All posts by mickeybarb@charter.net

DAP/MAP

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

Central Florida:

Central Florida DAP truck postings remained at $640/st FOB, sources said, unchanged from one week earlier. Truck-loaded MAP clocked in $10/st below DAP at $630/st FOB, also steady from the prior report. Rumored increases to $640-$650/st FOB and $640/st FOB for DAP and MAP, respectively, went unconfirmed on April 27.

MAP trucks loading from North Florida continued to be offered at $650/st FOB, players said.

US Gulf:

Sources reported firming prices and limited trade volumes in the nearby NOLA barge phosphate markets, although softer sentiment for May loading dragged on MAP.

DAP barges loading from NOLA were priced at a $646/st FOB low, sources said, ticking up from the week-ago $640/st FOB, while players continued to note the product’s high side steady at $650/st FOB.

MAP trading firmed in the nearby loading window, with sales of domestically-produced tons quoted at $625-$630/st FOB, $5-$10/st above last week’s $620/st FOB.

Prices shot lower for May, however, with a trade confirmed at $499/st FOB, followed by $530/st FOB offers. Players described the sub-$500/st FOB trade as a possible “clearing tool,” employed to minimize a long position ahead of the market’s expected summer slowdown.

NOLA DAP barges were reported in a $646-$650/st FOB range for the week, lifting from $640-$650/st FOB in the prior report. MAP barges were noted at a wide $499-$630/st FOB, however, expanding from the market’s prior $620/st FOB price, and encompassing both nearby and full-May trading.

US Exports:

Players continued to put last-done DAP and MAP exports at $610/mt FOB out of the US Gulf. Offer levels were previously reported at $620/mt FOB.

Eastern Cornbelt:

DAP prices surged to $750-$795/st FOB in the Eastern Cornbelt, up from $700-$765/st FOB last week, with the Cincinnati market quoted in the $750-$780/st FOB range, depending on time of the week. Ottawa DAP was pegged at the $775/st FOB level at midweek.

MAP firmed to $700-$735/st FOB in the region, up from $700-$715/st FOB, with the Ottawa market quoted firmly at the $715/st FOB level at midweek. “Ohio River phosphates and potash are tight, and Illinois River MAP is super tight,” said one regional contact.

Western Cornbelt:

DAP was quoted at $740-$795/st FOB in the Western Cornbelt, unchanged from the previous week, with both the high and low reported at St. Louis, depending on supplier and time of the week. MAP was reported at $710-$735/st FOB in the region.

Southern Plains:

DAP firmed to $740-$760/st FOB Catoosa/Inola, up from last week’s $710-$750/st range, with MAP quoted at the $715-$725/st level FOB Catoosa/Inola and Houston. Sources reported very tight inventories at both locations.

South Central:

DAP pricing in the South Central region jumped to $715-$755/st FOB, up from $670-$710/st last week, with the low confirmed in Kentucky and the high at Memphis. Most Arkansas terminals were pegged firmly at the $750/st FOB level as the week progressed.

Southeast:

MAP pricing from Nutrien was reported at $650/st FOB Aurora, N.C., and White Springs, Fla.

China:   

DAP exports from China remained limited to deals cut with major suppliers under formula-based pricing plans. The lack of transparency in these deals left the estimated price at $585/mt FOB.

Sources noted that discussions should begin around $525/mt FOB, calculated from a recent DAP purchase reported at $550/mt CFR India. However, the public Indian price, which has depended more on Arab suppliers, has been running significantly lower than what Chinese producers are willing to accept. There have been a number of deals done between major Indian buyers and Chinese producers, but the price and quantity of these sales has been kept closely guarded.

DAP exports for January-March were logged at 633,000 mt, according to Trade Data Monitor, a 15% decrease from 743,000 mt exported through the first quarter of 2022.

March DAP exports stood at 263,000 mt, falling from the 379,000 mt in the prior March. The main buyers were India, taking 143,000 mt, followed by Japan, with 32,000 mt.

Trade Data Monitor pegged January-March MAP exports at 534,000 mt by, a jump from the year-ago 202,000 mt.

MAP exports for March were put at 188,000 mt, up from 102,000 mt posted on year earlier. The main buyers were Brazil with 104,000 mt, followed by Australia with 31,000 mt. North Korea took 19,000 mt.

India:     

Sources reported that IPL closed a deal for Ma’aden DAP at $553-$557/mt CFR. At the same time, OCP/Morocco was said to be holding out for $570/mt CFR.

