All posts by mickeybarb@charter.net

UAN

Eastern Canada, Eastern Cornbelt, Market Watch, Northeast, Northern Plains, U.S. Gulf, UAN, Western Cornbelt

U.S. Gulf:

NOLA UAN barges continued at $545-$550/st ($17.03-$17.19/unit) FOB. Late in the week, CF issued a UAN tender in which buyers could submit their price ideas (See Eastern Cornbelt).

Eastern Cornbelt:

UAN-28 pricing was quoted at $508-$512/st ($18.14-$18.29/unit) FOB Cincinnati for prompt tons and $537-$538/st ($19.18-$19.21/unit) FOB for spring prepay. The UAN-32 market remained at $580-$600/st ($18.13-$18.75/unit) FOB for prompt and $605-$615/st ($18.91-$19.22/unit) FOB for prepay in the Eastern Cornbelt, depending on location.

Michigan sources pegged UAN-28 prepay offers at $575/st ($20.54/unit) FOB Toledo and $583/st ($20.82/unit) FOB Webberville, Mich.

CF on Feb. 17 announced a UAN tender, with bids required by 4 p.m. Chicago time on Feb. 22. CF said bids must indicate price, volume, mode (barge, rail, vessel, pipeline, truck), delivery terms (FOB CF terminal or delivered), and preferred shipping window. All bids will remain valid until Feb. 24, and customers will be notified of acceptances on that date.

The company said volumes accepted or rejected will be determined at its sole discretion, and CF reserves the right to counter volumes due to capacity limitations. CF further stated that if it receives an offer at an acceptable price but the specified volume is in excess of available capacity, it then reserves the right to accept a portion of the offer and reject other offers at the same price.

Western Cornbelt:

The UAN-32 market was unchanged at $590/st ($18.44/unit) FOB St. Louis for February-March tons and $605/st ($18.91/unit) for April-June, with the upper end of the regional market pegged at $600-$620/st ($18.75-$19.38/unit) FOB in Iowa and Nebraska, depending on location and time of shipment.

Northern Plains:

UAN-32 pricing was reported at $625-$635/st ($19.53-$19.84/unit) FOB Minnesota terminals, depending on location and time of delivery, with the low reported at Pine Bend and the high at Winona for 2Q tons. The UAN-28 market in North Dakota was pegged at $565-$570/st ($20.19-$20.36/unit) FOB, with the low for prompt tons and the high for spring prepay.

Northeast:

The UAN-32 market remained at $620-$630/st ($19.38-$19.69/unit) FOB Baltimore, with UAN-30 pricing pegged at $590/st ($19.67/unit) FOB Baltimore at midweek. UAN-32 pricing FOB terminals in upstate New York was steady at $672/st ($21.00/unit) in mid-February.

Eastern Canada:

The UAN-28 market was unchanged at C$775-$783/mt (C$27.68-$27.96/unit) in Eastern Canada in mid-February. UAN-32 pricing remained at C$895/mt (C$27.93/unit) FOB on a spot basis in Ontario.

Ammonium Sulfate

Ammonium Sulfate, Brazil, China, Eastern Canada, Eastern Cornbelt, Market Watch, Northeast, Northern Plains, South Korea, U.S. Gulf, Western Cornbelt

U.S. Gulf:

Ammonium sulfate barges remained flat at $585-$590/st FOB.

Eastern Cornbelt:

The ammonium sulfate market was pegged at $610-$645/st FOB in the Eastern Cornbelt, with the low confirmed at Cincinnati for prompt tons and the high for spring prepay. Michigan sources quoted the market at $650-$660/st FOB terminals, depending on location and time of shipment.

Western Cornbelt:

Ammonium sulfate pricing was pegged at a solid $610-$630/st FOB in the Western Cornbelt, depending on location, with the high reported in Iowa and the low confirmed at St. Louis.

Northern Plains:

Granular ammonium sulfate prices remained at $625-$635/st FOB St. Paul, with reports of prompt offers firming to $650/st FOB on a spot basis in the North Dakota market. Delivered pricing reportedly ranged from $625-$635/st in North Dakota for 1Q and $645-$655/st for 2Q.

Northeast:

The granular ammonium sulfate market firmed to $595-$635/st FOB in the Northeast, with the low confirmed at Lancaster, Pa. Delivered tons ranged from $615-$655/st in the region, depending on location.

Eastern Canada:

The ammonium sulfate market firmed to C$880-$920/mt FOB in Eastern Canada, up C$15/mt at the high end of the range.

China:

Sources reported limited interest in buying ammonium sulfate of any type as urea prices soften. Most traders were talking about prices at $250/mt FOB or less for caprolactam-grade tons. However, sources said Atlas in the Philippines picked up a cargo for $240/mt CFR. With freight estimated at about $30/mt, that leaves a netback to China of $210/mt FOB.

