All posts by mickeybarb@charter.net

UAN

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

U.S. Gulf:

NOLA UAN-32 barges continued to be quoted at around $300/st ($9.38/unit) FOB. Sources put seller quotes in the $300-$330/st FOB range, but it was unclear if anyone was ready to pull the trigger.

East Coast vessel business continued to be called $345-$350/mt CFR.

Eastern Cornbelt:

The UAN-32 market in the Eastern Cornbelt was pegged at $325-$345/st ($10.16-$10.78/unit) FOB, depending on location, with the low at Mount Vernon, Ind., and the high at Burns Harbor, Ind.

Other spot prices in late March included $327/st ($10.22/unit) FOB Seneca, Ill., and $330/st ($10.31/unit) FOB Cincinnati, with UAN-28 at $293/st ($10.46/unit) FOB Toledo, Ohio.

Western Cornbelt:

The UAN-32 market remained at $325-$345/st ($10.16-$10.78/unit) FOB for prompt tons in the Western Cornbelt, with the low at St. Louis and the high at Hastings, Neb. Sources said postings for May-June shipment firmed at midweek to $340/st ($10.63/unit) FOB Fort Dodge and $345/st ($10.78/unit) FOB Sergeant Bluff.

Southern Plains:

The UAN-32 market had reportedly firmed to $340-$360/st ($10.63-$11.25/unit) FOB regional production points in the Southern Plains, depending on location and time of shipment. New offers during the week included $350/st ($10.94/unit) FOB Verdigris and Coffeyville for prompt tons, and $360/st ($11.25/unit) FOB Woodward for May shipment.

South Central:

UAN-32 pricing was quoted at $315-$325/st ($9.84-$10.16/unit) FOB South Central terminals, with the lower end of the range reported at Memphis and reflecting a $5-$10/st increase from last report. The upper end of the range was reported by Kentucky sources out of Ohio River terminals.

Southeast:

The UAN-32 market was pegged at $300-$305/st ($9.38-$9.53/unit) FOB inland terminals in Georgia and $315/st ($9.84/unit) FOB Wilmington and other port terminals. Sources reported brisk application underway in Georgia in late March.

Ammonium Nitrate

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

U.S. Gulf:

Ammonium nitrate was scarce, and pegging a NOLA price continues to be difficult. Based on higher inland prices, NOLA was now being called $375-$400/st FOB.

Western Cornbelt:

Ammonium nitrate pricing was pegged at $425/st FOB Caruthersville in late March, up $25/st from last report.

Southern Plains:

Ammonium nitrate pricing was reported at $425/st FOB Catooaa/Inola and Muskogee, Okla., for new offers, up $25/st from last report, but sources said most suppliers were out of product in late March.

South Central:

Sources said ammonium nitrate was nearly impossible to find in the South Central region in late March, with new pricing offers pulled at Yazoo City, Miss., and upriver terminals.

“I don’t have anything to sell until I find more product,” said one regional contact. “However, I do feel like the market is extremely bought on ammonium nitrate, maybe as much as 95 percent.”

Southeast:

Ammonium nitrate pricing at Tampa was quoted at $350/st FOB for the last business, with supply described as “very tight.”

Ammonium Sulfate

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

U.S. Gulf:

The ammonium sulfate barge market continued to move up, with the last done business called $245/st FOB, up from $230-$240/st FOB. Players continued to be bullish, suggesting that producers may very likely get closer to their postings in the next round of business. IOC recently reposted NOLA at $275/st FOB, up from $240/st FOB.

Eastern Cornbelt:

Granular ammonium sulfate remained in a broad range at $265-$305/st FOB in the Eastern Cornbelt, with the low reported at Cincinnati and the high at Seneca. The last reference prices from producers ranged from $295-$305/st FOB and $310/st rail-DEL in the region.

Western Cornbelt:

Granular ammonium sulfate prices continued to range from a low of $255-$265/st FOB St. Louis and Caruthersville up to $300/st FOB in Iowa on a spot basis. IOC’s March 24 reference prices included $295/st FOB St. Louis and $310/st FOB Sioux City, Iowa, with AdvanSix’s March 25 postings at $305/st FOB Sioux City and $310/st rail-DEL in Iowa.

