All posts by mickeybarb@charter.net

DAP/MAP

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

Central Florida:

No changes were reported in the Central Florida phosphate markets. DAP trucks were posted at $840/st FOB, unmoved from the prior week, while truck-loaded MAP was pegged at $850/st FOB, also steady from one week earlier.

MAP trucks loading from North Florida were posted at $890/st FOB, steady from week-ago levels.

U.S. Gulf:

The NOLA DAP and MAP barge markets softened for a second consecutive week, sources said.

Prompt DAP barges slipped to a low of $760/st FOB, down $20/st from the week-ago $780/st FOB floor, while most said the market topped out in the $770-$780/st FOB range, below the prior $800/st FOB high. Domestically produced tons continued to be offered at $810/st FOB, although no trades were reported at that level. Most of the week’s trading reportedly focused in the $760-$770/st FOB range.

With interest from exporters flagging for the week, players described the NOLA MAP barge market at an $807/st FOB floor, reflecting a renewed emphasis toward domestic-facing buyers. Most noted the weekly high in the $820-$825/st FOB range. Offers to exporters were heard at $840-$845/st FOB, on par with week-ago levels, with no trades reported. MAP tons produced domestically continued to be offered at $850/st FOB.

The NOLA DAP barge market softened to $760-$780/st FOB, falling from $780-$800/st FOB in the prior report. MAP barges were called $807-$825/st FOB, below the $840-$845/st FOB range noted one week earlier.

U.S. Exports:

Sources reported a 30,000 mt DAP sale into India during the week, priced at $960/mt CFR. The tons, scheduled for loading in first-half September, were slated for inclusion on a 50,000 mt transport. With freight costs pegged at $50/mt, the sale netted back approximately $910/mt FOB to the seller, in line with the market’s week-ago low.

A recent trade into a northern Latin American market garnered $925/mt FOB, sources said. Some players believed Gulf trades could be achievable up to $945/st FOB into certain markets, although nothing was reported changing hands at that level.

Based on recent reported sales, the U.S. Gulf phosphate export market was pegged in the $910-$925/mt FOB range, steady from the prior report.

Eastern Cornbelt:

DAP slipped to $810-$840/st FOB in the Eastern Cornbelt, with the low confirmed at Ottawa and the high in Ohio. MAP was reported at $860-$880/st FOB, down $10/st from the prior week, with the low again reported at Ottawa. The Cincinnati market was pegged at $820-$830/st FOB for DAP and $860-$875/st FOB for MAP in mid-July.

Western Cornbelt:

DAP was pegged at $810-$845/st FOB in the Western Cornbelt, with the high confirmed at Caruthersville, Mo., and the low at St. Louis. MAP pricing fell in the $845-$870/st FOB range in the region, with the low again confirmed at St. Louis.

In the Northern Plains, the St. Paul, Minn., phosphate market was quoted at $810-$825/st FOB for DAP and $850-$870/st FOB for MAP.

Southern Plains:

DAP pricing was pegged at $805-$825/st FOB in the Southern Plains, with the high confirmed at Houston and the Catoosa/Inola market quoted at $805-$815/st FOB. MAP pricing in the region fell in the $850-$880/st FOB range, with the high once again reported at Houston. The Catoosa/Inola MAP market was quoted at $850-$860/st FOB at mid-month.

South Central:

DAP prices remained at $850-$875/st FOB terminals in the South Central region, with the low quoted at Little Rock and out of spot river terminals in Kentucky, and the high at Memphis.

Southeast:

Nutrien’s DAP posting remained at $840/st FOB Aurora, N.C., with MAP at $890/st FOB Aurora and White Springs, Fla.

Saudi Arabia:

The Saudi Arabia export phosphate market continued to be reported at a wide $840-$950/mt FOB, unchanged from one week earlier.

China:

Prices shifted up to $930-$945/mt FOB as demand from India strengthens. Sources said more producers are working directly with buyers, bypassing traders and tender processes. Some sales to small regional buyers were offering producers higher netbacks. Efforts to transfer these higher prices to larger buyers were rejected.

For some buyers, deals with large-scale producers provide a slight break in pricing because of lower freight rates related to the larger vessels these producers can fill. Sources said producers are finding less pushback from customs officials. Reportedly, domestic reserves are sufficient to ensure that when demand picks up in the latter part of the third quarter, supplies will not run out.

Exports of DAP during the first half of the year were reported at 1.3 million mt by Trade Data Monitor, down 60% from the 3.2 million mt exported during the first semester of 2021.

Second-quarter DAP exports were reported at 555,000 mt, down 75% from the 2.3 million mt exported in April-June 2021. India took about 43% of the exports with 238,000 mt, followed by Indonesia with 72,000 mt.

June DAP exports were reported at 197,000 mt, down from the 409,000 mt exported in June 2021. India took about one-third of the June shipments with 68,000 mt.

Exports of MAP for the first semester of 2022 were reported at 876,000 mt by Trade Data Monitor, down 54% from the 1.9 million mt exported during the same period in 2021. Brazil dominated the purchases with 376,000 mt, followed by Argentina with 158,000 mt and Australia with 143,000 mt.

