All posts by mickeybarb@charter.net

Turkey’s Yildirim Submits Binding Bid for Croatia’s Petrokemija

Croatia, News, News Briefs, Turkey

Turkey’s Yildirim Holding AS has submitted a binding bid to acquire Petrokemija d.d., Croatia’s biggest fertilizer producer, according to report by Sofia, Bulgaria-based SeeNews, citing Croatian daily newspaper Poslovni Dnevnik. The bid is reported to be valid until Jan. 31

Yildirim is reported to have submitted its bid to Petrokemija’s majority shareholder, Terra Mineralna Gnojiva (TMG), as well to Petrokemija’s other stakeholders, a number of state-owned funds.

TMG, which owns a 54.517 percent stake in Petrokemija, is a joint venture of Croatian oil and gas group INA d.d. and Croatian gas company Prvo Plinarsko Društvo. TMG acquired the stake in Petrokemija 2018 through a capital raise of 300 million kuna (approximately $45 million), according to the report.

Yildirim owns the Turkish fertilizer producer Gemlik Gubre and is Turkeys biggest CAN and ammonia producer, and third largest fertilizer and chemicals trading company

No other details are yet reported on the acquisition bid.

The Poslovni Dnevnik report cited Croatian state-owned fund for enterprise restructuring and privatization CERP has having doubts regarding the bid, citing, among other factors, the current unfavorable time to be holding negotiations with potential investors.

Petrokemija’s ammonia and urea production operations at Kutina are temporarily suspended due to high natural gas prices (GM Dec. 3, 2021). CERP also highlighted the high investments needed to bring the fertilizer company’s production facilities up to the European Union’s environmental standards.

Meanwhile, Petrokemija on Jan. 11 said its management and supervisory board approved proposals to delist its shares from the Zagreb Stock Exchange, and for its management to acquire own shares from the company’s shareholders who vote against the delisting proposal. According to Poslovni Dnevnik report, the delisting could save the company 100,000 kuna.

Tunisia Looks to Double Phosphate Output to Boost Ailing Economy

News, News Briefs, Phosphate Rock, Tunisia

Tunisia is seeking to double its phosphate output by 2024 to secure much needed revenue to boost its languishing economy and benefit from surging global fertilizer prices.

The country is targeting a phosphate rock production level of 8 million mt/y in the next two years, according to a Bloomberg report this week, citing Tunisian Mining and Energy Minister Neila Nouira Gongi in an interview on the sidelines of a mining conference in Riyadh, Saudi Arabia. If achieved, this would raise Tunisian phosphate rock production to levels not seen since the country’s “Arab Spring” uprising more than 10 years ago.

State-run phosphate producer Compagnie des Phosphates de Gafsa (CPG) produced around 3.8 million mt of marketable phosphate rock in 2021, state news agency Tunis Afrique Presse (TAP) reported last week, citing an unnamed company source (GM Jan. 7, p.12). This week’s Bloomberg report put last year’s production at 3.9 million mt.

Tunisia is targeting output of 5 million mt this year from state-run operations, according to the Bloomberg report, and like nearby Morocco and Egypt, could potentially benefit from the ban on phosphate exports from China, which is pushing the Far Eastern nation’s usual customers to look elsewhere for supplies.

The minister said Tunisia is offering partnerships on phosphates with neighboring countries, with talks currently underway with Algeria on fertilizer projects, which “could be in the form of investments or exchanging experience,” she told Bloomberg.

Romanian OCP JV Finally Launches First Products

Eastern Europe, Morocco, News, News Briefs

South East European Fertilizer Co. (SEEFCO), a Romanian fertilizer distribution joint venture between Morocco’s OCP SA and the UAE’s Al Dahra Agriculture LLC, has launched its first fertilizer products on the Romanian market, according to a Morocco World News report on Jan. 13. News of OCP’s plans for the joint-venture first emerged back in January 2020 (GM Jan 24, 2020).

The joint-venture firm will help increase the availability of “high-quality” Moroccan fertilizers to boost Romanian output, according to the report, citing OCP. The venture comes amid supply chain issues that concern farmers, consumers, and food producers across Europe.

As part of OCP’s vision to expand activities in Romania, the joint-venture seeks to enable the Moroccan group to use the southeastern European country as a hub to expand its activities in Central and Eastern Europe.

