All posts by mickeybarb@charter.net

Petronas Chemicals Advances Divestment of 25% Equity Interest in Sabah Fertilizer Unit

Malaysia, News, News Briefs

Malaysia’s Petronas Chemicals Group Berhad’s (PCG) wholly-owned Petronas Chemicals Fertiliser Sabah Sdn Bhd unit has entered into a share purchase agreement (SPA) with the State Government of Sabah’s wholly-owned oil and gas company SMJ Sdn Bhd to divest a 25% equity stake held by PCG in the fertilizer unit, according to a report by Malaysia’s Sun Daily, citing a PCG filing to Bursa Malaysia.

The total consideration for the stake divestment deal is RM1.25 billion (approximately $280 million at current exchange rates), an amount based on the net book value of the plant, property, and equipment of Petronas Chemicals Fertiliser Sabah as of the financial year ended Dec. 31, 2022, according to the report, citing the PCG filing.

PCG and the Sabah State government entered into a Heads of Agreement for the divestment of the shareholding in January (GM Jan. 13, p. 30).

The divestment is expected to be completed by the end of the second quarter of 2023, and will leave PCG with a 75% stake and give SMJ a 25% interest in the fertilizer unit.

Petronas Chemicals Fertiliser Sabah operates an integrated ammonia and urea production complex in Sipitang Oil and Gas Industrial Park in the municipal district of Sipitang, approximately 145 kilometers southwest of Kota Kinabalu, the mercantile city in Sabah State on the Island of Borneo. The facility’s daily production capacity includes 2,100 mt for ammonia and 3,850 mt for urea, according to Green Markets’ data.

SQM “Convinced” it Can Reach Reasonable Agreement as Chile Seeks Lithium Control

Chile, Featured, Lithium, News, Specialty

Chile’s SQM, the world’s No. 2 lithium producer, expects to reach an agreement to continue producing the battery metal under the Chilean government’s new National Lithium Strategy, a public-private model for the industry, which was announced by President Gabriel Boric on April 20. SQM shares closed down 18.6% on April 21, though they have since regained some of the loss.

The company is “convinced” that its technology and experience “will make it possible to reach reasonable agreements in the interest of the Chilean state as well as our diverse shareholders,” it said in a statement on April 24 after executives met with officials at state development agency CORFO.

SQM, the fertilizer-turned-lithium giant, runs the planet’s biggest and most profitable brine operation in Chile’s northern desert with a contract that expires in 2030. Under the government’s new policy, SQM can either keep full control of the operation for the rest of the contract and then risk losing it or let the state take a majority stake with the understanding it could keep operating longer. State-owned copper producer CODELCO will represent the state in negotiations with SQM until a national lithium company is created.

In 2022, SQM’s Lithium segment represented 79% of SQM’s consolidated gross profit of $5.74 billion. Specialty Plant Nutrition and Iodine/Derivatives represented 8% each, Potassium Chloride and Potassium Sulfate 4%, and Industrial Chemicals 1%.

Albemarle Corp., another lithium producer in Chile, has more breathing room and has said it would negotiate with the country closer to the end of its contract in 2043.

Both SQM and Albemarle have been diversifying their lithium assets, with both holding stakes in Australian production. SQM has invested in a new lithium refinery in China. Albemarle also has assets in the US. However, Chile, where SQM has been constantly expanding production, is SQM’s jewel in the crown.

SQM, which spent some $3.5 billion at the Salar de Atacama project since 1993, has budgeted more than $2 billion on technologies that enable it to eliminate the use of underground fresh water, make its brine evaporation process more efficient, and introduce direct extraction. That would bring it in line with sustainability practices laid out in the government’s new strategy, it said in the statement.

“The objective is control,” Chile’s Economy Minister Nicolas Grau said in an interview with Bloomberg on April 25. Control being “that the different fundamental decisions the company makes respond to the interests that we have as a country.”

While negotiations between CODELCO and prospective partners will determine the new contracts, at the end of the day, companies’ strategic decisions must be aligned with national interests, said Grau.

The government is engaged in a delicate dance of seeking a bigger role for the state while attempting to attract more private capital, defend the environment, and move further down the value chain. There is a lot at stake, given Chile has the biggest reserves of a metal critical to the clean-energy transition.

