U.S. Gulf:
NOLA TSP barges softened to $675-$685/st FOB for the week, players said, falling from $680-$690/st FOB at last report.
Western Cornbelt:
TSP pricing remained at a firm $720-$725/st FOB for limited tons in the Western Cornbelt, with the low reported at St. Louis and the high at Caruthersville, Mo.
Tunisia:
State-run phosphate producerCompagnie des Phosphates de Gafsa (CPG) produced around 3.8 million mt of marketable phosphate rock in 2021, some 17 percent below the target set by the company, according to state news agency Tunis Afrique Presse (TAP), citing an unnamed company source.
The shortfall was due to “a difficult start in 2021 because of strikes and sit-ins and the suspension of extraction activities at the production units of Métlaoui, Mdhilla, Om Larayes, and Redeyef,” the TAP report said.
However, TAP reported that the quantities of phosphate shipped to Tunisian downstream phosphate producers – namely sister company Groupe Chimique Tunisien (GCT) and Tunisian-Indian Fertiliser Co. (TIFERT) – increased to 3.35 million mt in 2021, up from 2.32 million mt in 2020. TIFERT is a joint venture between GCT, CPG, and India’s Coromandel International Ltd. and Gujarat State Fertilisers and Chemicals Ltd (GSFC).
Tunisian phosphate rock production in 2020 was 2.8 million mt, down from 4.3 million mt in 2019, according to TAP.
Eastern Cornbelt:
January pricing for phos acid was quoted at $16.20/unit rail-DEL in Illinois and $16.35/unit rail-DEL in Ohio, up $0.05/unit from December.
Western Cornbelt:
Phos acid prices were up $0.05/unit for January shipment, with new postings reported at $16.10/unit rail-DEL in Iowa, Nebraska, Missouri, Kansas, Colorado, and Wyoming; $16.20/unit rail-DEL in Oklahoma and Texas; and $16.35/unit rail-DEL in Louisiana.
Northern Plains:
Phos acid prices were up $0.05/unit for January shipment, with new postings reported at $16.20/unit rail-DEL in Minnesota and Wisconsin, and $16.35/unit rail-DEL in the Dakotas, the Pacific Northwest, and California.
India:
Fourth-quarter phosphoric acid contracts between buyers in India and sellers in both Morocco and North America were pegged at $1,330/mt CFR, a $170/mt increase from $1,160/mt CFR reported in Q3.
Eastern Cornbelt:
The last offers for 10-34-0 fell in the $800-$810/st FOB range in the Eastern Cornbelt, but sources said few locations were actually quoting prices in early January. One contact speculated that it could be mid-February before the next round of pricing is offered.
Western Cornbelt:
The 10-34-0 market remained at a firm $800-$825/st FOB for limited offers in the Western Cornbelt, with the low for prompt tons and the high for prepay offers.
Northern Plains:
No current prices were reported for 10-34-0 in the Northern Plains.
Northeast:
The 10-34-0 market in upstate New York was unchanged at $850/st FOB.
U.S. Gulf:
The potash barge market was described as quiet, especially compared with other markets. NOLA barges were put at $670-$680/st FOB, softening from the last done $675-$685/st FOB.
Eastern Cornbelt:
The potash market remained at $720-$730/st FOB in the Eastern Cornbelt, with Q1 rail-DEL offers reported in the same range. The Cincinnati market was pegged at the $725/st FOB level at midweek. Michigan warehouse pricing was reported in the $733-$743/st FOB range in early January.
Western Cornbelt:
Potash remained at $710-$725/st FOB and $715-$730/st rail-DEL in the Western Cornbelt, with the low reported at St. Louis.
Northern Plains:
Potash FOB St. Paul was quoted at $710-$720/st FOB for Q1 tons. The last prices FOB Saskatchewan mines were reported at $680-$695/st FOB after netbacks, depending on grade and destination.