Brazil:

Softer urea prices are affecting the ammonium sulfate prices in Brazil, and also the willingness to buy. Prices came off on the landed price to $280-$350/mt CFR for granular tons. Sources said inland buyers are also hesitant to buy as urea prices come off. Even with that hesitation, prices remained at $530/mt FOB ex-warehouse under light trading.

South Korea:

January 2022 exports of ammonium sulfate were reported at slightly more than 6,000 mt by Trade Data Monitor. This is a dramatic drop from the 51,000 mt exported in January 2021. Malaysia took 6,000 mt, leaving a few other buyers with only token tonnage.

DAP/MAP

Brazil, Central Florida, China, DAP/MAP, Eastern Canada, Eastern Cornbelt, India, Market Watch, Northeast, Northern Plains, Saudi Arabia, U.S. Exports, U.S. Gulf, Western Cornbelt

Central Florida:

With the NOLA phosphate markets on the rise for the week, Central Florida truck sellers were in the process of evaluating offer levels. With no updated postings reported, DAP and MAP loaded to trucks from Central Florida locations continued at the week-ago $785/st FOB level.

North Florida MAP trucks were also steady at $780/st FOB for the week.

U.S. Gulf:

NOLA phosphate barges were seen jumping higher for a second consecutive trading period, driven in part by improving weather conditions and a possible early return to spring navigation on the upper Mississippi River.

Players noted DAP barges at a $740/st FOB early-week low, up from the prior week’s $715/st FOB. Pricing was heard lifting to as high as $770/st FOB by Feb. 17.

MAP barges loading from NOLA were reported at a $750/st FOB bottom, up from $740/st FOB last week. Keeping pace with DAP, sources put the top of the MAP market at $770/st FOB, above the week-ago $755/st FOB high.

Nearby NOLA DAP pricing was quoted in the $740-$770/st FOB range for the period, increasing from $715-$745/st FOB at last report. MAP barges were pegged at $750-$770/st FOB, sources indicated, rising from $740-$755/st FOB.

U.S. Exports:

Mosaic reported the sale of 10,000 mt of DAP and 5,000 mt of MAP from the U.S. Gulf during the week. The tons, destined into a single market in Latin America, carried $850-$858/mt FOB pricing, with loading slated for first-half March.

An additional small-lot DAP cargo, reported selling into northern Latin America at an $835/mt FOB price point, fell below the Green Markets minimum volume to merit inclusion in the current-week range.

The U.S. Gulf DAP and MAP export markets were seen moving higher based on applicable reported sales, to $850-$858/mt FOB from $810/mt FOB in the prior report.

Eastern Cornbelt:

DAP and MAP pricing continued to climb during the week. The DAP market was quoted at $775-$795/st FOB in the Eastern Cornbelt, up from the prior week’s $765-$780/st range, depending on location and timing, with the higher numbers reported as the week progressed.

MAP was pegged at $785-$800/st FOB in the region, up from $775-$795/st last week.

The Cincinnati DAP market was pegged at $780-$795/st FOB during the week, with the market described as “solidly” at the upper end of that range by Feb. 17. MAP pricing at Cincinnati firmed from a low of $785/st to a firm $800/st FOB as the week progressed. Michigan sources pegged the MAP market at the $860/st level FOB Toledo.

Western Cornbelt:

DAP prices strengthened again during the week, firming to $775-$785/st FOB in the Western Cornbelt, up from the prior week’s $765-$770/st, with the low confirmed at St. Louis. MAP was quoted at $790-$800/st FOB/st FOB in the region, with St. Louis pricing pegged at $790-$795/st FOB as the week progressed.

The Catoosa/Inola market jumped to $780-$785/st FOB for DAP and $795-$805/st FOB for MAP, sources said, up from the previous week’s $765-$770/st FOB and $775-$785/st FOB, respectively.

Northern Plains:

DAP pricing firmed to $785-$790/st FOB St. Paul, with MAP pegged solidly in the $800-$810/st FOB range at that location. Those levels were up from the previous week’s $765-$775/st FOB for DAP and $780-$790/st for MAP.

Delivered MAP offers in central and western North Dakota were pegged at $880-$890/st from shipping points in the Western U.S.

Northeast:

Phosphate prices in the Northeast reportedly jumped to $800-$830/st FOB for MAP, up $5-$15/st, with the low reported at Belle Vernon, Pa., and the high at Lancaster. The DAP range was pegged at $790-$810/st FOB in the region, depending on location, up from $780-$790/st FOB at last report.

