All posts by mickeybarb@charter.net

Urea

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

U.S. Gulf:

NOLA granular urea trades were quoted at $525-$575/st FOB for February and first-half March. Full-March cargoes were reported as low as $520/st and as high as $582/st FOB. The week-ago range was $575-$650/st FOB.

Speculation over the Indian tender caused some uncertainty in the market. Sources said should India not meet its needs at the lower prices offered, it may have to retender soon and face higher prices.

U.S. Imports:

Urea imports rose 106.2 percent for the July-December period, to 2.76 million st from the prior-year 1.34 million st. Imports were up 122.2 percent in December, to 336,002 st from 151,218 st.

Qatar imports totaled 482,600 st for July-December, 10.8 percent off from the year-ago 540,915 st, followed by 458,748 st imported from Saudi Arabia, up 53.4 percent from the previous-year 299,131 st. Russia sent 383,273 st to the U.S., a 95.6 percent climb from 195,904 st recorded for the year-ago period. Algeria added 364,685, after sending zero tons to the U.S. one year earlier.

U.S. Exports:

Urea exports were off 73.1 percent in July-December, to 152,269 st from the year-ago 565,693 st. December exports totaled 65,840 st, falling 29.8 percent from the year-ago 93,809 st.

Eastern Cornbelt:

A softer NOLA barge market contributed to lower urea terminals prices in the Eastern Cornbelt. Sources pegged the regional market at $625-$645/st FOB, depending on location, down from the previous week’s $680-$710/st FOB. The low end of the range was confirmed at Cincinnati, Ohio.

In the South Central region, urea pricing at Convent, La., was reportedly down to $635/st FOB from the prior week’s $660/st FOB level.

Western Cornbelt:

Urea pricing continued to bounce around in the Western Cornbelt, fueled by more NOLA volatility. One source described urea as a “call daily for a quote market” in early February, while another suggested most terminals were “probably in the lower $600s,” but with very little interest from buyers.

When pressed, most sources pegged the regional urea market at $610-$630/st FOB, down from the prior week’s $655-$695/st FOB range, with the low reported at St. Louis, Mo. The Catoosa/Inola, Okla., market had reportedly slipped to $600-$620/st FOB, down from the prior week’s $685-$705/st FOB range.

Urea pricing in the Northern Plains was reported at $640-$650/st FOB St. Paul, Minn., with delivered urea in North Dakota pegged at $670-$705/st for prompt tons and $710-$740/st for spring.

California:

Sources continued to report a broad range of urea prices in California, from a low of $810/st FOB Stockton to a posted high of $910/st FOB West Sacramento. On a rail-DEL basis, recent offers as low as $725/st were confirmed on a spot basis in the state, with sources citing lower prices in the Midwest and at NOLA.

Pacific Northwest:

The urea market FOB Rivergate and Aurora Ore., was quoted in a broad range at $700-$750/st FOB during the week, down from the last reported $790-$815/st FOB. Some prompt delivered urea business was confirmed at the $770/st level in the Montana market.

“I think the late January bobble/bounce on urea, coupled with India’s many suitors for urea, has the market spooked for a bit,” commented one regional contact.

Western Canada:

The urea market in Western Canada dropped to C$1,150-$1,240/mt FOB regional warehouses for March-April tons, down from the last reported C$1,220-$1,250/mt range. While some sources suggested that rail-DEL offers for imported tons could be had in the low C$1,100s/mt on a spot basis in the region, that pricing level was described as a moot point because of the limited availability of railcars.

India:

The IPL urea tender closed on Feb. 7, with 20 companies offering 3.27 million mt. The low price came from Amber at $596.45/mt CFR for both coasts.

The Amber offer was way off the average from the bulk of the participating companies. Also, the trading house only offered 33,000 mt for the East Coast and 45,000 mt for the West Coast.

