All posts by mickeybarb@charter.net

DAP/MAP

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

Central Florida:

Central Florida DAP trucks were reported at $780/st FOB, firming from the week-ago $760/st FOB. Truck-loaded MAP values also lifted to $780/st FOB, up from $765/st FOB at last report. MAP trucks loading from North Florida continued to be quoted at $780/st FOB, unmoved from the prior report.

U.S. Gulf:

Sources noted firming sentiment in the NOLA barge phosphate markets.

Domestically produced DAP offers kicked off the Nov. 12-18 trading period at $720/st FOB before lifted to $740/st FOB on Nov. 15, with sources quoting limited volumes trading at the higher levels for loading in November and December. Values were reported lifting to $745/st FOB from the week-ago $740/st FOB top, while rumored $750/st FOB pricing went unconfirmed on Nov. 18. Offers for February loading were heard in the $748-$750/st FOB range.

MAP barges followed a similar trajectory, with domestically produced offers firming from $745/st FOB early in the week to $760/st FOB on Nov. 15. Most players noted the top of the MAP market holding in a general $765-$770/st FOB range, while trading rumored at $780-$785/st FOB went unconfirmed for the 30-day loading window.

The prompt DAP barge market was reported in a wide $720-$745/st FOB range for the trading week, increasing from $720-$740/st FOB at last check. MAP barge pricing rolled over from the prior $745-$770/st FOB level.

U.S. Exports:

No new spot phosphate exports were reported out of the U.S. Gulf, leaving both the DAP and MAP markets at the previously reported $740/mt FOB level.

Eastern Cornbelt:

The DAP pricing range widened to $745-$775/st FOB in the Eastern Cornbelt, with the Cincinnati market pegged at $750-$770/st FOB at midweek. MAP remained at $795-$810/st FOB in the region.

Western Cornbelt:

DAP pricing was quoted at $760-$780/st FOB in the Western Cornbelt, up $20/st, with the low at St. Louis. MAP firmed to $800-$820/st FOB at mid-month.

Southern Plains:

The DAP market had reportedly firmed to $775-$790/st FOB Catoosa/Inola, up $50/st from last report, with the Houston market pegged at the $775/st FOB level, reflecting a $40/st increase. The MAP market was pegged at $820-$830/st FOB Houston and Catoosa/Inola at mid-month, up $15-$30/st.

South Central:

DAP pricing reportedly jumped to $740-$785/st FOB terminals in the South Central region for new offers, up from $720-$750/st the week before, with the low reported in the Kentucky market. Other terminal levels at mid-month included $760-$765/st FOB Memphis, $780/st FOB Shreveport, and $785/st FOB Little Rock, Ark.

Southeast:

The last MAP price FOB Aurora, N.C., and White Springs, Fla., was reported at the $780/st FOB level.

Saudi Arabia:

Recent Saudi Arabia DAP pricing was noted firming to $765-$780/mt FOB, up from $750-$770/mt FOB at last report.

India:

Sources are reporting a DAP sale by OCP to an Indian buyer at $900/mt CFR. However, some are questioning that sale and noting the deal was really between Pakistan and OCP. One trader noted that whoever the buyer was, the deal set a new price marker for the region.

China:

Sources said a mixed phosphate cargo of 20,000 mt of DAP, MAP, and TSP was exported. Reportedly the material was already in a bonded warehouse by Oct. 15, when export restrictions took effect, but its paperwork was not fully in order. After some negotiating with local and customs officials, the cargo was allowed to be shipped out.

Sources said there is still some more DAP in bonded warehouses that did not get cleared for export by the Oct. 15 deadline. Reportedly, traders and buyers are working with local and customs officials in an effort to liberate the tons. However, said one trader, the prospects do not look positive.

Based on the recent Indian business of $900/mt CFR, sources put the China-equivalent price at $845-$850/mt FOB.

Bangladesh:

The BCIC tender for 200,000 mt of DAP closed on Nov. 18. Only 170,000 mt was offered in multiple lots of 40,000 mt each.The price range in the offers was $975-$1,060/mt CFR liner out.

No Chinese product was offered in the tender. Four lots were offered from Jordan, one from Morocco, and one from Egypt, Jordan, or Tunisia.

Brazil:

The MAP market was quiet this week. Sources reported a slight shift in prices, but with buyers and sellers taking everything easy.

The Rondonopolis market was also quiet, with prices settling at $1,000-$1,040/mt FOB ex-warehouse. Efforts by some sellers to push sales has some local buyers concerned that the move might lead to a shortage of product later in the application season next year.