DAP imports firmed 48% in January-February, according Trade Data Monitor, to 854,000 mtfrom 577,000 mt in the first two months of 2022.

February imports were 290,000 mt, off from the year-ago 365,000 mt. Russia and Saudi Arabia each supplied about 34% of the imports, while Australia and Tunisia added about 44,000 mt apiece.

Brazil:   

The MAP market took a slight dip to $560-$600/mt CFR. Reports attributed the softening to an increased volume of Chinese MAP in the market.

The Rondonopolis market dropped on the lower end of the range, to $670-$730/mt FOB ex-warehouse. Sources said that prompt shipments were selling in a discounted $670-$690/mt FOB range, while future deliveries were sold at a premium, above $700/mt FOB ex-warehouse.

Sources expect to see continued downward pressure on MAP prices due to high inventories and limited demand.

Argentina:    

Trade Data Monitor pegged January-March MAP imports at 53,000 mt, above 1,000 mt recorded through the same period of 2022.

March imports were tagged at 43,000 mt, against 152 mt received in March 2022. Morocco shipped 29,000 mt, for 68% of the import market.

TSP

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

US Gulf:

Sources called NOLA TSP barges steady in the $550-$560/st FOB range, unmoved from the prior report.

Eastern Cornbelt:

TSP was moving higher in the Eastern Cornbelt, with the regional market pegged at the $640-$660/st FOB level during the week, up from the last confirmed $620-$625/st FOB range.

Western Cornbelt:

TSP firmed to $640-$645/st FOB in the Western Cornbelt in late April, up from the prior $610-$620/st FOB range.

South Central:

TSP strengthened to $620-$640/st FOB in the South Central region, up from the previous $610-$620/st range, with the low reported at Memphis and the high in Arkansas.

Brazil:

Imported TSP prices remained steady at $380-$430/mt CFR. The Rondonopolis price widened to $540-$565/mt FOB ex-warehouse.

Phosphoric Acid

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

Eastern Cornbelt:

April phos acid postings in the Eastern Cornbelt remained at $14.00/unit rail-DEL.

Western Cornbelt:

Phos acid was unchanged at $14.00/unit rail-DEL in the Western Cornbelt for April tons.

Southern Plains:

Phos acid was steady at $14.00/unit rail-DEL in the Southern Plains for April shipments.

India:

First-quarter phos acid contracts were reported at $1,050/mt P2O5 CFR India, off $50-$150/mt P2O5 from $1,100-$1,200/mt P2O5 CFR in the fourth quarter. Negotiations for an updated contract were reportedly underway last week.

Ammonium Polyphosphate

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

Eastern Cornbelt:

The 10-34-0 market was unchanged at $675-$695/st FOB in the Eastern Cornbelt, with the low reported in Illinois and the high in Ohio.

Western Cornbelt:

10-34-0 pricing in the Western Cornbelt was steady at $655-$675/st FOB in late April, with the low in Nebraska and the high in Iowa.

Southern Plains:

10-34-0 remained at $630-$670/st FOB in the Southern Plains, with the low in Kansas and the upper end reported in Texas. The 11-37-0 market ranged from $730-$770/st FOB in the Texas market, depending on location.

Muriate of Potash

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

US Gulf:

NOLA potash barges moved up to $380-$400/st FOB from the earlier $370-$380/st FOB. Sources have reported a tight supply of barges in recent weeks, with little word on actual trades.

Eastern Cornbelt:

Potash strengthened to $475-$510/st FOB in the Eastern Cornbelt, up from last week’s $450-$500/st range, with the Cincinnati market pegged at $490-$510/st FOB during the week. Sources quoted the Ottawa market at $485/st FOB at midweek.

Western Cornbelt:

Potash was pegged at $450-$510/st FOB in the Western Cornbelt, with St. Louis offers firming to $480-$510/st FOB during the week.

Southern Plains:

Potash pricing in the Southern Plains firmed to $460-$510/st FOB, up from $435-$475/st FOB the week before, with the low confirmed at Houston and the high at Catoosa/Inola. The last potash postings from Intrepid FOB Carlsbad, N.M, included $515/st for 60% white granular and $525/st for 62% white standard.

South Central:

South Central potash pricing was reported in the $485-$495/st FOB range at midweek, where available, up from last week’s $445-$465/st FOB. Many terminals were out of product, however. “Potash is a ghost,” said one source at midweek. “It can’t be found.”

“It’s been a historic spring for sure,” said another contact. “Huge demand entered the market in a furious way, barge delays are unprecedented, and there are no surplus barges.”

