All posts by mickeybarb@charter.net

Ammonium Nitrate

Ammonium Nitrate, France, Market Watch, South Central, Southeast, Southern Plains, U.S. Exports, U.S. Gulf, U.S. Imports, Western Cornbelt

U.S. Gulf:

Nothing new was reported for NOLA ammonium nitrate barges.

U.S. Imports:

July-March ammonium nitrate imports were down 45.9 percent, to 179,043 st from the year-ago 330,802 st. March imports dipped 16.0 percent, to 28,316 st from 33,722 st in the prior year.

U.S. Exports:

Ammonium nitrate exports firmed 52.9 percent in July-March, to 506,324 st from the year-ago 331,040 st. March totals were up 26.8 percent year-over-year, to 40,658 st from 32,054 st.

Western Cornbelt:

Ammonium nitrate pricing remained at a firm $460/st FOB in the Western Cornbelt, where available.

Southern Plains:

The ammonium nitrate market was pegged at $455-$460/st FOB Muskogee, Okla.

South Central:

The last ammonium nitrate price FOB Yazoo City, Miss., was reported at the $440/st level for small volumes.

Southeast:

The Tampa ammonium nitrate market remained at $430/st FOB in early May.

France:

Yara on May 10 posted a new list price of €305/mt bulk CPT for June deliveries of its 33.5 percent ammonium nitrate (YaraBelaExtran33.5) in France, effective immediately. The posting is a €40/mt reduction on the previous list price of €345/mt for April deliveries (GM March 12, p. 8), which rolled over for May deliveries.Once again, the supplier said only limited volumes will be available.

Ammonium Sulfate

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

U.S. Gulf:

Ammonium sulfate barge prices continued to strengthen at $265-$275/st FOB, up from the week-ago $260-$270/st FOB. At last report, IOC was posted at $275/st and APF at $276/st FOB.

U.S. Imports:

July-March ammonium sulfate imports firmed 73.7 percent year-over-year, to 732,311 st from 421,576 st. Totals were up 2.0 percent in March, to 119,385 st from the year-ago 117,081 st.

Canada led the July-March fertilizer year-to-date with 381,329 st, up 53.6 percent from the late year’s 248,193 st, while tons sourced from Belgium totaled 114,735, a 31.8 percent increase from 87,066 st last year. Russian material totaled 89,762 st, 98.8 percent higher than the year-ago 45,152 st.

U.S. Exports:

March ammonium sulfate exports softened 42.9 percent, to 25,139 st from the year-ago 44,012 st. July-March exports slid 6.8 percent, to 469,085 st from the prior-year 503,045 st

Eastern Cornbelt:

Granular ammonium sulfate was quoted at $290-$320/st FOB in the Eastern Cornbelt, with the low at Cincinnati. The latest postings from Interoceanic (IOC) included $310/st FOB Upper Mississippi and Illinois River terminals and $315/st FOB Ohio River terminals.

Western Cornbelt:

The ammonium sulfate market was pegged at $295-$330/st FOB, with the low at Caruthersville and the high at Sioux City, Iowa. IOC’s May 3 postings included $300/st FOB St. Louis, $310/st FOB Upper Mississippi River terminals, and $330/st FOB Sioux City.

Southern Plains:

Granular ammonium sulfate pricing had reportedly firmed to $285-$290/st FOB Catoosa/Inola and $290-$300/st FOB Houston. Delivered tons into central Texas were pegged at $310-$314/st. IOC on May 3 moved its postings up to $295/st FOB Houston and $325/st rail-DEL in the Southern Plains, citing strong demand and tight inventories.

Also on May 3, American Plant Food (APF) moved its ammonium sulfate prices to $290-$300/st FOB Freeport, Texas, up from the last reported range of $270-$275/st FOB. APF said the increase was due to limited supply and increasing input costs.

South Central:

Ammonium sulfate was reported at $285-$295 FOB terminals in the South Central region, up $15/st from mid-April. IOC on May 3 raised its postings to $300/st FOB Delta terminals.

Southeast:

Higher ammonia sulfate postings were in effect in the Southeast. AdvanSix announced another $15/st increase on April 29, with postings FOB Hopewell, Va., firming to $300/st for granular, $280/st for mid-grade, and $260/st for standard.