Eastern Canada:

The MAP market was pegged at C$1,160-$1,200/mt FOB in Eastern Canada, down C$20/mt at the high end of the range. DAP remained at C$1,180/mt FOB Montreal, unchanged from last report.

Saudi Arabia:

Recent Saudi Arabia phosphate pricing continued to be quoted in the $890-$905/mt FOB range, unchanged from one week earlier.

China:

Sources said reports that China would be withholding 1 million mt of urea for a summer program applies to phosphates. The government reportedly is anxious to make sure the DAP needs for farmers are well covered with inexpensive product before allowing too many exports.

The end of the phosphate application season is currently seeing a buildup of product at portside warehouses. According to a Bloomberg analysis, there are 320,000 mt of DAP waiting to be loaded on vessels. Last year, the peak availability in the warehouses was about 360,000 mt.

More tons are being authorized for export under existing contracts. Sources said no new deals have been done for product. Most of the cargo being allowed out is heading to India, which has several contracts for regular deliveries directly from Chinese DAP producers.

Recent Indian business from other sources showed delivered prices at $915-$925/mt CFR. Calculating that rate back to China gives an export equivalent price of $895-$900/mt FOB. This level represents a slight retreat in pricing from most of last year.

India:

No new deals were reported this week. Traders said a clearer picture is emerging of the DAP tons purchased earlier this month. Sources said the estimated price into India is now a bit tighter at $915-$925/mt CFR.

Demand for DAP continues, but sources said aggressive buying in December and January helped bring in enough DAP to ease the demand. Sources said buyers will continue to scout around for more tons as the big firms look to receive product from their contracts with Chinese producers.

Brazil:

Regional demand for MAP for the next season is putting pressure on the current price. For now, however, the price remains stable at $850-$920/mt CFR.

Inland, buyers are looking more to the 2022/23 season than for any immediate needs. Sellers see the demand and keeping asking for a higher price, and are reportedly getting it. Source pegged the Rondonopolis price at $965-$1,020/mt FOB ex-warehouse.

Phosphoric Acid

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

Eastern Cornbelt:

The phos acid market was unchanged at $16.20/unit rail-DEL in Illinois and $16.35/unit rail-DEL in Ohio.

Western Cornbelt:

Phos acid prices were unchanged at $16.10/unit in Iowa, Nebraska, and Missouri for February tons.

Northern Plains:

Phos acid prices for February shipments remained at $16.20/unit rail-DEL in Minnesota and Wisconsin, and $16.35/unit rail-DEL in the Dakotas, unchanged from January.

India:

Phosphoric acid contracts for material sold into India were reported at $1,330/mt P2O5 CFR for fourth-quarter 2021. Negotiations for an updated contract were reportedly underway.

Ammonium Polyphosphate

Ammonium Polyphosphate, Eastern Cornbelt, Market Watch, Northeast, Northern Plains, Western Cornbelt

Eastern Cornbelt:

Sources continued to report no current pricing offers for 10-34-0 in the Eastern Cornbelt.

Western Cornbelt:

The 10-34-0 market was pegged at $815-$825/st FOB in the Western Cornbelt, with the high confirmed in Iowa for spring prepay

Northern Plains:

Sources reported new and very limited 10-34-0 offers at the $910-$920/st FOB level in the Northern Plains for spring tons, with similar prices noted for delivered tons in North Dakota.

Northeast:

The 10-34-0 market remained at a firm $900/st FOB in Pennsylvania and upstate New York for limited tons.

Sulfur

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

Tampa:

First-quarter Tampa molten sulfur contracts were negotiated at $282/lt CFR, rising $99/lt from $183/lt CFR reported for the prior period. Sources were keeping an eye on possible impacts to the Tampa import market stemming from ongoing tensions between Russia and Ukraine.

Refinery utilization shifted lower in the U.S. Energy Information Administration’s (EIA) latest report, a reflection of operational struggles suffered by Gulf Coast refineries in the wake of Winter Storm Landon. Capacity utilization was reported at 85.3 percent for the week ending Feb. 11, a 2.9-point decrease from the week-ago 88.2 percent. The current-week rate remained ahead of the prior-year 83.1 percent, while failing to match the five-year average of 86.7 percent.

Daily crude inputs were reported averaging 14.902 million barrels/d through the period, falling 675,000 barrel/d from 15.577 million barrels/d posted previously.

U.S. Gulf:

Valero’s Houston, Texas, refinery on Feb. 11 began ramping up operations on a 95,000 barrel/d crude distillation unit (CDU) and a 38,000 barrel/d vacuum distillation unit (VDU), Genscape reported. The CDU and VDU were reported offline on Feb. 6 ahead of a refinery-wide shutdown triggered by a power outage on Feb. 7, while a sulfur recovery unit was noted shutting down on Feb. 9. All three units returned to normal operation on Feb. 12.