Other traders offered many more tons at higher rates. Samsung, for example, offered 370,000 mt for the West Coast at $668.30/mt CFR and 135,000 mt at $672.70/mt CFR. Many more traders also offered in the $660s and $670s. Some offered in the $680s/mt CFR and one – EuroChem – offered at $670.73/mt CFR.

Among the offering companies were three traders who offered a total of 415,000 mt at $645-$670/mt CFR. Sources calculated the price to India at those rates would be $665-$680/mt CFR.

Offering Company Quantity (mt) US$/mt Discharge Port
CFR FOB
Amber 33,000 596.45   ECI-L1
45,000 596.45   WCI-L1
Swiss Singapore 100,000 612.75   ECI
190,000 604.65   WCI
Koch 40,000 649.69   ECI
50,000 665.00   WCI
Midgulf 200,000 651.00   ECI
200,000 667.00   WCI
OQ Trading 42,000 681.00   ECI
84,000 654.00   WCI
Continental 55,000 662.38   ECI
95,000 657.75   WCI
Fertiglobe 105,000 659.38   ECI
Gavilon 50,000 682.00   ECI
50,000 665.00   WCI
Transglobe 48,000 699.00   ECI
48,000 665.00   WCI
OCI Fertilizer 100,000 665.25   WCI
Samsung 135,000 672.70   ECI
370,000 668.30   WCI
Dreymoor 100,000 689.00   ECI
134,000 668.92   WCI
Ameropa 45,000 669.00   Mundra
45,000 669.00   Mundra
45,000 674.00   Kakinada
45,000 674.00   Krishnapatnam
Eurochem 45,000 670.73   WCI
Medallion 50,000 679.79   ECI
50,000 697.79   WCI
Keytrade 30,000 689.00   Gangavaram
160,000 684.00   WCI
VHL 25,000 693.00   WCI
Valency 45,000 750.00   Kakinada
FOB Offers        
Fertiglobe   180,000   650.00 Ruwais FOB
45,000   645.00 Adabiya FOB
Sabic 100,000 665.00 Saudi FOB
Sun International 90,000 670.00 Qatar FOB

The Indian buying house had set a deadline of Feb. 10 for traders to accept their counter bid at the Amber price of $596.45/mt CFR for either coast. However, sources said IPL was having a hard time getting as many tons as they would like at this price. The deadline for acceptance got pushed back to Feb. 11. At the same time, IPL asked offering companies to extend the validity of their offers from Feb. 12 to Feb. 16 to allow more time to nail down sales.

As Green Markets went to press, sources reported that IPL had secured 800,000-850,000 mt. The tonnage offered for less than $660/mt CFR adds up to 892,000 mt, with 414,000 mt for the East Coast and 478,000 mt for the West Coast.

Initially, IPL had expressed a desire for 1.2 million mt. The issue now is not the availability of urea, but rather the availability of urea at the price set by Amber. If IPL has to settle for just the 850,000 mt it is rumored to have already secured, sources said India will have to call another tender – most likely in mid-March – to ensure a proper supply of urea for the upcoming season.

Sources said IPL also counterbid to the producers. Reportedly, IPL bid $568.50/mt FOB for the Arab Gulf material and $560.30/mt for the Egyptian material out of Adabiya. The counterbids are about $10/mt lower than the estimated netback from the Amber offer.

The tonnage offered by the traders is said to represent a wide range of urea suppliers, with the exclusion of China. Tonnage reportedly is being offered from Vietnam, Nigeria, and North Africa. There are also reports that Amber is already shopping for a vessel to pick up a cargo in Indonesia.

The one bit of good news for India is that the first cargo of a 1 million mt contract with OMIFCO arrived this week. The deal was signed by the Department of Fertilizer with OMIFCO last month calling for 1 million mt to be delivered over the next three years.

The cargo that arrived this week will also show those concerned about a urea shortage in the country that a steady supply of urea, not affected by seasonal fluctuations, is available.