The barter rate for 1 mt of MAP remains at 120 bags in Mato Grosso.

TSP

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

U.S. Gulf:

TSP barges were heard firming to a wide $670-$680/st FOB range, up from $660-$670/st FOB noted previously.

Western Cornbelt:

TSP pricing was quoted at $700-$725/st FOB in the Western Cornbelt, up a full $30-$40/st from last report.

South Central:

TSP pricing out of South Central terminals was reported at $710-$725/st FOB, up from $660-$685/st FOB in late October, with the low at Memphis and the high in Arkansas.

Phosphoric Acid

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

Eastern Cornbelt:

Phos acid prices for November were steady at $15.40/unit rail-DEL in Illinois and Wisconsin and $15.55/unit rail-DEL in Ohio, up $0.50/unit from October. Nutrien has announced a new super phosphoric acid price of $1,600/st P205 DEL, effective Dec. 1.

Western Cornbelt:

Phos acid pricing for November remained at $15.30/unit rail-DEL in Iowa, Nebraska, and Missouri, up $0.50/unit from October.

Southern Plains:

The phos acid market for November tons was up $0.50/unit from October, with pricing reported at $15.30/unit rail-DEL in Kansas, Colorado, and Wyoming; $15.40/unit rail-DEL in Oklahoma and Texas; and $15.55/unit rail-DEL in Louisiana.

India:

Contracts for phosphoric acid sold to buyers in India were quoted at $1,330/mt P2O5 CFR for the fourth quarter, rising $170/mt from $1,160/mt P2O5 CFR in the prior period.

Ammonium Polyphosphate

Ammonium Polyphosphate, Eastern Cornbelt, Market Watch, Southern Plains, Western Cornbelt

Eastern Cornbelt:

New 10-34-0 offers were reportedly circulating at the $795-$800/st FOB level in the Eastern Cornbelt for limited tons in mid-November.

Western Cornbelt:

The 10-34-0 market jumped to $800-$825/st FOB for limited offers in the Western Cornbelt.

Southern Plains:

The 10-34-0 market jumped to $780-$790/st FOB in the Southern Plains for limited new offers, up roughly $100/st. The 11-37-0 market in Texas was quoted in a broad range at $800-$850/st FOB, up from the last reported level of $740-$750/st FOB, with the low out of coastal terminals and the high inland.

Muriate of Potash

Brazil, Eastern Cornbelt, India, Israel, Market Watch, Potash Muriate, South Central, Southeast, Southern Plains, U.S. Gulf, Western Cornbelt

U.S. Gulf:

While some sellers continued to push for prices near the $700/st FOB mark, others sources said those higher numbers had still not been achieved, leaving the range at $670-$685/st FOB.

With Vancouver area flooding having an impact on Canadian potash exports, Canpotex said it was looking at alternative ports such as Portland, Ore., as well as New Brunswick. While this could cause some delays in Canadian offshore exports, others speculated that it could ultimately mean more potash would be made available to the U.S. market.

Eastern Cornbelt:

The potash market was quoted at $715-$730/st FOB in the Eastern Cornbelt, depending on location, with the Cincinnati market unchanged at $715-$725/st FOB at mid-month.

Western Cornbelt:

Potash pricing narrowed to $715-$725/st FOB in the Western Cornbelt, depending on location, with the low reported at St. Louis.

Southern Plains:

Potash pricing was pegged at a solid $730/st FOB Houston or Catoosa/Inola. The last postings from Intrepid FOB Carlsbad, N.M., included $675/st FOB for 60 percent white granular and $695/st FOB for 62 percent white standard.

South Central:

The potash market had reportedly inched up to $725-$745/st FOB in the South Central region, up $5/st from last report, with the lower end of the range confirmed out of Arkansas terminals and the high at Memphis.

Southeast:

Potash pricing was quoted at a firm $755/st FOB Wilmington in mid-November, up $55/st from last report.

Israel/India:

ICL Group on Nov. 17 said it has reached an agreement with Indian Potash Ltd. (IPL) to increase the price of 150,000 mt of potash delivered to India in 2021 to $445/mt CIFFO Indian ports, while a balance of 150,000 mt still outstanding will be allocated to other ICL customers.

The new price is a full $165/mt higher than the original contract price of $280/mt CIFFO for potash deliveries through end-December 2021, negotiated between the two parties in early April (GM April 9, p. 17). The original ICL-IPL deal was for the supply of an aggregate 600,000 mt of potash, with mutual options for an additional 50,000 mt.