OCP and Al Dahra  each own a 50 percent stake in SEEFCO, which was set up with an initial capital of $5 million.

OCP Launches New Wastewater Project for Khouribga Mining Area

Morocco, News, News Briefs

OCP SA, Casablanca, recently launched construction work on a wastewater treatment plant in Kasbat Tadla, in north-central Morocco.

The new plant is expected to be put into operation in 12 months time, and the treated water will be supplied through existing industrial water pipes to OCP’s facilities in the Khouribga mining area, according to a report by Construction Review. The mining area currently only has one wastewater treatment plant, which has supplied the Merah Lahrach washing plant since 2012.

According to the report, while details of the capacity of the new wastewater treatment plant have not been disclosed, it is reported the new facility will treat wastewater that is currently discharged in the Oum Er -Rbia river, Morocco’s second largest river, and is part of OCP’s initiative to participate in the clean-up of the river.

The wastewater treatment facility is being partly funded by OCP, which is putting up $18 million, with Morocco’s Ministry of Interior providing $3.2 million and the municipality of Tadla providing $758,329, according to the report.

OCP will be responsible for the operation and maintenance of the plant once built.

Haldor Topsøe Inks €45M Loan with EIB to Drive Green Energy Transition

Green Hydrogen, News, News Briefs, Scandinavia

Haldor Topsøe, Lyngby, Denmark, has inked a €45 million (approximately $51.3 million at current exchange rates) loan agreement with the European Investment Bank to support research into innovative green hydrogen technologies that can lead to carbon emission reductions.

The funding will also back The Danish company’s R&D investments in new catalysts and catalytic technologies, Haldor Topsøe said on its website on Jan. 10.

The transaction is supported by the European Fund for Strategic Investments, the main pillar of the European Commission’s Investment Plan for Europe.

Haldor Topsøe CEO Roeland Baan said the funding will support the company’s research into innovative hydrogen technologies that will ultimately enable its customers to produce low-carbon products for society.

“The R&D investments backed by the EIB financing support Haldor Topsoe’s ambition to develop new technologies and catalysts to assist its customers in the transition towards the increased use of renewable energy, as well as the carbon neutrality of industrial operations,” said Baan.

In line with this goal, the company specifically focuses on R&D activities with the highest potential for reducing carbon emissions.

India’s Deepak Launches TAN Project, Casale to Supply Key Technologies

Ammonium Nitrate, India, News, News Briefs

Piling work is set to begin from this month on a new technical grade ammonium nitrate (TAN) complex under way at Gopalpur Industrial Park in Odisha (formerly Orissa) state on India’s East Coast, for Deepak Fertilisers and Petrochemicals Corp. Ltd.’s (DFPCL). The work follows a ground-breaking ceremony and foundation stone laying for the project by DFPC subsidiary Smartchem Technologies Ltd. (STL) on Dec. 9, Lugano-based Casale SA reported.

The project, for which 50 percent of the engineering work already is completed, is expected to be completed by August 2024, and on full ramp-up will have capability to produce 377,000 mt/y of TAN.

Casale is providing its proprietary NA2000 process (dual pressure) for the 900 mt/d nitric acid unit, as well as its AN2000 pipe reactor technology for the 1,143 mt/d AN solution plant.

The Swiss industrial solutions supplier is also supplying its newly-acquired technology from Australia’s Orica Ltd. for the project’s prilling unit. The unit will be capable of producing 1,000 mt/d of High Density AN (HDAN) or the same quantity of Low Density AN (LDAN).

Casale was awarded the contract in late 2018 (GM Jan. 4, 2019).

The new TAN plant will be located near major mining hubs and the Gopalpur port, enabling it to capture domestic demand and tap into export opportunities, local media citing DFCL reported.

The cost of the project is put at INR22 billion (approximately US$297 million at current exchange rates).

DFPCL is India’s only producer of explosive grade AN solids. The company produced 427,800 mt of TAN in FY2021, down slightly on FY2020’s 436,200 mt due to COVID-19 related restrictions. As of mid-2021, it put its existing market share of India’s TAN market at approximately 42 percent out of a total TAN market of 1,050,000 mt/y (GM June 4, 2021).