Industry watchers have begun to raise concerns in the local media about the proposed national budget that will take effect on April 1, which reduces the amount of money available for urea subsidies by 17 percent. This reduction comes on the heels of the government having to increase the amount of funds available for urea subsidies in the current fiscal year.

Experts explained that the reduction of subsidies to farmers should not impact the availability of urea, because more domestic urea plants will begin operations soon. The plants received some financial help from the government to begin operations, and will continue to receive subsidized gas and power to ensure steady production.

The move to build new plants and rehabilitate old ones has been a long-term policy of the Modi government. Initially, the government wanted to take India away from needing any urea imports by 2022. However, delays in plant construction, COVID, and financial issues threw the schedule off. Government officials now say the country will be self-sufficient in urea in 2023.

China:

Sources said port warehouses have limited material. The lack of product in the ports, said one trader, is an indication that not only is limited tonnage being allowed out for export, but product from other locations is not being shipped to China for re-export.

Buyers of Iranian urea have, in the past, moved the product through Chinese ports in an effort to muddy the waters about the source of the product. In the past year, China has stepped up its own enforcement, blocking Iranian urea from its bonded warehouses.

Some small tons of urea will continue to be allowed out by customs officials. Most of the material being shipped is for emissions control programs in South Korea and Japan. Sources now say the rest of the world may not see any large shipments from China until July.

Middle East:

Producers appear to be fighting a rear-guard action against ever-lower prices. The offers from the producers into the IPL tender showed a drop of $200/mt from the last tender. The netback from the Amber price in the tender and the counterbid from IPL represent a drop closer to $300/mt.

Sources speculate that the producers will not accept the IPL counter bid of $568.50/mt FOB for Arab Gulf material. Even though the companies reportedly have the product on hand, sources said the most likely scenario will be that the producers will quietly back some of the traders’ offers. In this way, said one trader, no producer will have to publicly admit to a dramatic drop in price and the market will be kept guessing as to the actual level for a few weeks.

The estimated netback to the Arab Gulf from the IPL tender is calculated at $576-$578/mt FOB. This price is seen by industry watchers as a viable price because it is higher than the IPL bid and below the producers’ offers into the tender. The paper market is pegged at $605/mt FOB for February and $508/mt FOB for March.

The last confirmed Egyptian business was in late January at $735-$755/mt FOB. That could change if IPL accepts an offer from Fertiglobe for the Adabiya material. Sources said Fertiglobe is most likely ready to pass on the counter bid of $560.30/mt FOB. However, it might be willing to back a trader if the netback is better and if the trader keeps quiet about the deal.

The paper market for Egyptian granular is reported at $640/mt FOB for February and $580/mt FOB for March.

Indonesia:

Sources speculate that Kaltim might call a prompt tender to try to get some of its material included in the sales to India. Already, sources reported Amber is looking for a vessel to load a cargo in Indonesia for China. The speculation is that Amber and Kaltim came to a private agreement after Kaltim scrapped its tender earlier in the month. Such private deals are commonplace, said a trader.

Black Sea:

Sources said there will probably be little or no material coming from the Black Sea to the IPL tender. Product out of Yuzhnyy is limited to contracted tons, leaving little for spot deals.

The netback to Yuzhnyy from the Indian tender is calculated at $546/mt FOB, but there has been no business to justify the price yet.

Brazil:

Strong demand in the north and weaker demand in the south is leading to wide price ranges in Brazil. The landed price at ports this week is pegged at $550-$680/mt CFR. Buyers and sellers at Rondonopolis had fewer differences over pricing. Source said the market this week settled at $839/mt FOB ex-warehouse.

Urea imports in January 2022 were reported at 408,000 mt by Trade Data Monitor. That amount is 25 percent down from January 2021 imports of 545,000 mt.

Only Nigeria showed an increase in exports to Brazil. January 2022 imports from Nigeria were reported at 111,000 mt, up 87 percent from the 60,000 mt sent in January 2021. Russian exports dropped 39 percent, and Algerian exports were down 17 percent.