IOC on May 3 raised its posted price to $310/st FOB Tampa, Fla. Delivered pricing in Florida was quoted at $290/st for standard and $340/st for granular.

China:

Sources reported ammonium sulfate deals in the upper-$150s/mt FOB in China, touching on $160/mt FOB. Supplies remain steady and demand strong, leading to a stable market.

Brazil:

Ammonium sulfate prices in Brazil have moved up as overall nitrogen demand picks up. Sources put the price at Paranagua at $200-$212/mt CFR, representing a $7-$12/mt increase.

The price in Rondonopolis was quoted at $320-$340/mt FOB ex-warehouse, with the Sorriso range expanding to $320-$355/mt FOB ex-warehouse. The barter rate for 1 mt of ammonium sulfate at Rondonopolis remains at 39 bags of corn.

Ammonium sulfate imports for the first four months of the year were up 36 percent, to 1.25 million mt from 921,000 mt last year, according to Trade Data Monitor. April 2021 imports were down 65 percent, however, to 87,000 mt from 251,000 mt in April 2020.

DAP/MAP

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

Central Florida:

Truck-loaded DAP postings moved up to $580/st FOB at Central Florida, sources said, increasing from the week-ago $570/st FOB. MAP maintained a $25/st premium at $605/st FOB, lifting from $595/st FOB last week.

U.S. Gulf:

NOLA barge values continued to move higher for the week, supported by ongoing supply tightness and persistent strength in the corn market.

DAP barges were reported trading at a $570/st FOB low for tons loading in the May-September window. Concluded pricing was seen moving up to $575/st FOB on May 11-13, with prompt-loading barges heard changing hands up to $580/st FOB.

NOLA MAP barges pressed higher as well, with May-September offers and trades quoted at $600/st FOB at midweek. Barges departing promptly were reportedly trading up to $610/st FOB.

Supply fears, stemming both from a reduction in Moroccan and Russian phosphates imported to the U.S. and early-summer curtailments at Mosaic’s Faustina production facility, were a primary driver of the higher pricing. Sharply higher corn values buttressed acceptance of the higher prices by end-users, sources said, allowing demand to remain steady from year-ago levels, if not higher.

Nearby DAP loadings were pegged in the $570-$580/st FOB range, rising from $555-$565/st FOB in the prior report. Players noted MAP barges at $600-$610/st FOB, up from $580-$590/st FOB at last report.

U.S. Imports:

DAP imports firmed 89.3 percent in March, to 266,407 st from the year-ago 140,766 st. Imports were up 26.6 percent for July-March, to 1.02 million st from 806,156 st.

With just 24,251 st of Moroccan DAP received through the fertilizer year-to-date, Saudi Arabia maintained the top import spot with 419,475 st, rising 656.3 percent from the year-ago 55,466 st. Jordan moved into second place with 272,990 st after sending zero DAP tons to the U.S. in the year-ago period. Material loading from Australia totaled 181,817 st, compared with zero imports through the same point in 2020.

Russia, also a target of the DOC’s countervailing duties investigation, imported 36,280 st to the U.S. for the period, down 79.5 percent from the year-ago 176,556 st.

MAP/Other imports were up 15.5 percent for March, to 238,179 st from the year-ago 206,233 st. July-March imports softened 42.7 percent, however, to 804,449 st from the prior-year 1.40 million st.

Mexico led the fertilizer-year imports with 277,772 st, up 304.8 percent from 68,613 st in the prior year. Saudi Arabia’s 161,345 st was 64.7 percent above the year-ago 97,940 st, followed by 83,738 st from Russia, a 63.1 percent decline from the prior-year 227,114.

With tons from Morocco down 95.9 percent from the year-ago 759,231 st, buyers continued to seek alternative sources of imported MAP, pulling in cargoes from Australia (79,263 st), Lithuania (78,574 st), Jordan (40,691 st), and Bulgaria (36,376 st) in July-March.

U.S. Exports:

March DAP exports were down 53.3 percent, to 37,795 st from the year-ago 81,003 st. July-March export volumes dropped 32.1 percent, to 584,221 st from 860,379 st in the prior year.