Ammonia

Ammonia, Black Sea, Brazil, Eastern Cornbelt, India, Market Watch, Middle East, North Africa, Northwestern Europe, Russia, South Central, Southeast Asia, Southern Plains, Tampa, U.S. Exports, U.S. Gulf, U.S. Imports, Western Cornbelt

U.S. Gulf/Tampa:

Tampa anhydrous ammonia for January closed at $1,115/mt CFR, up from December’s $990/mt CFR. While some sources said it is too early to predict the price for February, others suggest the upward price trend will continue as the international market remains pressured by volatile European gas prices this winter.

U.S. Imports:

Ammonia imports firmed 18.1 percent for the July-November period, according to the U.S. Census Bureau, to 1.11 million st from the prior-year 940,570 st. Imports were up 19.9 percent in November, to 254,775 st from 212,425 st.

U.S. Exports:

Ammonia exports softened 35.3 percent in July-November, to 180,417 st from the year-ago 278,720 st. Exports totaled 6,038 st for November, a 53.3 percent slide from the 12,936 st recorded in November 2020.

Eastern Cornbelt:

The ammonia market was unchanged at $1,300-$1,400/st FOB regional terminals in the Eastern Cornbelt, depending on location and time of shipment, with the low confirmed on a spot basis in Illinois for January-February tons and the high in Ohio for both prompt and spring prepay pricing.

Sources said CF was generally at $1,350/st FOB for January-February ammonia and $1,375-$1,380/st FOB for spring prepay in the Illinois market.

Western Cornbelt:

Sources continued to report ammonia pricing in the $1,350-$1,395/st FOB range in the Western Cornbelt, with the low reported for limited January-February offers. Most of the spring prepay business remained in the $1,365-$1,395/st FOB range in the region, depending on location and supplier.

Southern Plains:

Ammonia was quoted at $1,250/st FOB Verdigris and Pryor, Okla., and $1,275/st FOB Enid, Okla., for 1Q and spring tons. Prompt truck tons at Beaumont, Texas, remained at the $1,050/st FOB level.

South Central:

The ammonia market was quoted at $1,000-$1,050/st FOB Gulf Coast terminals for truck offers, depending on location. No prompt or forward prices were reportedly being offered at El Dorado, Ark., Midway, Tenn., or Cherokee, Ala.

Black Sea:

Sources said opportunities for spot deals are limited because of the lack of extra ammonia in the area. Contracts are filled as quickly as possible, said one trader.

At this point, sources said the difference between would-be spot ton pricing and the current formula-based pricing is negligible. The current market price is pegged at $1,100/mt FOB, based on formula deals. One trader said if any new deals were to be discussed, the price could move up to $1,140/mt FOB. However, no deals have been done at that level.

Industry watchers said the price may have reached its peak. Discussion of sales at $1,140/mt FOB appear to have stalled out. While some have argued that price is attainable, others claim it is too high, even as demand remains strong.

India:

Buyers continue to search for ammonia and are reportedly willing to go to $1,000/mt CFR, but sellers apparently want more. No deals have been concluded.

Reportedly, some deals are under serious discussion that would move the price to just under $1,000/mt CFR, with a netback to the Arab Gulf of about $900/mt FOB. Sources said this might be possible because of other talks taking place in the Gulf that touch at that level.

Middle East:

There are reports of a small cargo of about 15,000 mt available from the area. The price buyers and sellers seem to be circling around is $900/mt FOB.

If sellers get their way, the deal would be just a bit above the current $900/mt FOB price for the region. If buyers win out, sources said the market would see the first major softening of prices in the area in a while.

Northwest Europe:

Sources reported no movement on the $1,180-$1,250/mt C&F ammonia price range for the area. Reportedly, the price should remain stable through the month.

The Baltic price is expected to hold steady at $1,140/mt FOB though January. The influx of natural gas from the Western Hemisphere is helping hold down shortages that would have occurred without the cargoes.

Discussions for February prices are not expected to begin until the last week of the month as buyers push for a gradual rollback in pricing and sellers point to tight supplies to justify a modest increase.

Russia:

TogliattiAzot this week reported that its ammonia production last year was 3.051 million mt, a small 0.3 percent uptick from the 3.041 million mt produced in 2020.

North Africa:

Libya closed a 15,000 mt selling tender this week. No details were made public by the time Green Markets went to press.