UAN

California, Eastern Cornbelt, Market Watch, Pacific N.W., U.S. Exports, U.S. Gulf, U.S. Imports, UAN, Western Canada, Western Cornbelt

U.S. Gulf:

NOLA UAN barges continued at $545-$550/st ($17.03-$17.19/unit) FOB.

Eastern Cornbelt:

UAN-28 pricing was quoted at $508-$515/st ($18.14-$18.39/unit) FOB Cincinnati for prompt tons and $534-$537/st ($19.07-$19.18/unit) FOB for spring prepay.

The UAN-32 market remained at $580-$600/st ($18.13-$18.75/unit) FOB for prompt and $605-$610/st ($18.91-$19.06/unit) FOB for prepay tons in Illinois and Indiana, with the Cincinnati market unchanged at $610/st ($19.06/unit) FOB for spring prepay.

Western Cornbelt:

The UAN-32 market remained at $590/st ($18.44/unit) FOB St. Louis for 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.

California:

The UAN-32 market remained at $650-$670/st ($20.31-$20.94/unit) FOB California terminals in early February, depending on location, with spot rail-DEL offers confirmed at the $650/st ($20.31/unit) level for April-May tons.

A scheduled $10/st increase from Yara will reportedly move the company’s posting at Stockton to $680/st ($21.25/unit) FOB on Feb. 16.

Pacific Northwest:

The UAN-32 market was pegged at $665-$685/st ($20.78-$21.41/unit) FOB in the Pacific Northwest, with the low reported at Kennewick, Wash., for 1Q tons. No current delivered offers were confirmed in the Pacific Northwest in early February.

Western Canada:

UAN-28 pricing remained at C$775-$785/mt (C$27.68-$28.04/unit) DEL in Western Canada for spring tons, unchanged from last report.

U.S. Imports:

UAN imports were off 69.6 percent in December, to 59,674 st from the year-ago 196,444 st. July-December imports were up 3.3 percent, however, to 1.20 million st from 1.17 st logged one year earlier.

Russia stood atop the import list for July-December with 496,819 st, edging up 0.1 percent from the prior-year 496,508 st. Trinidad and Tobago came in at 469,160 st, slipping 1.4 percent from 475,886 st noted one year earlier. Material loading from Canada totaled 197,247 st, a 15.1 percent increase from the prior year’s 171,357 st.

U.S. Exports:

UAN exports for the July-December window were down 35.1 percent, to 312,095 st from 481,018 st. Exports softened to 21,656 st for December, down 33.1 percent from 32,364 st in December 2020.

Ammonium Nitrate

Ammonium Nitrate, Brazil, Market Watch, U.S. Exports, U.S. Imports, Western Cornbelt

U.S. Imports:

July-December ammonium nitrate imports firmed 80.4 percent year-over-year, to 181,412 st from 100,552 st. December imports were up 25.2 percent, to 48,520 st from the year-ago 38,759 st.

U.S. Exports:

Ammonium nitrate exports from the U.S. in December were down 0.1 percent, to 41,843 st from the prior-year 41,886 st. Exports for July-December totaled 221,467 st, off 4.7 percent from the year-ago 232,391 st.

Exports to Canada for the 2019-2021 period were revised significantly lower by the Census Bureau, The Fertilizer Institute (TFI) reported on Feb. 8, resulting in reduced export totals for the 2020-2021 fertilizer year compared to previous reports. Official totals were expected to update on the Census Bureau website in June.

Western Cornbelt:

The ammonium nitrate market continued to be quoted at $700-$730/st FOB in the Western Cornbelt for prompt or prepay tons.

Brazil:

Ammonium nitrate imports in Brazil in January 2022 showed more evidence of the Russians withholding tons from the global market. Brazil received only 504 mt from Sweden in January, according to Trade Data Monitor, compared with January 2021 imports of 74,000 mt.