To be sure, the government understands that for the new model to work, the private sector has to be motivated to invest, Grau said. So far, the industry’s reaction has been “rather positive,” he said.

The government plans to present a bill to create a national lithium company later this year, Grau said. Officials will have to negotiate with lawmakers to secure the bill’s approval, with the administration proposing that the state firm participates in downstream operations such as cathode processing. “We are going to propose that the national lithium company plays a role in the entire value chain,” Grau said.

Still, Boric’s party does not have a majority in the National Congress, and any legislation could undergo significant changes prior to approval. Chile’s voters rejected Boric’s plans for a new constitution last year.

Valent BioSciences LLC – Management Brief

Eastern Cornbelt, Management Briefs, Specialty

Valent BioSciences LLC, Libertyville, Ill., has announced the retirement of President and CEO Ted Melnik, effective July 2023. In addition, Salman Mir, currently Executive Vice President and Chief Operating Officer, has been named President and CEO, also effective July 2023.

Melnik joined Valent BioSciences in 2013 as Chief Operating Officer and was promoted to his current position in 2022. During his 10-year tenure at Valent BioSciences, Melnik oversaw significant company growth through business acquisitions, including Mycorrhizal Applications, Kyowa Hakko Bio Co. Ltd., the Canadian forestry business of AEF Global Inc., and FBSciences Holdings Inc.

Other business milestones that he directed include the construction of Valent BioSciences’ biorational manufacturing facility in Osage, Iowa, as well as the opening of the Biorational Research Center and Global Headquarters in Libertyville. Some of the key product launches over this period include VectoPrime® Biological Larvicide, LEAP® Bacterial Disease Management Biological Insecticide, AVEO™ EZ Nematicide, InGrain™ Plant Growth Regulator, and Accede® Plant Growth Regulator.

“I want to thank Ted for his many invaluable contributions to the organization during the past 10 years,” said Nobuaki Mito, Representative Director and Senior Managing Executive Officer of Sumitomo Chemical Co. Ltd. “Not only has he elevated Valent BioSciences’ global industry leadership position, but he has left his imprint on the company in numerous areas – from acquisitions, investments in new facilities, and the launch of new products to the many different people he taught and mentored. Although Ted will be greatly missed, he has established a strong business foundation for continued growth and success.”

In his new role as President and CEO of the company, Mir will be responsible for overseeing the entire spectrum of global activities at Valent BioSciences. He has extensive experience in sales, marketing, operations, and business development roles with several major global crop protection companies.

Mir joined Valent BioSciences in 2012 as Vice President of Global Marketing and Business Management, where he was responsible for leading the company’s global marketing and commercial activities. In 2016, he moved to Sumitomo Chemical’s AgroSolutions Division International (ASDI) for an overseas assignment. During his tenure there, he was Head of AgroSolutions Division International (Asia Pacific) and General Manager Sumitomo Chemical Asia (SCA).

He returned to the US in 2019 to serve as Chief Operating Officer of Valent BioSciences subsidiary Pace International LLC in Wapato, Wash. In early 2021, he began leading the Global Sustainable Solutions Business Unit (SSBU) team in partnership with Sumitomo Chemical affiliates around the world and also assumed the new position of Chief Commercial Officer for Valent BioSciences. He was promoted to Executive Vice President and Chief Operating Officer in 2022.

Mir holds an undergraduate Veterinary Sciences degree from the University of Veterinary and Animal Sciences and earned his MBA from Lahore University of Management Sciences, Pakistan.

“Salman’s elevation to President and CEO will provide a seamless transition for our business, employees, and customers,” said Mito. “I am confident that he will continue discovering exciting new business opportunities and guide Valent BioSciences to even more successes as a global leader in biorational products in the years ahead. I appreciate all of Salman’s past accomplishments and congratulate him on his well-earned new role.”

Ostara – Management Brief

Management Briefs, Specialty

Ostara announced that Dr. Aaron Waltz has been named Chief Technology Officer. The company said he brings over 20 years of experience in the agriculture industry and deep agronomic expertise. Waltz began his career at DuPont Pioneer in corn genetics and transgenic traits and has since worked in technology development roles in the adjuvants, biologicals, and fertilizer industries.

Waltz’s involvement in agriculture began on his family’s farms in Nebraska. He earned a Ph.D. from The University of Nebraska in Lincoln, and then built a career in crop production and product development.