MAP/Other exports for March stood at 207,213 st, off 40.4 percent from the year-ago 347,799 st. July-March exports fell 23.1 percent, to 1.69 million st from 2.20 million st reported one year earlier.

Sources reported a MAP cargo selling into a single destination in Latin America. Priced at $583/mt FOB, the 6,000-7,000 mt cargo was tabbed for May loading. An additional small-lot DAP cargo slated for loading in June was reported selling at $595/mt FOB during the week. Due to the sale’s small volume, the transaction was not included in the week’s price range.

Based on reported sales of sufficient size, the Gulf phosphate export markets were seen firming to $583/mt FOB, up from $580/mt FOB in the prior report.

Eastern Cornbelt:

Sources reported stronger pricing for phosphates in the Eastern Cornbelt, driven by tight supply and steady demand. DAP was pegged at $620-$630/st FOB in the region, up another $15/st from last report, with the lower end of the range confirmed at Cincinnati and Ottawa, Ill.

MAP was quoted at $640-$660/st FOB, up $10-$15/st, with the low again confirmed at Cincinnati and the high out of spot Illinois shipping points.

Western Cornbelt:

DAP was quoted at $605-$620/st FOB in the Western Cornbelt, up $10-$15/st from last report, with the low reported at St. Louis. The Caruthersville market was pegged at a firm $615/st FOB at midweek. Several sources reported being sold out at mid-month.

MAP was quoted at $625-$645/st FOB in the region, up another $10/st, with the low at St. Louis and the high reported in Iowa on a spot basis.

Southern Plains:

The low end of the regional DAP market was quoted at $615/st FOB Houston, up $5/st from last report. Price increases at Catoosa/Inola were significantly higher amid reports of tight supply, however, with sources quoting new DAP offers at $625-$645/st FOB the port, up a full $35-$45/st from the previous week.

MAP was pegged at $620/st FOB Houston and a firm $650/st FOB Catoosa/Inola.

South Central:

Warehouse DAP prices soared to $600-$615/st FOB terminals in the South Central region, up another $10-$15/st from last report, with the lower end of the range reported at Memphis and the high at Shreveport. The market FOB Little Rock, Ark., was pegged firmly at the $615/st FOB level during the week.

Southeast:

Nutrien confirmed that DAP and MAP prices at Aurora, N.C., and White Springs, Fla., moved up to $605/st FOB on May 12 for new orders, up another $10/st from the previous week’s list price.

Saudi Arabia:

Phosphates exported from Saudi Arabia were seen lifting to the $545-$565/mt FOB range, up from $545-$560/mt FOB in the previous report.

China:

Producers are looking to hold the line on DAP and even push the price up, while buyers push harder for lower prices. Sources said the target for buyers is a netback in the $520s/mt FOB, while the producers argue for the low-$540s/mt FOB.

A reported sale of two 50,000 mt cargoes into India showed a netback in the upper-$530s/mt FOB. Traders are calling prices in southern China in the mid-$530s/mt FOB. Others added that some producers have been willing to begin talks in the upper-$520s/mt FOB.

India:

A major buyer reportedly settled a deal to buy two 50,000 mt cargoes of DAP in the low-$560s/mt CFR. The purchase represents a slight movement up in DAP prices paid by Indian buyers.

Local media reports said Indian DAP purchases in March topped 100,000 mt, mostly from Morocco and Saudi Arabia. The amount is not surprising as India approached its seasonal purchases. The most recent import numbers available from Trade Data Monitor showed DAP imports of 82,000 mt in January 2021, against January 2020 imports of 387,000 mt.

Pakistan:

Sources said buyers have been indicating a readiness to buy more tons. While Pakistan is rarely a market price setter, its deals help nail down a range for transactions with India and Bangladesh.A tender for Bangladesh’s 2021 DAP and TSP needs will close on May 27.

Nepal:

Krishi Samagri Company Ltd. issued a tender for 25,000 mt of DAP to close on May 18. The material is to be delivered to the KSCL warehouses in bags.

Brazil:

MAP prices moved up sharply to $610-$630/mt CFR at Paranagua. Sources said the move is a combination of some increased inland demand and sellers moving the price to match netbacks from the U.S.