The $445/mt CFR price was reported to have been secured by Belarusian Potash Co. (BPC) in late September in a tender award by RCF for the supply of 105,000 mt of white/pink standard potash (GM Sept. 24, p. 16). However, Green Markets was unable at the time to independently confirm the award or the price level. Under the original tender requirement, the tons were for delivery in three lots of 35,000 mt, with the first shipment to arrive on or before Oct. 15, the second on or before Nov. 15, and the third lot by Dec. 21.

The $280/mt CFR price became the new Indian contract price for 2021 deliveries following the ICL deal in April with IPL. BPC, which had been the first supplier to reach a new contract supply agreement with India this year, also reached a fresh deal with IPL in early April at the new contract price of $280/mt CFR.

BPC and IPL had originally negotiated a new supply contract for 2021 deliveries in January at $247/mt CFR (GM Jan. 29, p. 17). That price level had prompted dismay and criticism from other major suppliers who believed the price was not reflective of prevailing market trends (GM Feb. 5, p. 16).

No other major supplier publicly disclosed whether they had renegotiated the contract price for their remaining committed contract tons to India in 2021 following the BPC-RCF tender award. It is also unclear what volumes remain to be shipped under existing 2021 supply contracts.

Despite India’s potash demand being supported by a normal monsoon forecast and increased crop prices, India’s potash imports have declined this year due to supply constraints and tightening inventories. Potash imports through September were down 30 percent from last year, at 2.55 million mt, according to Trade Data Monitor.

Nutrien, for example, sees Indian potash imports reaching only 2.7-3.2 million mt in calendar 2021, according to the company’s third-quarter earnings presentation on Nov. 2. This compares with 5 million mt in calendar 2022, according to Trade Data Monitor.

Brazil:

Concerns about the timely delivery of product remains at the forefront of market discussions. Buyers have been waiting for vessels to dock with their cargo. At the same time, they are also worried whether there will be enough trucks to move the MOP once it is unloaded.

The price in Paranagua is now put at $800-$830/mt CFR, opening up the range just a bit from the previous week.The Rondonopolis price was pegged at $930-$940/mt FOB ex-warehouse.The barter rate in Mato Grosso improved a bit for farmers, to 105 bags of corn for 1 mt of MOP.

Sulfur

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

Tampa:

Genscape reported the Nov. 13 restart of a 185,000 barrel/d crude section at the Cenovus refinery in Lima, Ohio. The unit had been offline since Sept. 29 due to a planned turnaround. A 40,000 barrel/d fluidic catalytic cracking unit (FCC) was restarted on the morning of Nov. 16.

Marathon restarted the 104,000 barrel/d No. 5 CDU and a 53,000 barrel/d VDU on Nov. 13 at the company’s refinery in Catlettsburg, Ky., following a shutdown on Nov. 8. Signs of increased activity from a 99,000 barrel/d FCC, offline for maintenance since Oct. 10, were also reported.

The Tampa molten sulfur contract price was negotiated at $183/lt CFR for delivery in the fourth quarter, falling $12/lt from $195/lt CFR in Q3.

Refinery utilization marched higher for the week ending Nov. 12, the U.S. Energy Information Administration (EIA) reported. Capacity firmed to 87.9 percent, a 1.2-point increase from 86.7 percent in the prior report, and also leading both the year-ago 77.4 percent and the 86.8 percent five-year average.

Crude inputs were noted averaging 15.397 million barrels/d through the period, a 31,000 barrel/d increase from 15.366 million barrels/d in the prior report.

U.S. Gulf:

TotalEnergies on Nov. 13 successfully restarted a 165,000 barrel/d crude distillation unit (CDU) and 55,000 barrel/d vacuum distillation unit (VDU) at the company’s Port Arthur, Texas, refinery, Genscape reported. The units were noted shutting down on Sept. 9 for planned maintenance.

Genscape noted the Nov. 13 shutdown of all monitored units at the Marathon refinery in El Paso, Texas, including the 72,000 barrel/d CDU, the 17,000 barrel/d VDU, the 28,000 barrel/d FCC, and an 18,000 barrel/d hydrotreater.

The Placid refinery in Port Allen, La., was noted returning to full operation on Nov. 15. Units at the facility had been offline since early October. Chevron Corp. halted operation on the 151,000 barrel/d VDU at its Pascagoula, Miss., refinery on Nov. 13, Genscape reported. All other monitored units remained online.