“Aaron’s skills are highly complementary to the existing executive team and will enable Ostara to realize our vision of global expansion as we increase production of our portfolio of Crystal Green phosphate fertilizers,” said Kerry Cebul, Ostara CEO. “Aaron’s agronomic expertise, diverse science background, and leadership will be critical as we rapidly expand our platform of technologies and significantly increase production to meet grower needs.”

Itafos Inc. – Management Brief

Management Briefs

Itafos Inc. has announced that Evgenij Iorich has stepped down as member of the company’s Board of Directors, effective as of April 6, 2023. He served as a Director since July 11, 2017. “On behalf of the company, and the Board of Directors, I would like to thank Mr. Iorich for his service and contributions,” said Tony Cina, Chairman.

Ammonia

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

US Gulf/Tampa:

As many expected, Tampa ammonia prices dropped in May. Pricing for the month concluded at $380/mt CFR, down 12.6% from April’s $435/mt CFR.

Eastern Cornbelt:

Ammonia pricing was unchanged at $575-$600/st FOB in the Eastern Cornbelt, with the low confirmed in Illinois and the high in Indiana and at Lima, Ohio. Sources said the preplant application pace was slowed by wet conditions and cold temperatures in late April, with the southern Illinois market still anticipating heavy ammonia movement in the coming weeks.

Western Cornbelt:

Ammonia remained at $500-$525/st FOB terminals in Nebraska and Iowa, depending on location.

Southern Plains:

Ammonia prices remained in the $500-$515/st FOB range out of Oklahoma production points, with recent business out of Beaumont, Texas, quoted at the $475/st FOB level. Sources speculated that serious buyers could easily find tons under the $500/st FOB mark in Oklahoma, however.

South Central:

Truck offers for ammonia remained at the $400-$435/st level FOB Gulf Coast terminals. Other terminal prices included $450/st FOB Hopewell, Va., and $525/st FOB Cherokee, Ala.

Black Sea:

The main ammonia activity in the Black Sea consisted of purchases by Turkey at $330/mt CFR. The steady buying of ammonia by major Turkish customers has provided the market with a touchstone for calculating prices to Northwest Europe and the Arab Gulf at a time when those two markets have shown limited spot sales.

Sources estimated the Northwest Europe price in the $350s/mt CFR, based on the recent sales into Turkey, while the Arab Gulf-equivalent price would be just under $250/mt FOB. While none of the spot sales into Turkey are from either location, sources have been running back-of-the-envelope figures to speculate on where prices might be moving in those markets.

The material in the recent sale to Turkey was originally identified as Iranian product. Sources later said it was most likely Venezuelan, noting that a vessel bound for Turkey may have made a stop in Venezuela before heading east.

India:

Buyers are pushing for $300/mt CFR spot purchases. Some small lots from Indonesia have reportedly come in at that level, but sources could not confirm actual sales. Most of the ammonia coming into India is doing so under contract, with formula-based pricing that leaves figures well below spot prices.

The last publicly-acknowledged spot sale occurred several weeks ago at $350/mt CFR, but sources said that price is now too high for any buyer to consider. The best new price estimate for spot deals stands at $290-$310/mt CFR. One trader called this range the most rational price for the current market.

January-February ammonia imports totaled 482,000 mt, Trade Data Monitor reported, up about 77% from the year-ago 272,000 mt.

February imports were 276,000 mt, an 82% increase from 152,000 mt imported in February 2022. The three largest suppliers were Saudi Arabia with 80,000 mt, Bahrain with 55,000 mt, and China with 54,000 mt.

Middle East:

Sources said Arab Gulf producers were focusing on their contract sales, and not offering tonnage to the spot market. One of the reasons that producers are shunning the spot market, said one trader, is because of aggressively low bids from potential buyers.

Buyers looked at prices paid by Taiwan and India for Indonesian ammonia and calculated the Arab Gulf spot price at $245-$250/mt FOB, below where producers are offering in the $260s/mt FOB.

The price is expected to remain soft. Despite the shutdown of one Saudi plant for routine maintenance, sources said that most producers have returned to production. The supply of ammonia is said to be building in the region, with producers leaning on contract buyers to take as many tons as possible.

Buyers in Asia, however, have been pushing back against taking more than they need. The current economic situation is not encouraging for increased ammonia purchases by Asian manufacturers, said one trader.