Reportedly, Trammo has been successful in a majority of the previous Libya tenders. Sources said they fully expect Trammo to also take these tons. The most likely destination will be Spain, said one trader.

Southeast Asia:

The market is in a bit of a confused state.A vessel that was slated to stop in China from the Arab Gulf is no longer scheduled to do so. The new destination is not clear, said a trader.

At the same time, supplies from Indonesia are uncertain. Kaltim output is up in the air. Sources said rumors are circulating that some tons might be available soon for export, while others said the producer has nothing for sale.

Brazil:

Ammonia imports for 2021 were up 40.5 percent from 2020, according to Trade Data Monitor, to 534,000 mt from 380,000 mt in the previous year. Trinidad was responsible for supplying 96 percent of the 2021 ammonia at 514,000 mt.

December 2021 imports were up dramatically, at 30,000 mt from December 2020 imports of 19,000 mt. Trinidad was the sole recorded supplier for that month.

Urea

Black Sea, Brazil, China, Eastern Cornbelt, India, Market Watch, Middle East, Russia, South Central, Southeast, Southern Plains, U.S. Exports, U.S. Gulf, U.S. Imports, Urea, Western Cornbelt

U.S. Gulf:

NOLA granular urea barges continued to be volatile, despite a week-ago drop and rebound. The week reportedly began with product still trading as high as $685/st FOB, but $575/st FOB was common by week’s end.

Newly released November import numbers continued to show that significantly more product was imported this fertilizer year than last year, with this extra tonnage reported by some to be a factor in the decline. Sources continued to suggest that some of the imports did not have a home, and this spurred the price drop.

U.S. Imports:

Urea imports firmed 164.5 percent in November, to 784,039 st from the year-ago 296,441 st. Large hauls from Oman (227,617 st), Saudi Arabia (152,086 st), and Russia (91,118 st) contributed to the prodigious monthly total. July-November imports were up 104.1 percent, to 2.43 million st from 1.19 st in the same year-ago period.

Qatar led imports with 428,400 st for July-November, 11.9 percent below the year-ago 485,400 st, followed by 356,000 st from Saudi Arabia, up 41.3 percent on the prior year’s 252,500 st. Russia’s 355,700 st for the period was up 82.2 percent from last year’s 195,200 st. Algeria represented the market’s fourth-largest origin with 316,200, after sending zero tons to the U.S. through the same period of 2020.

U.S. Exports:

Urea exports totaled 25,689 st in November, off 67.8 percent from the year-ago 79,690 st. July-November exports were reported at 86,429 st, down 81.7 percent from the prior-year 471,885 st.

Eastern Cornbelt:

The volatile urea market remained a major topic of conversation in the region, with lower prices reported out of regional terminals. New levels at midweek were confirmed at $725/st FOB in Illinois, while pricing at Cincinnati, Ohio, ranged broadly at $675-$735/st FOB, depending on supplier and time of the week.

Western Cornbelt:

Urea prices continued to fall in the Western Cornbelt, although sources said the terminal markets were not moving in lockstep with NOLA. “The St. Louis market will move somewhat in step with NOLA but will definitely lag,” said one regional contact.

Sources confirmed new offers for as low as $650/st FOB St. Louis and Port Neal, Iowa, as the week progressed. The upper end of the regional market was reported in the low-$700s/st FOB earlier in the week. New delivered urea offers into North Dakota were reported at $690-$730/st, down significantly from the previous week’s $870-$910/st DEL range.

Southern Plains:

Much softer urea prices were reported in the Southern Plains, fueled by a volatile and weakening NOLA barge market. Pricing at Catoosa/Inola, Okla., was quoted at $690-$720/st FOB at midweek, depending on supplier, down dramatically from mid-December levels at the $840/st FOB mark. Some sources speculated that even cheaper tons could be found at the port as the week progressed, with some citing $650/st FOB as the low by the end of the week.

Urea pricing at Houston, Texas, was pegged at the $750/st FOB level, down from a high of $855/st FOB in mid-December.

South Central:

A volatile NOLA urea market contributed to softer urea pricing in the region during the week. New urea prices were confirmed at $710-$715/st FOB in Arkansas, $720/st FOB in Louisiana, and $745-$750/st FOB Memphis, Tenn., down some $40-$60/st from the previous week and a full $80-$100/st below mid-December price levels.