Rondonopolis came in at $700-$725/mt FOB ex-warehouse. Sources said this more realistic range is a result of farmers hearing of higher prices and seeing fewer tons, but still not sure which way to go for their top-off tons.

Major international firms are pushing higher prices to their regional distribution centers within the country, raising concern by farmers of higher prices across the board.The confusion of where to go is also seen at Sorriso, where the price is reported at $730/mt FOB ex-warehouse, about $10/mt down from the previous week.

The barter rate at Rondonopolis for 1 mt of MAP remained at 37 bags of corn. In Southern Goias, the rate has changed to 33.1 bags of soy or 66.5 bags of corn.

TSP

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

U.S. Gulf:

TSP barge pricing jumped to the $510-$535/st FOB range as disparities between prompt and forward pricing were reportedly erased amid a week of steady trading. Nearby values were last reported at $480-$500/st FOB, while sources quoted forward-loading material in the $480-$510/st FOB range.

Western Cornbelt:

TSP barge pricing jumped to a $510-$535/st FOB range, as disparities between prompt and forward pricing were reportedly erased amid a week of steady trading. Nearby values were previously reported in a $480-$500/st FOB range, while sources labeled forward-loading material in a $480-$510/st FOB range.

Phosphate Rock

Market Watch, Phosphate Rock, U.S. Imports

U.S. Imports:

Phosphate rock imports lifted 34.7 percent for the July-March period, to 2.31 million st from the year-ago 1.71 million st. March imports fell 18.1 percent, however, to 234,276 st from the year-ago 285,961 st.

Tons from Peru dominated the July-March import slate at 2.19 million st, up 28.6 percent from the prior year’s 1.70 million st. Moroccan material was counted at 111,584 st, increasing from zero tons in the prior-year period.

Phosphoric Acid

Eastern Cornbelt, India, Market Watch, Phosphoric Acid, Southern Plains, U.S. Exports, Western Cornbelt

U.S. Exports:

Phosphoric acid exports were up 12.4 percent in March, to 43,100 st from 38,354 st in March 2020. Exports totaled 152,954 st in the July-March period, down 39.7 percent from the prior year’s 253,496 st.

Eastern Cornbelt:

Phos acid prices remained at $13.95/unit rail-DEL in Illinois and $14.10/unit rail-DEL in Ohio for May tons.

Western Cornbelt:

The phos acid market was unchanged at $13.85/unit rail-DEL in Nebraska, Missouri, and Iowa for May shipment.

Southern Plains:

The phos acid market for May tons was reported at $13.85/unit rail-DEL in Colorado, Kansas, and New Mexico, and $13.95/unit rail-DEL in Texas and Louisiana, up $0.50/unit from April.

India:

India phosphoric acid contracts were reported at $998/mt P2O5 CFR for delivery in the second quarter, a $203/mt jump from $795/mt P2O5 CFR in the prior period.

Ammonium Polyphosphate

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

Eastern Cornbelt:

10-34-0 was reported at $580-$600/st FOB in the Eastern Cornbelt, with the low confirmed at Cincinnati.

Western Cornbelt:

The 10-34-0 market remained at $575-$595/st FOB in the Western Cornbelt, depending on location.

Southern Plains:

Despite the stronger phos acid market, sources said softer ammonia prices and a lack of post-season demand contributed to lower 10-34-0 prices in early May. The regional market was quoted at $530-$540/st FOB, with the low at Amarillo, Texas, and the high in Kansas.

The last offers for 11-37-0 in Texas remained at $600-$620/st FOB, with the low out of Gulf Coast terminals and the high in Central Texas. Sources said product was hard to find, however.

Muriate of Potash

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

U.S. Gulf:

NOLA potash barge trades were reported at $325-$335/st FOB, up from the week-ago $315-$325/st FOB. With their fill programs now complete, domestic producer postings for NOLA were as high as $365/st FOB for Q4 availability.

U.S. Imports:

July-March potash imports firmed 13.8 percent year-over-year, to 10.26 million st from 9.01 million st. Imports moved 24.2 percent higher in March, lifting to 1.41 million st from the year-ago 1.14 million st.