Ammonium Sulfate

Ammonium Sulfate, Brazil, California, China, Eastern Cornbelt, Pacific N.W., U.S. Exports, U.S. Gulf, U.S. Imports, Western Canada, Western Cornbelt

U.S. Gulf:

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

U.S. Imports:

Imports of ammonium sulfate were off 34 percent for December, to 45,065 st from the year-ago 68,287 st. July-December totals stood at 389,211 st, falling 11.3 percent from the year-ago 438,868 st.

Canada topped the July-December import list at 232,996 st, off 5.7 percent from the year-ago 247,032 st. Belgian tons totaled 92,320 st, a 47.2 percent jump from 62,723 st during the same period in 2020. Russia edged South Korea’s 22,046 st total with 23,745 st, a 61.6 percent decline from 61,788 st posted one year earlier.

Declining import totals from Russia, the Netherlands, and South Korea for the fertilizer year to-date were primarily responsible for the market’s flagging July-December numbers, the data indicated.

U.S. Exports:

Ammonium sulfate exports moved 84.1 percent higher in December, to 106,538 st from the prior-year 57,872 st. July-December exports lifted 11.3 percent, to 361,884 st from the previous 325,170 st.

Eastern Cornbelt:

AdvanSix on Feb. 8 announced a $10/st increase for granular ammonium sulfate across its entire distribution system. The increase pushed pricing up to $560/st FOB Hopewell, Va., and $625-$630/st FOB river terminals in the Midwest, with inland warehouses at a typical premium to river pricing.

The company’s mid-grade and standard ammonium sulfate prices at Hopewell also firmed $10/st, with mid-grade moving to $530/st FOB and standard to $510/st FOB.

Western Cornbelt:

Ammonium sulfate pricing inched up to $610-$630/st FOB in the Western Cornbelt, depending on location, with the high reported in Iowa and the low confirmed at St. Louis and reflecting a $5/st increase from last report. The St. Paul market remained at $625-$635/st FOB in early February.

California:

Ammonium sulfate pricing was moving up, with new offers ranging from $610-$640/st FOB in California, depending on grade and location. The low was confirmed at Stockton, while pricing was reportedly up $20/st to $630/st FOB Lathrop, Woodland, and Richvale, and $640/st FOB Helm.

Pacific Northwest:

Granular ammonium sulfate pricing jumped to $625-$635/st FOB and $630-$650/st DEL in the Pacific Northwest, depending on time of shipment, up significantly from $575-$625/st FOB and $585-$630/st DEL at last report. The last reported offers for standard grade were at the $585-$595/st FOB level in the region, sources said.

Western Canada:

The ammonium sulfate market in Western Canada had reportedly strengthened to C$795-$810/mt DEL, up C$5-$10/mt from last report.

China:

Weaker demand for ammonium sulfate is being reflected in pricing.Sources reported no new business out of China as sources now claim the market for caprolactam grade amsul should be down to $250/mt FOB. However, the lack of any sales leaves the sales price in the $280s/mt FOB.

The reduced demand is coming from the two major markets for China – Southeast Asia and Brazil. In both cases, sources said the reduction in demand for amsul is following the decline in urea prices. Ammonium sulfate is no longer being sought as a substitute for urea in NPK and other blended production.

Brazil:

The market is under pressure as demand for ammonium sulfate in blending operations wanes. Limited demand at the Brazilian ports pushed the price down to $295-$395/mt CFR. Sources said blenders still need the product, but are not as desperate as they were just a few weeks ago.

Inland markets remained steady, with Rondonopolis reporting the price unchanged at $530/mt FOB ex-warehouse.

Trade Data Monitor reported amsul imports in January 2022 at 390,000 mt, up 1.7 percent from January 2021 imports of 384,000 mt. The marginal boost came as urea prices were still high and blenders were looking for urea substitutes. The main supplier was China with 325,000 mt.