Northwest Europe:

Even with a drop of $50/mt, the new Tampa price of $380/mt CFR was seen as too expensive for Northwest Europe. Sources said the Tampa price equates to about $410/mt CFR into Europe at a time when sources are calling the market $350-$360/mt CFR.

The estimated price, said one trader, comes from calculating the cost back from deals into Turkey at $330/mt CFR. While the two markets are not connected, the lack of any new spot business in Northwest Europe has led some to use prices gleaned from other markets to calculate what the price should be, based on those markets.

Even with natural gas prices falling, sources said the price of ammonia from European plants is too expensive for most buyers. The ex-plant price was pegged in the mid-$400s/mt. The availability of ammonia in the mid-$300s CFR from offshore sources has potential buyers looking at getting their ammonia needs from imports.

Southeast Asia:

The $300/mt CFR paid by CPDC in Taiwan for Indonesian material may indicate the price floor in the region. Just prior to the Taiwan deal, China bought ammonia at $320/mt CFR, but is now looking at replicating the $300/mt CFR price.

Pricing below $300/mt CFR in the area could make it difficult for both China and Indonesia to continue to export product. Sources said trading beneath that level comes close to breaking below the product’s production cost.

China remained a strong importer and exporter of ammonia for January-March. Trade Data Monitor put imports at 105,000 mt for the period, up 32% from 80,000 mt brought in during the first three months of 2022. January-March exports totaled 126,000 mt, up from 393 mt recorded during the first quarter of 2022.

March imports were pegged at 50,000 mt, with 49,000 mt coming from Indonesia. China imported 17,000 mt of ammonia in March 2022. Exports for March were 24,000 mt, compared to 393 mt in the prior-year period. Thailand took 15,000 mt, and Vietnam bought 9,000 mt.

Urea

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

US Gulf:

After starting the week at $340/st FOB, NOLA barges soared to the $395-$405/st FOB range before trading up to $440-$450/st FOB later in the week. Sources reported $450/st as a common price on Thursday.

Good demand and fears of tight supplies were credited with the uptick. Imports of urea were off 28.4% in the July-February fertilizer year-to-date, to 2.61 million st from the year-ago 3.65 million st, while US urea exports firmed 225.1%, to 1.11 million st from the prior-year 341,188 st.

Eastern Cornbelt:

Urea pricing jumped to $480-$500/st FOB river terminals in the Eastern Cornbelt, up from last week’s $425-$450/st range, with the low confirmed at Cincinnati, Ohio, and Ottawa, Ill., at midweek. “Most sellers are indicating higher prices to follow,” said one source.

Western Cornbelt:

Urea rose to $460-$500/st FOB in the Western Cornbelt, up from last week’s $410-$430/st, with the upper end of the range reported at St. Louis, Mo. “Inventories are starting to run out throughout St. Louis,” said one contact at midweek.

Southern Plains:

The urea market at Catoosa/Inola, Okla., moved from $460-$475/st FOB early in the week to a high of $495-$500/st FOB by April 27, with prices at Houston, Texas, moving from $445/st FOB on Monday to $470-$475/st FOB at midweek. The Borger, Texas, market was also pegged at $475/st FOB during the week.

South Central:

Urea jumped to a broad $430-$495/st FOB South Central terminals, up from last week’s $410-$430/st range, with the low confirmed at Convent, La., and the high at Little Rock, Ark. The Memphis, Tenn., market ranged from $450-$485/st FOB, depending on time of the week, with Kentucky sources reporting Ohio River terminals at the $480/st FOB level or higher.

Southeast:

Urea started the week at $450/st FOB Wilmington, N.C., but sources said the price had firmed to $480/st FOB at midweek with few tons to offer. Midweek offers at Norfolk, Va., were quoted firmly at the $490/st FOB level. In the Northeast, urea offers FOB Fairless Hills, Pa., firmed from $460/st on April 24 to $470/st FOB at midweek.

India:

Reports are circulating that some traders are still seeking tons to fulfill their awards under the Indian Potash Ltd. (IPL) tender. The shipping deadline for the tender is June 1. Sources still expect to see another tender called in the second half of May, most likely right after the IFA Annual Conference closes on May 24.

Urea imported during January-February stood at 1.4 million mt, according to Trade Data Monitor, off 31% year-over-year from 2.1 million mt.