Southeast:

The urea market was quoted at $750/st FOB Savannah, Ga., down from $830/st FOB the week before. Prompt offers at Wilmington, N.C., were confirmed at the $770/st FOB level earlier in the week, but sources speculated that better deals could be had at that location as the week progressed. Carolina sources reported rail-DEL offers at the $755/st level for February tons.

India:

Sources said the next tender may not be called until the middle of February. Traders said the buying houses and the Department of Fertilizers will want to look at the first drafts of the new fiscal year budget before they begin planning the next tender.

India is still about 1.2 million mt short of its estimated needs for the rest of the current season and the start of the next. Even one more tender will not fulfill the demand. Sources said a February tender could provide enough tons to carry the country into the new fiscal year, which begins April 1. Another tender that will be based on funds from the next fiscal year would have to be called quickly to help the supply train get back on track.

Vessels for the awards in the Dec. 23 IPL tender have been nominated. The bookings show how far traders had to go to secure tons for India.

Vessel Nomination as of Jan 13
Supplier Origin Vessel Quantity (mt) Discharge Port
Dreymoor Finland Abu Al Abyad 50,000 Pipavav
Russia CL Belle 50,000 Pipavav
Georgia Regal 40,000 Pipavav
Midgulf Saudi Arabia Christina IV 49,000 Mundra
Libya Halit Yildirim 23,500 Mundra
Libya Rek Grace 22,500 Mundra
Nigeria Marvel 40,000 Gangavaram
Swiss Singapore Oman Am Ocean Star 40,000 Kandla
Finland Seacon Shanghai 50,000 Kandla
China-Vietnam Desert Symphony 48,000 Krishnapatnam
Nigeria Ethos 42,000 Krishnapatnam
Samsung Georgia Amilla 45,000 Rozy
Georgia Infinity V 30,000 Rozy
Saudi Arabia Guo Qiang 8 50,000 Mundra
Russia Equinox Orenda 50,000 Mundra
Saudi Arabia Charisma 50,000 Mundra
Qatar Santos Eagle 47,000 Adani Dahej
Qatar Athena 45,000 Adani Tuna
Egypt Star Cepheus 45,000 Adani Tuna
Oman Dawn 47,000 Adani Hazira
Egypt Common Faith 47,000 New Mangalore
Algeria Ivy Blue 50,000 Gangavaram
Vietnam Anna Meta 45,000 Kakinada
Malaysia Nikolas III 44,000 Kakinada
Malaysia V Star 45,000 Dhamra
Vietnam TanBinh267 47,000 Paradip

Traders have booked 1.142 million mt, with an additional 45,000 mt purchased directly from Fertiglobe, leaving the vessel selection up to IPL. All told, 1.187 million mt will be shipped to India by the end of January.

Middle East:

Sources reported limited tonnage available out of the Arab Gulf after contracts and the IPL awards are covered. Even with the shortage of product, price discussions are now in the low-$840s/mt FOB after coming down to the $860s/mt FOB because of the IPL tender.

No new deals have been closed to move the price down yet, but sources said it is only a matter of time. Already the paper market for the Arab Gulf is predicting softer prices. The January price is reported at $817/mt FOB, with February predictions at $745/mt FOB.

The wild ride urea prices are taking in the U.S. has sources looking at a serious drop in Arab Gulf pricing. One trader said the netback on a deal into NOLA showed a price of $600-$650/mt FOB. Sources are careful to point out that the bulk of the deals into the U.S. from the Arab Gulf are contract tons and are priced significantly lower than spot deals. Traders dismissed the estimated netback from NOLA as currently unattainable for other markets.

Egyptian producers still claim they can do business into Europe that will reflect a netback of $960/mt FOB. However, the lack of any business at that level in the past several weeks, combined with reports that buyers are now looking at $810-$830/mt FOB for their next orders, puts the producer expectations in doubt.

Reportedly, some small sales into Europe have shown an Egyptian-equivalent price of around $820/mt FOB, but not with tons from Egypt. The Egyptian paper market mirrors that of the Arab Gulf, with January pegged at $817/mt FOB and February at $645/mt FOB.