Canadian imports topped the fertilizer year-to-date with 8.20 million st, a 5.5 percent increase from the year-ago 7.77 million st. Russia’s 1.00 million st total was 83.1 percent above the prior-year 546,013 st, while tons sourced from Belarus firmed 12.9 percent, to 614,893 st from the year-ago 544,705 st. Cargoes from Israel totaled 318,541 st, up 294.8 percent from the year-ago 80,694 st.

Eastern Cornbelt:

Prompt potash prices were higher following last week’s brief summer fill offers from Nutrien and Mosaic. Sources quoted the river terminal market at $370-$395/st FOB in the Eastern Cornbelt, depending on location, supplier, and time of shipment, with inland warehouses moving to $$390-$400/st FOB.

Mosaic confirmed that its summer fill program was sold out at the previous week’s offer of $365/st FOB river terminals and $370/st FOB inland terminals in the Midwest. The company said it is now referenced at $395/st FOB river and $400/st FOB inland for Q4 availability.

Western Cornbelt:

Sources quoted the potash market at $365-$380/st FOB in the Western Cornbelt, depending on location, with the Caruthersville market pegged at the $375/st FOB level. “Most have taken potash fill at $365/st FOB and are trying to move up after fill,” said one source.

Nutrien reported that it is now “fully committed” for both domestic and international potash sales through Sept. 30, with new orders priced $30/st higher than last week’s fill offer, or at roughly $400/st FOB Midwest terminals. The company also said that it “reserves the right to take this price higher if demand continues to be stronger than expected.”

A Nutrien source noted that the company will have the normal maintenance shutdowns for its mines, including its Rocanville mine, which will be taken down in October and will remove roughly 500,000 mt from Nutrien’s supply.

Southern Plains:

Potash pricing was reported at $350/st FOB Houston and $360-$375/st FOB Catoosa/Inola, with the latter market showing a $15/st increase from last week. Delivered potash into central Texas was pegged at $405-$420/st for Q3 tons, depending on grade.

Intrepid raised its potash prices by $20/st on May 10, with new postings FOB Carlsbad, N.M., firming to $450/st for 60 percent white granular and $457/st for 62 percent white standard. Postings FOB Moab and Wendover, Utah, firmed to $445/st FOB for 60 percent white standard and $450/st FOB for 60 percent white granular.

South Central:

Potash prices firmed to $355-$380/st FOB warehouses in the South Central region, up $10-$20/st from last report, depending on location. The lower end of the range was reported at Memphis and the high at Shreveport, with most warehouses reported at the $375/st FOB level for new offers.

Southeast:

Potash pricing had reportedly firmed to $370/st FOB Wilmington, up $15-$25/st from last report.

China:

Like some of the other potash suppliers, K+S does not expect the China seaborne potash supply contract price of $247/mt CFR to be renegotiated, as happened with India’s contract price. To date, Belarusian Potash Co. (BPC) is the only major supplier to go public with its new supply agreement with China, which was announced in February at $247/mt for deliveries through Dec. 31, 2021 (GM Feb. 10, p. 16).

“China is a completely different situation. The country is a big potash importer. It has higher inventories [than India]. Though not very high, the inventories are high enough to use for the rest of this year,” K+S Chairman Burkhard Lohr told analysts at a company first-quarter earnings call on May 11.

As do some of the other potash suppliers, Lohr expects China to sign a new supply contract early in 2022 or “maybe even at the end of this year,” and he expects it to show a higher price than the current level.

K+S has not confirmed if it has agreed to a new supply contract with India following the renegotiation of the contract price to $280/mt CFR. The company was among the suppliers to reject the original India contract price of $247/mt CFR reached between BPC and Indian Potash Ltd. in late January (GM Jan. 29, p. 17), and had said it would refrain from deliveries to India until further notice (GM Feb 5, p. 16).

Nutrien Ltd. EVP CEO Pedro Farah on May 12 told participants at the Goldman Sachs Virtual Industrials and Materials Conference that potash is at “mid-cycle prices,” meaning more upside is in the cards given the strong demand for fertilizers, according to Bloomberg.Stocks are fairly low and the market “very receptive,” Farah said, and he sees “not only a good environment now, but probably a momentum.”