February imports were noted at 141,000 mt, down significantly from the year-ago 1.1 million mt. India’s main suppliers were Oman with 88,000 mt, followed by Vietnam with 26,000 mt.

Black Sea:

Sources reported prilled urea prices steady at $300-$305/mt FOB.

Indonesia:

A prompt 30,000 mt purchase by Petronas of Malaysia lifted the granular export price to $345-$350/mt FOB. Sources said the deal was a one-off needed to cover sales promised from a Petronas plant that failed to come back online as planned.

The purchase is reportedly for the Southeast Asian market. The buyer is said to be looking for vessels to ship urea from Bontang to Thailand for late April or early May. Another option is the product could head to Australia. Sources reported that Australian buyers have been very active in spot market lately.

Prior to the sale, Pupuk reportedly told sources they were sold out through mid-May, and would not be offering more tons for sale until then. One trader noted that when asked what prices Pupuk might target in its next set of tenders, agents for the producer demurred.

Middle East:

Another deal from the UAE shifted pricing. The sale, reported at $331.50/mt FOB, came one week after Fertiglobe closed a deal at $330/mt FOB. While sources estimated the likely range from the area at $330-$335/mt FOB with room for growth, concluded pricing remained at $330-$332/mt FOB for now.

The urea market’s slow upward movement has producers expecting better netbacks in the coming weeks. As a result, producers were reportedly unwilling to commit to prices for second-half May shipments.

The Egyptian price continued its climb. Kima reported a sale of 10,000 mt of granular urea at $360/mt FOB, a $10/mt increase from last week’s MOPCO sales. Sources said the price increase came on increased interest in Egyptian material by potential US buyers.

As the week ended, MOPCO also closed a couple of deals. Two lots of 6,000 mt each went to a trader at $362/mt FOB for first half of May shipment. Another cargo of 5,000 mt sold for $365/mt FOB for shipment next week.

US buyers were also said to be eyeing tons from AOA in Algeria. The price from Algeria is now reportedly pegged at $360-$365/mt FOB.

China:

The industry remained in a holding position for the week, waiting to see if the rumored easing of export regulations will take place on May 1. Until the announcement is made, sources said that inquiries have slackened.

Any new business will be difficult to conduct in the next week, even if the inspection process is streamlined to allow for more exports. China will be essentially closed during the week of May 1 to celebrate International Labor Day.

The potential price for exported urea has come off, said sources. The weakening domestic market has lowered the price to about $335-$340/mt ex-plant, translating to an estimated export price of $350-$355/mt FOB. However, even lower prices are said to be under discussion. Reportedly, Fudao is looking at selling tonnage in May at $335-$340/mt FOB. The target market seems to be Latin America. No deals have been concluded yet, but the new price should appear in May discussions.

First-quarter exports totaled 527,000 mt, according to Trade Data Monitor, a 74% increase from 303,000 mt reported in January-March 2023.

March exports, reported at 120,000 mt, were nearly doubled from the year-ago 66,000 mt. The primary buyers were South Korea with 28,000 mt, and Chile with 14,000 mt.

Brazil:   

The landed price remained steady at $340-$350/mt CFR amid limited trading. Sources said the urea market’s main focus in the Americas has shifted to the rising NOLA market.

The Rondonopolis price widened to $450-$480/mt FOB ex-warehouse, with the upper part of the range moving up. Sources said aggressive sellers were pushing for $500/mt FOB ex-warehouse, but were not able to close the deals. The rising inland price was related to reports of limited availability, sources said.

Argentina:    

Trade Data Monitor reported January-March urea imports at 29,000 mt, more than double the year-ago 13,000 mt.

March imports stood at 16,000 mt, compared to the 12,000 mt recorded in March 2022., with 14,000 mt coming from Turkmenistan. Argentina’s main urea buying season traditionally begins in the second quarter, and extends through the third quarter before waning again.

UAN

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

US Gulf:

UAN barge prices continued at $270-$280/st ($8.44-$8.75/unit) FOB.

Eastern Cornbelt:

UAN-32 remained at $305-$330/st ($9.53-$10.31/unit) FOB in the Eastern Cornbelt, with the low reported at Cincinnati and the high at Seneca, Ill. The last UAN-28 offers at Cincinnati remained in the $267-$280/st ($9.54-$10.00/unit) FOB range.