Algeria reportedly has a few cargoes of granular urea available for January and February shipping. Sources said the asking price is about $820/mt FOB. This level would match up with the reported $810-$830/mt FOB prices suggested for Egypt.

Black Sea:

Georgia will be sending 115,000 mt to India under the IPL tender. Prices are estimated into the region at $844-$854/mt FOB based on that tender.

Russia:

TogliattiAzot reported a near 9 percent increase in urea output last year, with production reaching 913,000 mt, up from 839,000 mt in 2020.

China:

As earlier reported, Pakistan and China concluded a deal that would allow some shipments of urea to Pakistan. Sources reported the first couple of cargoes were being loaded this week. All told, Pakistan is reportedly going to get as much as 125,000 mt from China.

With the exception of the Pakistan deal and a few smaller tons for South Korea and Japan, the restrictions on urea exports are still in effect. Sources said despite pressure by producers to ease up, the government plans to keep the limits in place until May. February will be a quiet month for the industry in China. Most plants will be shut down as part of the week-long Lunar New Year celebrations beginning on Feb. 1. On the heels of that holiday, China will host the Winter Olympics.

Sources have been saying for weeks that many plants will either be shut down or ordered to cut back to reduce pollution. The central government is anxious to have nothing but blue skies for the Olympics. Bloomberg is already reporting that three factories in Shanxi province were “asked” to operate at 50 percent of capacity to reduce visible emissions. Sources said more are expected to receive similar requests in the coming weeks.

Even with the New Year holiday and Winter Olympics affecting output, sources said the rise in Omicron cases will also affect output. Reportedly, several plants are cutting back on production because of wide-spread infections among their workforces.

Brazil:

The softer price reported in the IPL tender and rumors of further pricing drops in the Arab Gulf and North Africa have Brazilian buyers looking at lower prices. And they are slowly achieving their goals.

Sources reported the portside price dropped to $770-$810/mt CFR. This reflects a $45/mt drop at the low end of the price range in just one week. One of the arguments for the dramatic shift is that traders are moving quickly to liquidate their positions. Some of the tonnage was reportedly bought as the price was moving up. Now, with a reversal in pricing ideas, traders are unloading their product while they can still make a profit.

Inland prices, however, have not yet softened. Sources said some deals now show a price of $920-$945/mt FOB ex-warehouse. The move shows a slight increase at the upper end of the price range this month.

Sources said some buyers appear to be willing to move on purchases following reports that grain prices might be improving. The ratio between grain and urea prices now seems to be sliding more to the farmers’ favor.

Urea imports for 2021 were up about 9 percent from 2020, according to Trade Data Monitor. Brazilian importers took in 7.8 million mt in 2021 against 7.1 million mt in 2020. The top five supplying countries accounted for more than 80 percent of the Brazilian market.

December 2021 imports of 698,000 mt were down 8.8 percent from December 2020 imports of 765,000 mt.

Source Country Quantity (‘000 mt) % Of Brazilian Market
Qatar 1,800 23
Russia 1,400 18
Oman 1,250 16
Algeria 1,100 14
Nigeria 845 11

UAN

Eastern Cornbelt, Market Watch, South Central, Southeast, Southern Plains, U.S. Exports, U.S. Gulf, U.S. Imports, UAN, Western Cornbelt

U.S. Gulf:

NOLA barges continued to be called $545-$550/st ($17.03-$17.19/unit) FOB, though forward prices were higher. March continued to be put at $560/st, and second-quarter at $575/st or higher.

U.S. Imports:

July-November UAN imports firmed 18.1 percent year-over-year, to 1.14 million st from 968,619 st. November imports moved up 55.0 percent, to 254,387 st from the year-ago 164,102 st.

Russia retained the top import spot for July-November with 496,500 st, rising 11.8 percent against the year-ago 444,100 st. Trinidad and Tobago added 445,500 st, up 18.7 percent from 375,300 st in the prior-year period. Tons sourced from Canada totaled 161,600 st, a 24.6 percent lift from 129,700 st in 2020.

U.S. Exports:

UAN exports were off 35.3 percent in July-November, to 290,439 st from the year-ago 448,655 st. Exports were noted at 24,122 st for November, falling 75.0 percent against the year-ago 96,394 st.