Valero’s Texas City, Texas, plant restarted an 85,000 barrel/d fluidic catalytic cracking unit (FCC) and a 110,000 barrel/d gas oil hydrotreater on Feb. 14. Both units were knocked offline amid a total refinery shutdown on Feb. 4.

Marathon restarted the 243,000 barrel/d Pipestill 3B crude section at the company’s Galveston Bay, Texas, refinery on Feb. 10, after the section’s CDU and VDU began ramping up on Feb. 9. Increased activity was also observed from the facility’s 280,000 barrel/d Pipestill 3A crude section starting on Feb. 10, ahead of a full restart achieved on Feb. 14.

Several additional units at the Galveston Bay refinery, including an SRU, were noted restarting on Feb. 13. A ramp-up of the plant’s 145,000 barrel/d FCCU3 FCC was ongoing on Feb. 14. The refinery was expected to continue slowly restarting units through approximately Feb. 19, following a complete Feb. 4 shutdown due to power loss.

Gulf export price ideas were typically reported in the $300-$305/mt FOB range, rising from the week-ago $290-$300/mt FOB due to rising offshore values. “Messiness” in the Gulf resulting from the recent Winter Storm Landon was described as complicating the current market.

Brazil:

Bucking expectations of a softening market, Brazil spot pricing was seen moving higher for the week, firming to the $357-$360/mt CFR level. Spot levels were previously reported at $355-$357/mt CFR.

Vancouver:

Sources called last-done Vancouver levels higher, lifting to $300-$305/mt FOB from $300/mt FOB reported previously.

Alberta:

Sulfur produced in Alberta was indicated netting back in a wide $167-$235/mt FOB range, up from $167-$230/mt FOB at last report.

West Coast:

West Coast prilled sulfur indications lifted slightly, to $300-$305/mt FOB. Molten contracts were pegged in the $230-$245/lt FOB range for delivery in the first quarter, up from $160-$170/lt FOB reported for 4Q 2021.

China:

Last-done at China continued to be pegged at $335/mt CFR, steady from one week earlier. Values were generally expected to rise in the next round of business.

ADNOC:

Sources quoted February ADNOC pricing at $320/mt FOB Ruwais, a $20/mt increase on January’s $300/mt FOB price.

Qatar:

Muntajat offered prills at $315/mt FOB Ras Laffan for February loading, players said, rising $14/mt from $301/mt FOB offered in January.

Kuwait:

Kuwait sulfur was heard at $315/mt FOB for February. Cargoes were noted at $300/mt FOB in the prior month.

Sulfuric Acid

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

U.S. Gulf:

Sources continued to point to tight supply as a primary driver of the current market, noting both planned turnarounds at domestic production facilities and minimal availability from Northwest European smelters as contributing factors.

“Producer maintenance schedules last through 3Q and import prices aren’t yet attractive,” said one source. “Spot prices are well above annual contracts, but not quite high enough to attract more vessel activity, yet.”

Buyers would likely need to look to suppliers in Asia to secure a vessel in the current market, players said, incurring higher delivered pricing than last-done levels.

Recent imports continued to be quoted in the $255-$260/mt CFR range, unmoved from one week earlier.

Gulf Coast:

Domestic rail contracts for delivery to the Gulf Coast were reported in the $195-$230/st DEL range for 2022.

Midwest:

Midwest annual agreements ran even with the Gulf Coast at $195-$230/st DEL, players said.

West Coast:

Tons delivered to West Coast locations were reported in the $185-$220/st DEL range for 2022.

Brazil:

Nothing new was heard on the Brazil import market for the week. Prices were previously noted in the $270-$275/mt CFR range.

Ammonium Thiosulfate

Amthio, Eastern Canada, Eastern Cornbelt, Market Watch, Northern Plains, Specialty, Western Cornbelt

Eastern Cornbelt:

The ammonium thiosulfate market was quoted at $600-$645/st FOB in the Eastern Cornbelt, with the low reported in Illinois. The Cincinnati market was pegged at $630-$645/st FOB at mid-month, while pricing in Michigan was quoted up to $650/st FOB on a spot basis.

Western Cornbelt:

The last confirmed ammonium thiosulfate business remained at the $600/st FOB level in the Iowa market.

Northern Plains:

The last offers for ammonium thiosulfate were quoted at $565-$580/st FOB in North Dakota, with the low for prompt tons and the high for spring prepay.

Eastern Canada:

The ammonium thiosulfate market remained in a broad range at C$860-$970/mt FOB in mid-February, depending on location and supplier.