India:

There has been no news on RCF’s tender for 105,000 mt of standard potash (35,000 mt firm quantities and 70,000 mt at the buyer’s option) that closed on May 3 (GM May 7, p. 19). Offers are required to remain valid for 30 days from tender opening.

Israel:

ICL produced 1.15 million mt of potash in the first quarter, a marginal uptick from the year-ago 1.14 million mt. Sales increased 8 percent, to 1.075 million from 996,000 mt.

Brazil:

MOP prices moved up dramatically to $360-$385/mt CFR at Paranagua. By the end of the week, sellers began telling potential buyers that the new price was $400/mt CFR, but so far no deals at that level have been done. Buyers and sellers agree that part of the push on pricing is due to the lack of available material at the ports and inland.

Rondonopolis now has a higher and wider range than last week, with sources reporting the price at $420-$496/mt FOB ex-warehouse. Sorriso also showed a jump of $20-$30/mt, to $440-$470/mt FOB ex-warehouse.

The barter rate for 1 mt of MOP at Rondonopolis remained steady at 21 bags of soy or 55 bags of corn. At Southern Goias, the rate changed to 21.9 bags of soy or 42.6 bags of corn.

MOP imports for the first four months of the year were up 38.7 percent, to 3.2 million mt from 2.3 million mt last year, according to Trade Data Monitor. April 2021 imports were up 12 percent, to 685,000 mt from 612,000 mt.

Itafos Back to Black in 1Q, Upgrades Guidance

Canada, Earnings, News, Phosphate, Specialty

Phosphate producer Itafos, Toronto, reported first-quarter net income of $1.9 million, up from the year-ago net loss of $18.3 million. Revenues, adjusted EBITDA, and cash flow were also up.

“We delivered excellent operational and financial performance during Q1 2021, generating adjusted EBITDA at Conda of $24.2 million and $20.7 million on a consolidated basis,” said G. David Delaney, Itafos CEO. “Our Q1 2021 results reflect significantly improved market fundamentals and continued strong operational performance at Conda. We expect these positive trends to continue and have increased our full year guidance for 2021 accordingly.”

“In addition, we continue to advance our plans to optimize the cash returns of the business through capital-lite spending alternatives and evaluation of strategic alternatives for our assets outside of North America,” added Delaney.

Company-wide revenues were $90.1 million, up from $75.4 million, adjusted EBITDA was $20.7 million versus a loss of $788,000, and cash flow was $14.8 million versus a loss of $7.9 million.

Conda-specific net income was $14.8 million on revenues of $90.1 million, up from the year-ago $955,000 and $70.9 million, respectively. Adjusted EBITDA was $24.2 million, up from $8.3 million.

Conda produced 145,191 mt of product during the first quarter, up from the year-ago 138,896 mt. The increase was primarily due to the ramp up of specialty MAP+ production and higher APP production, which were partially offset by lower MAP and SPA production.

Itafos has raised its annual adjusted EBITDA guidance to $95-$105 million from $80-$90 million to reflect the company’s view of expected second-half prices at Conda, including the current NOLA prices, as well as a reset of SPA prices. The company noted that 100 percent of its Conda MAP is sold under a long-term offtake agreement with pricing indexed to NOLA DAP on an average three-month trailing basis. Itafos said the first-quarter average DAP price was $500/st, up 84 percent from the year-ago $272/st.

Full-year cash flow guidance has gone to $40-$50 million from $25-$35 million, and growth capital expenditures to $12-$17 million from $8-$13 million.

Going forward, Itafos expects three positive market factors to continue: no significant phosphate fertilizer supply capacity additions, resulting in continued drawdown of global inventories; strong phosphate fertilizer demand underpinned by global coarse grains and oilseeds reaching multi-year low stocks-to-use ratios and the highest price in nearly a decade; and strong fundamentals in the North American market with solid demand, depleted inventory levels, and higher crop prices.

Itafos said it has advanced activities to extend Conda’s life through permitting and development of the Husky 1/North Dry Ridge mine, including advancement of the National Environmental Policy Act Environmental Impact Statement preparation and public engagement process.