Northeast:
Potash pricing remained in the $740-$760/st FOB range in the Northeast for Q1 tons, with the Lancaster market quoted firmly at the $750/st FOB level in early January.
Eastern Canada:
Potash pricing for Q1 tons was quoted at C$990-$1,030/mt FOB regional warehouses in Eastern Canada, steady from last report.
Indonesia:
The Indonesian government released the November 2021 MOP import numbers. Trade Data Monitor reported January-November 2021 imports at 2.04 million mt, up 30 percent from the 1.57 million mt imported during the same period in 2020. The main suppliers were Canada at 905,000 mt, Russia at 480,000 mt, and Belarus at 410,000 mt.
November 2021 imports were reported at 340,000 mt, up from the 229,000 mt imported in November 2020.
Brazil:
Sources reported softer prices with strong reserves, low demand, and more product on the way. The landed port price was pegged at $780-$810/mt CFR.Lower demand in the countryside also led to softer prices at Rondonopolis, where the price was reported at $890-$978/mt FOB ex-warehouse.
Tampa:
The Tampa molten sulfur market kicked off the year on an upward trajectory, with the market’s largest buyer announcing concluded first-quarter contracts with suppliers at $282/lt CFR, a $99/lt increase over the prior quarter’s $183/lt CFR.
Both the quick settlement and the roughly 54 percent price jump took some players by surprise. Others saw the agreement more as a natural correction from the fourth-quarter price, which some viewed as out of step with the broader market at the time. “The large increase further substantiates that the price should have never gone down last quarter,” said one trader.
Others described the increase as a likely indicator of the forward market. “[Sulfur consumers] really want to keep the tons [onshore],” a source said. “They think international [values] will keep climbing, and maybe $282/lt CFR will end up looking like a good price by the end of the quarter.”
International sulfur market values have climbed steadily since October, with large import markets China and Brazil posting prices firmly above the $300/mt CFR level in recent trading, increasing competition for material produced in the U.S.
The market’s second largest buyer remained in negotiations on Jan. 6, although market players expected an eventual settlement at a similar level to the reported $99/lt increase.
Genscape reported multiple unit restarts at the HollyFrontier Tulsa East, Okla., refinery during the week, including the Dec. 31 restarts of a 76,000 barrel/d crude distillation unit (CDU) and a 16,000 barrel/d fluidic catalytic cracking unit (FCC). The restarted units had been offline since Dec. 15. A 91,000 barrel/d coking unit shut on Dec. 28 at the company’s Tulsa West facility was also restarted on Dec. 31.
Refinery utilization ticked upward in the U.S. Energy Information Administration’s (EIA) most recent report. Capacity was noted at 89.8 percent for the week ending Dec. 31, up 0.1 points from 89.7 percent reported previously. The rate topped the year-ago 80.7 percent rate, while tracking below the 91.8 percent five-year average.
Daily crude inputs also moved higher, to an average 15.867 million barrels/d, rising 164,000 barrels/d from the last reported 15.703 million barrels/d rate.
U.S. Gulf:
PBF restarted a 68,000 barrel/d FCC at its Chalmette, La., refinery on Dec. 31, Genscape reported. The unit was noted shutting down at approximately 5:00 p.m. on Dec. 27. Planned FCC and reformer turnarounds are scheduled at the plant through the first quarter.
Units successfully restarted on Dec. 30 at the Motiva refinery in Port Arthur, Texas, included a 210,000 barrel/d CDU, 85,000 barrel/d CDU, and a 100,000 barre/d vacuum distillation unit (VDU), Genscape said.
Marathon on Dec. 30 restarted a 78,000 barrel/d catalytic reformer at the company’s Galveston Bay, Texas, plant, shut since Dec. 25. A 55,000 barrel/d hydrotreater also taken offline on Dec. 25 resumed operation on Dec. 26.
TotalEnergies suffered an 80,000 barrel/d FCC outage at its Port Arthur unit on Dec. 31. On Jan. 1, the plant’s 80,000 barrel/d ACU-2 crude section was also noted going offline.