Western Cornbelt:

UAN prices slipped to $310-$335/st ($9.69-$10.47/unit) FOB in the Western Cornbelt, with the St. Louis market reported at $310-$320/st ($9.69-$10.00/unit) FOB in late April, down from recent reports of $320-$325/st ($10.00-$10.16/unit) FOB.

Southern Plains:

The UAN-32 market was under pressure in the Southern Plains. While the last offers at Verdigris, Okla., remained at the $310/st ($9.69/unit) FOB level, sources said the Woodward, Okla., market had slipped to $280/st ($8.75/unit) FOB.

Pricing out of Gulf Coast terminals in Texas dropped to $305-$320/st ($9.53-$10.00/unit) FOB, down from the prior $320-$340/st ($10.00-$10.63/unit) FOB range.

South Central:

UAN-32 was unchanged at $305-$335/st ($9.53-$10.47/unit) FOB in the South Central region, with the low reported for truck offers at Donaldsonville, La., and Yazoo City, Miss., and the high for river terminal pricing in the Kentucky market. NOLA UAN barge prices remained in the $270-$280/st ($8.44-$8.75/unit) FOB range.

Southeast:

UAN-32 remained at $320/st ($10.00/unit) FOB port terminals in the Southeast, with inland terminal pricing in Georgia pegged at the $320-$330/st ($10.00-$10.31/unit) FOB level for new business, down from $330-$340/st ($10.31-$10.63/unit) FOB in early April.

Ammonium Nitrate

Ammonium Nitrate, Market Watch, South Central, Southern Plains, Western Cornbelt

Western Cornbelt:

Ammonium nitrate pricing was unchanged at $470/st FOB Lamar, Mo., and $490/st FOB St. Joseph, Mo.

Southern Plains:

Ammonium nitrate pricing dropped to $430/st FOB Muskogee, Okla., down $20/st from last report. The latest offers in El Dorado, Ark., were quoted at the $425/st FOB level.

South Central:

Ammonium nitrate was steady at $325/st FOB Yazoo City, with the latest offers out of river terminals in Kentucky pegged at the $375/st FOB level.

Ammonium Sulfate

Ammonium Sulfate, Brazil, China, Eastern Cornbelt, Market Watch, South Central, Southeast, Southern Plains, U.S. Gulf, Western Cornbelt

US Gulf:

While NOLA ammonium sulfate barges continued to be called $320-$330/st FOB, some players indicated that the higher end of the range was starting to meet resistance.

Eastern Cornbelt:

The granular ammonium sulfate market was unchanged at $370-$390/st FOB in the Eastern Cornbelt, depending on location.

Western Cornbelt:

Granular ammonium sulfate remained at $360-$390/st FOB in the Western Cornbelt, with the low at St. Louis and the high reported in Iowa.

Southern Plains:

The granular ammonium sulfate market firmed slightly to $360-$390/st FOB in the Southern Plains, up $10/st from last report, with the low confirmed at Houston and the high at Catoosa/Inola.

South Central:

Ammonium sulfate prices remained in a broad range at $345-$375/st FOB in the region, with the low confirmed in Mississippi and the high in Arkansas.

Southeast:

Ammonium sulfate prices were reportedly falling in the Southeast. While official postings were unchanged, sources reported the latest business down to $315/st FOB/DEL for standard and $365-$400/st FOB/DEL for granular.

China:   

A tender from India for 20,000 mt of caprolactam-grade ammonium sulfate closed this week. sources said, with prices reported at $128-$130/mt FOB China. The lower price, said one trader, was in line with expectations. Prices had been softening in recent weeks, leading some to speculate that sub-$130/mt FOB was not far off.

January-March ammonium sulfate exports totaled 2.8 million mt, Trade Data Monitor reported, up 19% from the year-ago 2.4 million mt.

March amsul exports were counted at 1 million mt, an increase from 758,000 mt exported in March 2022. The two largest suppliers were Brazil with 254,000 mt, and Myanmar with 159,000 mt.

Brazil:   

Prices tightened to $185-$190/mt CFR on increased demand, while supplies from China remained steady.

The tightness was also reflected at Rondonopolis, as the price range settled at the week-ago high of $320/mt FOB ex-warehouse. Sources attributed the firmer market to both the rising urea price and limited availability of amsul from local distributors.