It expects to advance Conda’s EBITDA generation by continued ramp up of MAP+ production and sales; advancing a new initiative to produce and sell hydrofluorosilicic acid (HFSA), including completion of a concept study, initiation of detailed engineering and design, and advancement of a potential long-term offtake agreement; and advancement of the magnesium oxide (MgO) reduction initiative to enhance SPA production, including test work with the use of enhanced grinding, attrition scrubbing, and flotation.

Sulfur

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

Tampa:

Second-quarter Tampa molten contracts were set at $192/lt CFR, double the $96/lt CFR first-quarter level.

Nationwide refinery utilization pressed lower in the Energy Information Administration’s (EIA) most recent report. Operable capacity was at 86.1 percent for the week ending May 7, a 0.4-point decline from the prior week’s 86.5 percent, but higher than both the year-ago 67.9 percent and the 85.3 percent five-year average.

Crude inputs fell to an average 15.020 million barrels/d for the week, down 223,000 barrels/d from 15.243 million barrels/d reported previously.

U.S. Imports:

Sulfur imports for March softened 10.9 percent, to 279,902 st from the prior-year 314,146 st. July-March totals stood at 2.69 million st, up 2.5 percent from the year-ago 2.62 million st.

U.S. Exports:

Sulfur exports totaled 65,916 st in March, a 68.5 percent decrease from the year-ago 209,016 st. July-March exports stood at 775,864 st, off 39.6 percent from the prior-year 1.28 million st.

U.S. Gulf:

A ransomware attack responsible for shutting down the Colonial Pipeline, the country’s largest, triggered production cutbacks at a number of Gulf oil refineries during the week, Reuters reported. Running from Pasadena, Texas, to Linden, N.J., the pipeline supplies approximately 45 percent of total East Coast fuel supply.

A 5:00 p.m. restart of the pipeline was reported on May 12, but several refiners were reported cutting cracking rates in anticipation of potential storage problems if the restart was delayed.

Platts reported reduced runs from a fluidic catalytic cracking unit (FCC) at Total’s 225,000 barrel/d refinery in Port Arthur, Texas, while the nation’s largest refinery, the 607,000 barrel/d Motiva facility at Port Arthur, was reported shutting units early in the week. Citgo reduced outputs at its 418,000 barrel/d Lake Charles, La., plant starting on May 7.

Output at the Motiva refinery was reduced by 45 percent, according to Reuters, caused by shutdowns of the facility’s 195,000 barrel/d VPS-4 crude distillation unit (CDU); 80,000 barrel/d VPS-2 CDU; a 49,000 barrel/d reforming unit; and a 19,200 barrel/d hydrocracker. The plant’s largest 325,000 barrel/d VPS-5 CDU reportedly remained in operation throughout the week.

Last-done reported from key international markets left sources indicating available Gulf netbacks in the $180-$185/mt FOB range, unmoved from the prior report.

Brazil:

Recent Brazil imports continued to be described at $209/mt CFR, unchanged from the prior report. Second-quarter contracts fell in the $213-$214/mt CFR range.

Vancouver:

Last-done Vancouver prill business continued in the $170-$180/mt FOB range, sources said. Firming prices rumored out of China could press Vancouver higher in the next round of business, if confirmed.

Alberta:

Alberta netbacks continued at $65-$110/mt FOB, sources indicated. The range included both molten tons contracted into the U.S. market and solid material exported via Vancouver.

West Coast:

The West Coast spot prill market continued to track in the $170-$180/mt FOB range. Sources described second-quarter molten contracts at $140-$155/lt FOB, a jump from $70-$77/lt FOB reported for the first quarter.

China:

Recent confirmed imports continued to be noted in the $180-$200/mt CFR range, unmoved from the prior report. A spot transaction rumored at $217/mt CFR remained unconfirmed on May 13.

ADNOC:

Abu Dhabi National Oil Co. May sulfur offers were noted at $183/mt FOB Ruwais, slipping from $185/mt FOB in April.

Qatar:

Muntajat solid sulfur was posted at $183/mt FOB Ras Laffan, sources said, down $2/mt from April’s $185/mt FOB offer.