Last-done cargoes selling out of the U.S. Gulf were reported in the $250-$255/mt FOB range, firming from the last-reported $240-$250/mt FOB. Among the market’s recent business was a 25,000 mt cargo loading from Galveston/Beaumont and priced at $255/mt FOB. The tons were slated for loading in February.
Brazil:
Recent sulfur sales destined for Brazil were reported firming from the prior $299-$304/mt CFR to the $327-$340/mt CFR range. At least three Q1 cargoes were reported changing hands at the $327/mt CFR level.
Vancouver:
Vessels loading from Vancouver were noted firming to $255-$260/mt FOB, an increase from $245-$252/mt FOB at last report. The ongoing normalization of prior weather-related supply constraints led some to predict continued firming in the next round of business.
Alberta:
Rising values at Vancouver lifted the top end of indicated Alberta netbacks to approximately $190/mt FOB. The bottom of the range firmed to about $167/mt FOB, in line with the increase at Tampa.
West Coast:
Marathon on Jan. 2 restarted a 52,000 barrel/d FCC at its Anacortes, Wash., refinery, Genscape reported. The unit was noted going offline early on Dec. 27. Price ideas on West Coast solid sulfur tons followed Vancouver to a $255-$260/mt FOB range.
Molten sulfur contracts were reporting firming to $230-$245/lt FOB for the first quarter, a $70-$75/lt increase from the prior period’s $160-$170/lt FOB range. Most contracts were reportedly inked prior to the large price increases that came after the holidays.
China:
Sources described recent spot import business at China firming to $315-$320/mt CFR, up from $300-$305/mt CFR at last report.
ADNOC:
The Abu Dhabi National Oil Co. lifted January sulfur postings to $300/mt FOB Ruwais, sources said. The market was reported at $265/mt FOB in December, a $35/mt difference.
Qatar:
January prill offers from Muntajat were heard at $301/mt FOB Ras Laffan, a $36/mt increase from $265/mt FOB in December.
Kuwait:
Solid sulfur loading from Kuwait was noted firming to $300/mt FOB in January, increasing $33/mt from December’s reported $267/mt FOB offer.
U.S. Gulf:
Price ideas on the U.S. Gulf import sulfuric acid market continued to track in the $240-$245/st FOB range, sources said.
Gulf Coast:
Annual contracts for sulfuric acid delivered to the Gulf Coast were reported in the $195-$230/st DEL range for 2022, rising from $85-$110/st DEL in 2021.
Midwest:
Midwest market pricing for annual 2022 deals were noted at parity with the Gulf Coast’s $195-$230/st DEL level. Midwest tons were quoted at $85-$110/st DEL in 2021.
West Coast:
Material delivered to locations on the West Coast was reported at $185-$220/st DEL for 2022 deals, up from $100-$130/st DEL for the prior-year period.
Brazil:
Recent Brazil spot imports were heard at $270-$275/mt CFR, above the $260-$270/mt CFR range reported prior to the holidays.
Eastern Cornbelt:
The ammonium thiosulfate market had reportedly firmed to $585-$610/st FOB in the Eastern Cornbelt, with the low at Cincinnati and the high inland.
Western Cornbelt:
The last ammonium thiosulfate business was reported at the $600/st level FOB Waterloo, Iowa, for limited tons.
Eastern Canada:
The ammonium thiosulfate market was reported in a broad range at C$610-$720/mt FOB in Eastern Canada, up C$100/mt at the high end of the range.
Cornbelt:
The NPSZ market remained in a broad $805-$855/st FOB range in the Cornbelt, depending on location.
Eastern Canada:
The SOP market jumped to a broad C$1,120-$1,400/mt FOB range in Eastern Canada in early January, depending on location, up from C$1,090-$1,140/mt FOB in December. Sources said one major supplier announced a C$160/mt increase on Jan. 1.
