71,000 barrel/d hydrocracker on Sept. 19 at the company’s Sweeny, Texas, refinery, Genscape reported. The units were reported going offline on Sept. 14.

Marathon on Sept. 17 successfully restarted a 114,000 barrel/d hydrocracker at its Garyville, La., refinery. The unit was reported shutting two days earlier, on Sept. 15.

Based on recent price increases at Brazil, indications on sulfur cargoes loading from the US Gulf were heard firming to the $80-$95/mt FOB range, an increase from $75/mt FOB reported previously.

Brazil:

While a previously rumored $140/mt CFR transaction failed to materialize during the week, sources reported the sale of a Brazil-bound cargo out of the Middle East, priced at $85/mt FOB. With freight costs pegged in the $33-$35/mt range, delivered pricing was quoted at $118-$120/CFR Brazil, rising from $105-$110/mt CFR at last report.

Vancouver:

Recent Vancouver levels continued to be heard in the $95-$100/mt FOB range, unmoved from one week earlier.

Alberta:

Alberta sulfur was indicated netting back in the $25-$282/mt FOB range, steady from the prior report.

West Coast:

Price indications on solid sulfur loading from the West Coast persisted at $95-$100/mt FOB through the week. Third-quarter molten contracts were reported at $370-$385/lt FOB, off $5/lt from $375-$390/lt FOB in 2Q.

China:

Recent sulfur imports at China were heard at $135-$140/mt CFR, above the last reported $125-$140/mt CFR range.

ADNOC:

Abu Dhabi National Oil Co. (ADNOC) solid sulfur offers were noted at $92/mt FOB Ruwais for September loading, up $7/mt from August’s reported $85/mt FOB level.

Qatar:

Muntajat posted September prill offers at $89/mt FOB Ras Laffan, up $12/mt from the prior period’s $77/mt FOB level.

Sulfuric Acid

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

US Gulf:

With nothing new reported on the US Gulf sulfuric acid import market, price ideas remained at the week-ago $160-$180/mt CFR.

Gulf Coast:

Sulacid tons delivered to the Gulf Coast were contracted in a wide $195-$280/st DEL range for 2022 agreements.

Midwest:

Midwest contract sulfuric acid market values were even with the Gulf Coast for annual agreements, at $195-$280/st DEL.

West Coast:

Players described West Coast 2022 contract tons in the $185-$270/st DEL range, unchanged from the prior report.

Brazil:

Price ideas on spot vessels imported to Brazil were most recently heard in the $170-$190/mt CFR range, steady from one week earlier.

Ammonium Thiosulfate

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

Eastern Cornbelt:

Ammonium thiosulfate pricing was unchanged at $400-$435/st FOB in the Eastern Cornbelt, with the low confirmed at Cincinnati.

Western Cornbelt:

Ammonium thiosulfate was pegged at $350-$400/st FOB in the Western Cornbelt, depending on location and supplier.

Southern Plains:

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

South Central:

The ammonium thiosulfate market remained at $460-$465/st FOB Memphis.