Southeast:

Limited availability in the Southeast pushed the potash market to $470-$480/st FOB and as high as $510/st DEL, up from $430-$450/st FOB and $470-$490/st DEL at last report. Sources said no tons were available at Wilmington or Chesapeake, Va., as the week progressed.

Brazil:

Prices dropped to $380-$400/mt CFR. Sources said the surprise arrival of potash from Chile was the main motivator for the tighter prices.

The Rondonopolis price widened downward, to $530-$550/mt FOB ex-warehouse. Numerous offers in the $520s/mt FOB were reported circulating, although no deals were heard to conclude at those levels.

China:

January-March potash imports lifted 23% year-over-year, Trade Data Monitor reported, to 2.6 million mt from 2.1 million mt.

Imports for March were counted at 956,000 mt, up from 642,000 mt imported in March 2022. China’s main suppliers were Belarus, sending 282,000 mt, followed by Laos and Russia, with about 191,000 mt each.

India:     

Trade Data Monitor put January-February potash imports at 265,000 mt, down 60% from the year-ago 640,000 mt.

February imports were clocked at 97,000 mt, down significantly from 325,000 mt reported for the previous February. Canada supplied 60% of the market with 58,000 mt, followed by Jordan with 37,500 mt.

Sulfur

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

Tampa:

The second-quarter contract price of molten sulfur delivered to Tampa closed at $103/lt CFR, $27/lt below $130/lt in the first quarter, a 20.8% decrease.

US Gulf:

US Gulf prices were reported softening to $95-$100/mt FOB from last week’s $103-$105/mt FOB. Refineries are coming back from turnarounds, sources said, increasing sulfur supply. At the same time, fertilizer producers are producing at a healthy rate to supply North American demand, keeping the market in a delicate balance.

Brazil:

Sources noted Brazil spot prices softening to a $110-$135/mt CFR, down from previous $129-$140/mt CFR. There were reports that Unigel has made its first sulfur purchase for the company’s new sulfuric acid production unit, which will have an estimated sulfur input demand of 180,000 mt/y.

Vancouver:   

Vancouver prices continued in the $85-$90/mt FOB range, unchanged from last week, with a lack of demand from China blamed for a slightly negative sentiment in the market.

Alberta:

Based on both molten sulfur cargoes contracted into the US market and solid tons sold through the Vancouver export market, Alberta sulfur netbacks were estimated in the (-)$12-$33/mt range, unchanged from last week.

West Coast:

West Coast prills were indicated on par with Vancouver in a $85-$90/mt FOB range, the same as last week.

Molten sulfur contracts for loading in the second quarter were reported at $98-$106/lt FOB, falling from $125-$135/lt FOB in the first quarter.

China:     

China spot sulfur import pricing remained unchanged from last week in the $115-$120/mt CFR range. Some market players expect to see lower prices in the coming weeks.

ADNOC:

Prilled sulfur produced by the Abu Dhabi National Oil Co. (ADNOC) was posted at $115/mt FOB Ruwais for loading in April, while discounted product was offered around $95/mt FOB.

Qatar:

April Muntajat solid sulfur cargoes were posted at $110/mt FOB Ras Laffan, sources said. Offers were reported around $90/mt FOB, $20/mt below the posted price.

Sulfuric Acid

Brazil, Chile, Market Watch, Sulfuric Acid, U.S. Gulf

US Gulf:

Price ideas in the Gulf softened to $65-$80/mt CFR, depending on specification. Supply increases from the return of domestic sulfuric acid plants from production outages were reported pressuring both the Gulf and potential imports from Europe.

Brazil:

No changes were reported for the week, leaving price ideas around $65-$90/mt CFR.

Chile:

There were reports of two distressed vessels sold into the market at sub-$100/mt CFR levels, below the 2023 contract price of $142-$148/mt CFR.

Ammonium Thiosulfate

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

Eastern Cornbelt:

Ammonium thiosulfate was unchanged at $360-$390/st FOB in the Eastern Cornbelt, with the low reported in Illinois and the high in Ohio and Indiana.

Western Cornbelt:

The ammonium thiosulfate market remained in the $360-$390/st FOB range in the Western Cornbelt in late April, depending on location.

Southern Plains:

The last ammonium thiosulfate offers were steady at $300/st FOB Houston and Lubbock, Texas.

South Central:

The ammonium thiosulfate market was unchanged at $325-$330/st FOB Memphis in late April.