DAP/MAP

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

Central Florida:

DAP and MAP trucks loading from Central Florida remained posted at $785/st FOB, sources said, unchanged from one week earlier. North Florida MAP trucks were noted at $780/st FOB, also steady from the previous report.

U.S. Gulf:

NOLA phosphate barges took a big step up for the week, with players describing sizable gains in nearby loadings for both DAP and MAP.

DAP barges were quoted at a $715/st FOB low for the period, a $40/st FOB increase from $675/st FOB reported previously. At the top of range, players described transactions reaching $745/st FOB, climbing from the week-ago $702/st FOB ceiling. Rumored trading in the $746-$750/st FOB range went unconfirmed on Feb. 10.

NOLA MAP was also higher, with players typically indicating a $755/st FOB high for the week, up from $713/st FOB at last report. The market’s floor was commonly referenced at $740-$750/st FOB, with most of the week’s action concentrated at $750-$755/st FOB.

The nearby DAP barge market landed in the $715-$745/st FOB range for the trading week, lifting from the prior week’s $675-$702/st FOB. NOLA MAP barges were called $740-$755/st FOB, moving up from $698-$713/st FOB at last report.

U.S. Imports:

DAP imports for July-December were up 62.2 percent, to 750,721 st from the year-ago 462,798 st. December imports firmed 1,053.7 percent, to 81,915 st from the prior year’s 7,100 st.

Australia continued to lead DAP imports with 251,973 st in the July-December period, a 65.7 percent rise from the year-ago 152,099 st. Saudi Arabia was the second largest origin with 203,181 st, up 31.7 percent from 154,257 st last year. Cargoes loading from Jordan were reported at 110,217 st, a 217.3 percent jump from 34,737 st in the prior period.

MAP/Other imports for December were off 34.5 percent, to 65,024 st from the prior-year 99,329 st. Imports totaled 540,459 st in the July-December period, however, up 23.5 percent from the year-ago 437,511 st.

Saudi Arabia retained the top MAP/Other import spot for July-December with 155,059 st, firming 148.6 percent from the year-ago 62,362 st. Jordan followed with 94,460 st, up from zero tons during the same period in 2020. Tunisia sent 81,730 st, increasing from zero tons in the July-December 2020 window.

U.S. Exports:

DAP exports were off 39.6 percent in December, to 52,641 st from the year-ago 87,164 st. July-December exports softened 25.4 percent, to 330,043 st from the year-ago 442,464 st.

December MAP/Other exports moved 17.5 percent lower year-over-year, to 154,851 st from 187,593 st. July-December volumes fell 7.7 percent, to 991,668 st from 1.07 million st noted one year earlier.

With no new spot export transactions reported out of the U.S. Gulf during the week, phosphate exports continued to hold at the market’s last-reported $810/mt FOB level.

Eastern Cornbelt:

DAP pricing edged up to $765-$780/st FOB in the Eastern Cornbelt, with MAP pegged at $775-$795/st FOB. The lower end of both ranges was reported in the Cincinnati market at midweek.

Western Cornbelt:

Spurred by strengthening NOLA barge prices, the DAP market firmed to $765-$770/st FOB in the Western Cornbelt, up from the prior week’s $710-$740/st FOB range. MAP was quoted at $780-$785/st FOB in the region, up from $735-$765/st FOB the week before. Similar levels were reported at Catoosa/Inola and St. Paul during the week.

California:

MAP pricing remained at $910-$920/st rail-DEL or FOB California warehouses in early February. One source said his company was “expecting a big decline in demand this season,” and was stocking roughly half of its normal spring MAP inventory as a result.

Pacific Northwest:

MAP pricing in the Pacific Northwest was unchanged at $907/st FOB Aurora, with delivered tons pegged at $910/st in Washington, Oregon, and Nevada, and $900/st in Idaho, Utah, and Montana.