Second-quarter 2022 exports of MAP were reported at 673,000 mt, down from the 1.3 million mt sold in April-June 2021. June 2022 exports of 277,000 mt were just a bit less than half of the June 2021 exports of 573,000 mt. Brazil took 60% of the June 2022 MAP exports with 165,000 mt.

India:

The price of DAP was reported steady in the $950s/mt CFR. Sources said more business is being done directly between producers and buyers, leaving little room for traders to participate.

Brazil:

Buyers of MAP continue to push for more discounts in pricing. Despite the pressure, sources reported no shift in the landed price of $950-$1,000/mt CFR. Buyers cite the large reserves of MAP in portside and inland warehouses as a reason for lower prices.

Rondonópolis prices shifted slightly downward to $1,075-$1,090/mt FOB ex-warehouse. Sources said part of the argument for lower prices is based on large reserves and a desire by some sellers to free space for future products.

TSP

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

U.S. Gulf:

NOLA TSP barges continued to be reported at $715-$735/st FOB, unmoved from the previous week.

Eastern Cornbelt:

TSP pricing fell to $750-$755/st FOB Cincinnati at mid-month.

Western Cornbelt:

TSP pricing was pegged at $775/st FOB Caruthersville in mid-July.

South Central:

The TSP market was quoted at $775/st FOB in the South Central region, down significantly from the last $870-$875/st FOB range reported in late June.

Phosphoric Acid

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

Eastern Cornbelt:

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

Western Cornbelt:

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

Southern Plains:

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

India:

India phos acid contracts were noted at $1,715/mt P2O5 CFR for the second and third quarters, a $185/mt increase from $1,530/mt P2O5 CFR in Q1. The pricing was based on reported deals with sellers in Jordan and possibly Tunisia.

Ammonium Polyphosphate

Ammonium Polyphosphate, Market Watch, Southern Plains, Western Cornbelt

Eastern Cornbelt:

10-34-0 fill offers were reportedly circulating at $665/st FOB in the Eastern Cornbelt for July-August shipment, down from the last confirmed prompt business at the $800/st FOB level or higher.

Western Cornbelt:

10-34-0 prices were reported at $665/st FOB in the Western Cornbelt for July-August fill tons.

Southern Plains:

The 10-34-0 market was pegged at $650-$665/st FOB, with the low in Texas and the high reported in Kansas. The last confirmed 11-37-0 pricing in Texas remained at the $800/st FOB level.

Muriate of Potash

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

U.S. Gulf:

NOLA potash barges were reported at $715-$725/st FOB, down from the week-ago $735-$745/st FOB. Buyers were reported to be bidding $700-$710/st FOB for the next trade.

Eastern Cornbelt:

The potash market remained at $770-$785/st FOB in the Eastern Cornbelt, depending on location, with Cincinnati pricing pegged at $770-$780/st FOB and Ottawa pricing reported at the $775/st FOB level.

Western Cornbelt:

Potash pricing remained in a broad range at $765-$795/st FOB in the Western Cornbelt, depending on location, with the low reported at St. Louis and the high in Iowa.

Southern Plains:

Potash pricing was unchanged at $760-$770/st FOB in the Southern Plains, with the low confirmed at Catoosa/Inola and the high at Houston. The last 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:

The potash market was reported at $770-$780/st FOB in the South Central region, with the low confirmed at Memphis and the high in Arkansas.

Southeast:

The latest potash offers in the Southeast were confirmed at $790-$795/st FOB port terminals, with rail-DEL Canadian tons pegged at the $800-$810/st level in the region.

India:

RCF closed a tender on July 18 for the purchase of 105,000 mt of white/pink potash (GM July 15, p. 14). Shipment is required in three 35,000 mt lots to MBPT HB port, the first by August, the second by September, and the third by October.

South Korea:

Imports of MOP by South Korean buyers for the first half of the year were reported at 370,000 mt by Trade Data Monitor, down marginally from the 391,000 mt imported in January-June 2021. Canada was the main supplier in 2022 with 268,000 mt.

Second-quarter 2022 MOP imports were almost identical to the same period in 2021 at 202,000 mt. June 2022 MOP imports were reported at 73,000 mt, down from 89,000 mt in June 2021. Again, Canada was the main supplier with 67,000 mt.

China:

Imports of MOP during the first half of the year were reported at 4.1 million mt by Trade Data Monitor, down about 11% from the 4.6 million mt imported during the first semester of 2021. Russia supplied 1.1 million mt this year, followed by Belarus at 1 million mt and Canada at 962,000 mt.

Second-quarter 2022 MOP imports of 1.98 million mt were down marginally form the 2 million mt imported during the same period 2021. June 2022 imports were reported at 614,000 mt, up 23% from the 499,000 mt imported during June 2021.

Brazil:

MOP prices edged down slightly to $960-$1,040/mt CFR. Sources said the deals at the lower end of the range seemed to be heavily for immediate delivery. Any talk of delayed shipments was above $1,000 /mt CFR. The MOP price in Rondonópolis came off slightly to $1,030-$1,085/mt FOR ex-warehouse.