Last-done out of the Gulf continued to be reported in the $200-$210/mt FOB range, unmoved from one week earlier. Based on recent values at Brazil and other international markets, however, market players suggested indications in the $240s/mt FOB should a deal conclude currently.

Expectations of a shift toward sweeter crude feedstocks processed at U.S. refineries could contribute to thinner domestic supply in the near to midterm, some argued.

Brazil:

A cargo loading from the Former Soviet Union (FSU) was reported selling into Brazil at $279/mt CFR during the week, stretching Brazil import pricing to the $279-$290/mt CFR range. Despite the decline from the week-ago $285-$290/mt CFR, most players continued to note the bulk of delivered pricing holding near the top of the range.

Fourth-quarter imports contracts were quoted at $234/mt CFR, sources indicated, above $221-$223/mt CFR in the third quarter.

Vancouver:

Flooding and mudslides in British Columbia were reported effectively cutting off Vancouver from the rest of the country during the week, Bloomberg reported. With both rail and truck routes experiencing significant delays, sources said the conditions were complicating the delivery of sulfur from Alberta, contributing to tight available export supply. The conditions were expected to persist for several days, at a minimum.

No new business was reported for the week, leaving last-done in the $200-$205/mt FOB range. Pricing was anticipated to push “substantially” higher in the next round of business, sources said.

Alberta:

Alberta sulfur sales netted back $68-$135/mt FOB to suppliers, market players indicated, steady from the prior report.

West Coast:

Genscape reported a full restart of the HollyFrontier Puget Sound, Wash., refinery over the Nov. 12-13 period. Operation of the plant’s 149,000 barrel/d crude section was fully restored on Nov. 12, followed by other units on Nov. 13. The refinery was taken offline on Nov. 6 due to a crude section leak.

Players continued to note West Coast prill market indications in the $200-$205/mt FOB range, steady from the prior report.

Fourth-quarter contracts for molten tons loading from the West Coast were reported at $160-$170/lt FOB, up from $150-$155/lt FOB in the prior quarter.

China:

The ongoing ban on phosphate exports from China has contributed to a shift in sulfur market focus toward other locations, sources said.

“China is no longer leading the international market in pricing. India, Africa, and others seem to be gaining in importance in the international trade,” said one source. “That said, if China begins exporting fertilizer again, that will likely lead to higher prices for raw material sulfur.”

Refinery throughput at China stood at an average 13.75 million barrels/d in October, according to data released by China’s National Bureau of Statistics (NBS) and reported by Reuters. The October numbers were up from 13.64 million barrels/d in September, a 16-month low, but down three percent compared to October 2020. Total January-October 2021 throughput stood 5.2 percent above the year-ago, however.

Last-done spot sulfur imports at China were heard firming to the $263-$265/mt CFR range, up from $260-$263/mt CFR in the prior report.

ADNOC:

November offers on solid sulfur produced by the Abu Dhabi National Oil Co. was posted at $230/mt FOB Ruwais. Pricing stood at $193/mt FOB in October, a $37/mt difference.

Qatar:

Qatar prills were quoted at $226/mt FOB Ras Laffan for loading in November, up $34/mt from October’s $192/mt FOB posting.

Kuwait:

Sulfur loading from Kuwait was noted at $226/mt FOB in November, up $35/mt from $191/mt FOB in the prior month.

Sulfuric Acid

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

U.S. Gulf:

Gulf import price ideas remained at $245-$250/mt CFR, unchanged from one week earlier.

Gulf Coast:

Sources quoted the Gulf Coast domestic market in the $85-$110/st DEL range for 2021 agreements. Bidding on 2022 annual contracts, reported as currently underway, was broadly expected to the push the market above the $200/st DEL mark.

Midwest:

The Midwest market was noted even with the Gulf Coast at $85-$110/st DEL.

West Coast:

West Coast rail-delivered contracts were quoted in the $100-$130/st DEL range for 2021.

Brazil:

Price ideas on sulfuric acid vessels imported at Brazil were last heard in the $275-$280/mt CFR range, unmoved from the prior report.

Ammonium Thiosulfate

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

Eastern Cornbelt:

Ammonium thiosulfate pricing remained at $450-$500/st FOB in the Eastern Cornbelt for the last prompt or prepay offers.

Western Cornbelt:

Ammonium thiosulfate pricing was steady at the $450/st FOB level or higher in the region.

Southern Plains:

The last reported pricing for ammonium thiosulfate included $375/st FOB Houston and $435/st FOB Lubbock, Texas.

South Central:

The last ammonium thiosulfate offers remained at $435-$440/st FOB Memphis.