Western Canada:

New MAP offers in Western Canada were quoted at C$1,200-$1,225/mt FOB regional warehouses, down C$20-$25/mt from last report. Delivered tons remained at C$1,230-$1,250/mt in the region, depending on location.

Saudi Arabia:

Saudi Arabia phosphate cargoes continued to be called $890-$905/mt FOB, steady from the prior report.

China:

Customs officers are beginning to allow more DAP to move out of warehouses to waiting vessels. The product released so far is all tied to existing long-term contracts between producers and end-users. No new deals have been reported.

The material slowly being released is reportedly for Thailand, India, and Australia. Pricing for the material is pegged back to October, when the restrictions on exports were implemented.

India:

Sources said buyers are no longer searching for DAP. Reportedly, the release of some contracted tons from China and the end of the season has eased concerns about DAP supplies. Any material that arrives in the next month or so will be used to build reserves for the next application season.

Brazil:

Port prices for MAP have tightened slightly to $850-$920/mt CFR. Sources said the narrowing of the range appeared to be a reaction to a stronger U.S. NOLA market during the week.

The Rondonopolis market tightened as well, with the upper end of the range dropping to $980/mt FOB ex-warehouse and the lower end rising to $973/mt FOB. The narrow range reflected the uncertainty buyers are facing going into the 2022/23 crop season.

Imports of MAP for January 2022 were reported at 107,000 mt by Trade Data Monitor, down 63 percent from January 2021 imports of 292,000 mt. The main suppliers in 2022 were Russia with 60,000 mt, and China with 26,000 mt.

Moroccan MAP almost dropped off the chart. January 2022 imports were only 12,000 mt, down from January 2021 imports of 162,000 mt. The drop confirmed reports that Morocco had been cutting back on its MAP production in favor of DAP to service buyers such as India.

These DAP buyers were facing shortages after the Chinese government-imposed restrictions on exports to bolster the domestic Chinese market.

Phosphoric Acid

California, Eastern Cornbelt, India, Market Watch, Pacific N.W., Phosphoric Acid, U.S. Exports, Western Cornbelt

U.S. Exports:

Wet-process phosphoric acid exports for December softened 16.9 percent, to 4,568 st from 5,497 st. July-December shipments moved 35.5 percent higher, however, to 139,255 st from 102,768 st in the prior year.

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 remained at $16.10/unit in Iowa, Nebraska, and Missouri for February tons.

California:

February pricing for phos acid was pegged at $16.35/unit rail-DEL in California, unchanged from January, with MGA referenced at $16.55/unit FOB Lathrop.

Pacific Northwest:

Thephos acid market for February was quoted at $15.85/unit FOB Pocatello, Idaho, and $16.35/unit rail-DEL in the Pacific Northwest, unchanged from January.

India:

India phosphoric acid contracts for Q4 2021 were valued at $1,330/mt P2O5 CFR. Negotiations for next-quarter agreements were likely to result in a triple-digit increase, players speculated.

Ammonium Polyphosphate

Ammonium Polyphosphate, California, Eastern Cornbelt, India, Market Watch, Pacific N.W., Western Cornbelt

Eastern Cornbelt:

Sources continued to report no current pricing for 10-34-0 in the Eastern Cornbelt. One Illinois contact said he expects new offers for limited tons to become available in mid-February.

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 pricing.

California:

The 10-34-0 market was quoted at $764-$769/st FOB for February tons. 11-37-0 pricing was pegged at $832-$837/st FOB in California.

Pacific Northwest:

The 10-34-0 market in the Pacific Northwest was steady at $769/st FOB Hedges, Wash. 11-37-0 pricing was reported at $834/st FOB Hedges and $809/st DEL in Idaho and Utah in early February.

Western Canada:

The 10-34-0 market firmed to C$1,150-$1,200/mt DEL for limited prompt tons in the region, up C$15/mt at the high end of the range.