Eastern Cornbelt:

The UAN-28 market remained at $521-$534/st ($18.61-$19.07/unit) FOB Cincinnati for prompt tons and $551/st ($19.68/unit) FOB for spring prepay. Reference UAN-32 prices from CF for 2Q tons included $610/st ($19.06/unit) FOB Cincinnati and Peru, Ill., and $615/st ($19.22/unit) FOB Albany, Ill. The Seneca, Ill., market was also pegged at the $615/st ($19.22/unit) FOB level.

Western Cornbelt:

The UAN-32 market remained at $605-$635/st ($18.91-$19.84/unit) FOB regional terminals in the Western Cornbelt, with the low reported at St. Louis and the high at Bigelow, Iowa, and Fremont, Neb., for 2Q tons.

Southern Plains:

The UAN-32 market FOB Verdigris was quoted at $560-$565/st ($17.50-$17.66/unit) for January-February, $575-$580/st ($17.97-$18.13/unit) for March, and $590/st ($18.44/unit) for April-May. Woodward, Okla., pricing was reported at $590/st ($18.44/unit) FOB for January-February, $600/st ($18.75/unit) FOB for March, and $610/st ($19.06/unit) FOB for April-June.

Central Texas sources quoted the prompt UAN-32 market at $585/st ($18.28/unit) DEL, netting back to roughly $565/st ($17.66/unit) FOB Houston.

South Central:

The UAN-32 market had reportedly firmed to $610-$615/st ($19.06-$19.22/unit) FOB Memphis for prompt or spring tons, up from $560-$565/st ($17.50-$17.6/unit) FOB in mid-December. The truck market FOB Donaldsonville, La., was pegged at $550-$555/st ($17.19-$17.34/unit) FOB for January-February, $565/st ($17.66/unit) for March, and $585/st ($18.28/unit) or April-June.

Southeast:

UAN-32 prices at terminal locations in the Southeast remained in the $550-$600/st ($17.19-$18.75/unit) FOB range, with the low reported in the Georgia market and the high FOB Wilmington and Norfolk, Va.

Ammonium Nitrate

Ammonium Nitrate, Brazil, France, Market Watch, South Central, Southern Plains, U.S. Exports, U.S. Imports, United Kingdom, Western Cornbelt

U.S. Imports:

Imports of ammonium nitrate were up 55.2 percent for November, to 31,469 st from the year-ago 20,270 st. July-November imports stood at 132,891 st, lifting 115.1 percent from the year-ago 61,792 st.

U.S. Exports:

Ammonium nitrate exports for the July-November window were down 45.8 percent, to 184,600 st from 340,400 st. Exports softened to 32,230 st for November, falling 62.5 percent from 85,960 st in the prior year.

Western Cornbelt:

Ammonium nitrate prices continued to be quoted at $700-$730/st FOB regional terminals for prompt or prepay, with the high confirmed at Lamar and St. Joseph, Mo., for the last prepay offers.

Southern Plains:

The ammonium nitrate market was pegged at $700/st FOB Muskogee, Okla., and $710/st FOB Pryor for prompt or spring prepay.

South Central:

LSB Industries Inc. on Dec. 15 announced spring prepay pricing for ammonium nitrate, with the dealer reference for March 2022 deliveries reported at $690/st FOB El Dorado, Ark. No current ammonium nitrate pricing was confirmed at Yazoo City, Miss., in early January.

France:

Yara on Jan. 13 announced new list prices for February deliveries of ammonium nitrate 33.5 percent product (YaraBelaExtran33.5), setting the new price at €785/mt bulk CPT.

U.K.:

CF Fertilisers is reported to have announced a new price for ammonium nitrate at £636/mt FCA.

Brazil:

The impact of the Russian limitation on ammonium nitrate exports was felt in Brazil in its December 2021 import numbers. Trade Data Monitor reported December 2021 imports of 36,000 mt, down 68 percent from December 2020 imports of 111,000 mt. The number is also dramatically lower than November 2021 imports of 122,000 mt, the last month of full imports from Russia.

Imports for 2021 were reported at 1.5 million mt against 1.1 million mt in 2020. The 31 percent increase was the result of larger purchases earlier in the year, before the Russian restrictions took effect. Russia accounted for 98.5 percent of all ammonium nitrate imports in 2021.