Sulfur

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

Tampa:

The third-quarter contract price of Tampa molten sulfur was settled at $352/lt CFR, sources said, down $129/lt from $481/lt CFR in the prior period.

Refinery utilization pressed lower for a third consecutive reporting period, according to data released by the U.S. Energy Information Administration (EIA). Capacity was noted at 93.7% for the week ending July 15, a 1.2 point decline from 94.9% in the previous report, but above both the year-ago 91.4% and the 90.3% five-year average.

Daily crude inputs also moved lower, registering an average 16.319 million barrels/d, 321,000 barrels/d below the week-ago 16.640 million barrels/d rate.

U.S. Gulf:

Falling international price sentiment had not yet moved the needle on tons loading from the U.S. Gulf, players said on July 21, although it was only a matter of time.

With new offers at Brazil reportedly pressing into the $200s/mt CFR, Gulf netbacks in the next round of business could land in the $200s/mt FOB or lower, some warned. For now, last-done continued to be heard at a general $350-$375/mt FOB.

Brazil:

Sulfur market buyers and sellers described international price sentiment as perched at the edge of a cliff.

Despite recent confirmed numbers continuing to be noted in the low-$400s/mt CFR, new business was reportedly being discussed significantly lower in the $200-$250/mt CFR range. Although nothing was concluded on July 21, players were braced for the next round of business to shift considerably south of last-done levels.

A small volume of third-quarter contract business reportedly fell in the $418-$425/mt CFR range. Some buyers were noted to refrain from longer-term commitments in expectation of lower values ahead. Contracts were noted at $480-$485/mt CFR in the second quarter.

Vancouver:

No new solid sulfur business was heard concluding out of Vancouver during the week, leaving last-done in the $340-$350/mt FOB range. With recent values heard plunging into the mid-$200s/mt CFR or possibly lower at China, next-done at Vancouver is expected to move down.

Alberta:

Alberta sulfur netbacks were indicated in the $237-$282/mt FOB range and included both molten tons contracted into the U.S. market and prilled material selling through the Vancouver export market.

West Coast:

Recent West Coast solid sulfur indications were unmoved at $340-$350/mt FOB. Falling values were anticipated in the next round of business. Third-quarter molten sulfur agreements were noted at $370-$385/lt FOB, below the $375-$390/lt FOB range reported for the prior period.

China:

Six-month average crude throughput at refineries in China fell for the first time in more than a decade in first-half 2022, according to China’s National Bureau of Statistics (NBS), as reported by Reuters.

Daily January-June throughput averaged 13.4 million barrel/s day, down 6% from first-half 2021. June’s 13.37 million barrel/d average represented a 5% increase from 12.7 million barrels/d in May, but was off 10% from the June 2021 rate of 14.8 million barrels/d, an all-time monthly high for the country.

Independent teapot refineries were noted raising run rates late in May in response to easing Covid-related lockdowns. Deep production cuts had been noted in the February-April period. The conclusion of planned turnarounds at two of state-run oil company Sinopec’s refining facilities also contributed to rising outputs.

Players described new sulfur cargoes imported into China sinking to at least the $250-$280/mt CFR range, with further softening likely in the short term. Rumored trading below the $200/mt CFR mark went unconfirmed on July 21. The market was previously reported in the $370-$385/mt CFR range.

ADNOC:

Abu Dhabi National Oil Co. prills were offered at $428/mt FOB Ruwais for loading in July, falling $52/mt from June’s $480/mt FOB offer.

Qatar:

Muntajat sulfur offers for July were heard at $428/mt FOB Ras Laffan, off $62/mt from $490/mt FOB in June. Bidding for the next round of business was rumored to fall substantially below July levels.

Sulfuric Acid

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

U.S. Gulf:

With nothing new reported on the Gulf import market, price ideas continued to hold in the $260-$270/mt CFR range, steady from the prior report.

Gulf Coast:

Annual Gulf Coast sulfuric acid contracts remained unchanged in a wide $195-$280/st DEL range.

Midwest:

Tons slated for Midwest delivery carried $195-$280/st DEL pricing for 2022 agreements, sources said.

West Coast:

West Coast contracts for 2022 were reported in the $185-$270/st DEL range, unchanged from one week earlier.

Brazil:

No changes were heard in Brazil spot pricing for the week, leaving the market flat at $270-$280/mt CFR.

Ammonium Thiosulfate

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

Eastern Cornbelt:

New ammonium thiosulfate fill pricing was quoted at $425-$435/st FOB in the Eastern Cornbelt from some suppliers, down from the last confirmed prompt business at $600-$625/st FOB. The low end of the range was confirmed in Cincinnati at midweek.

Western Cornbelt:

Ammonium thiosulfate fill tons were reportedly priced at $425-$435/st FOB in the Western Cornbelt at mid-month.

Southern Plains:

Ammonium thiosulfate prices in Texas were down to $350/st FOB Houston and $400/st FOB Lubbock, below the last confirmed $500/st FOB level at both locations in late June.

South Central:

New ammonium thiosulfate pricing was confirmed at $550-$555/st FOB Memphis, down $10/st from last report.