Southern Plains:

The ammonium sulfate market reportedly firmed to $250-$270/st FOB Catoosa/Inola and $255-$275/st FOB Houston following a round of higher postings. IOC on March 24 reposted prices for granular ammonium sulfate to $275/st FOB Houston and $315/st rail-DEL in the Southern Plains, up $35/st from its earlier list price. On April 1, sources said APF raised its Houston posting to $270/st FOB.

“Scarcity of raw materials supply due to the historic freeze in Texas continues to hamper production rates on all products, including AMS, ATS, and sulfuric acid,” IOC said. “To ensure we meet customer commitments, we will be revisiting daily both sales volumes and pricing until raw material supply stabilizes.”

South Central:

Ammonium sulfate pricing had reportedly firmed to $245-$260/st FOB in the South Central region, with the low reported at Shreveport and the high at Memphis and reflecting a roughly $10/st increase from last report. Sources reported most Arkansas River terminals in the $250-$255/st FOB range in late March.

Southeast:

AdvanSix on March 25 increased its Hopewell, Va., ammonium sulfate postings by $10/st, with new prices moving to $275/st FOB for granular, $255/st FOB for mid-grade, and $235/st FOB for standard. IOC on March 24 raised its price for granular ammonium sulfate to $300/st FOB Tampa.

Sources in Florida reported delivered tons at $255/st for standard and up to $305/st for granular.

China:

Ammonium sulfate prices in China were reported in the $160s/mt FOB. The softening of urea prices could see a drop in ammonium sulfate prices, however. Already some traders are calling the low end of the market closer to $115/mt FOB. No one has been able to point to any deals at that level yet, but one trader said it could be seen soon.

One source noted that the new pricing idea is about $30/mt down from some deals that closed earlier in March but are only now being shipped. The new deals under discussion are not slated for shipment until late April.

Brazil:

Chinese granular ammonium sulfate showed some movement on the upper end of the range. Sources now call the price at $210-$240/mt CFR, while standard grade is now pegged at $180-$195/mt CFR.

Inland prices continue to center on $300/mt FOB ex-warehouse. Sources quoted the range for talks this week at $290-$320/mt FOB, which represents a slight drop at the upper end of the range.

DAP/MAP

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

Central Florida:

DAP trucks in Central Florida continued to be posted at $550/st FOB, while rumored $555/st FOB sales went unconfirmed on March 31. MAP truck values firmed to $580/st FOB Central Florida. Inventory priced at last week’s $565/st FOB low was described as sold out for now.

U.S. Gulf:

NOLA DAP barge values were higher for the week after posting a price contraction in the prior report, while MAP barges stretched to a wide range as market players rushed to get material in place for spring.

Prompt DAP highs were reported at $545/st FOB for domestically produced tons, up from the week-ago $540/st FOB ceiling. Imports and tons loading deeper into April were quoted even with the prior week’s range at $535-$540/st FOB. Players reported a significant premium for upriver and moving barges.

MAP barges releasing from NOLA exhibited a wide range of prices, with prompt-loaded material changing hands at a $585/st FOB high, up from $575/st FOB last week. Tons loading later in April, and therefore less likely to arrive in time for the spring planting window, were offered in the $555-$565/st FOB range, shifting from the prior week’s $564/st FOB low.

Nearby DAP barges firmed to the $535-$545/st FOB range, rising from $535-$540/st FOB at last report. MAP values were seen moving to $555-$585/st FOB, up from last week’s $564-$575/st FOB range.

U.S. Exports:

Sources noted a quiet spot export market, attributing the ongoing dry spell to a lack of spot availability. Recently reported business included a 7,000 mt DAP cargo priced at $580/mt FOB. Firming values heard from a number of Latin American markets were likely to push the market higher in the next round of business.

Eastern Cornbelt:

DAP pricing remained at $575-$585/st FOB in the Eastern Cornbelt, with the low reported at LaSalle, Ill. The MAP market was pegged at $615-$635/st FOB in the region, with the low at Ottawa and reflecting an increase from last report. Sources quoted the Cincinnati market at $580-$585/st FOB for DAP and $620/st FOB for MAP in late March.

Western Cornbelt:

DAP remained at $570-$585/st FOB in the Western Cornbelt, with the low reported at St. Louis and the upper end at Dubuque, Iowa. Sources pegged the Caruthersville DAP market at the $580/st FOB level in late March. MAP remained at $620-$630/st FOB in the region.

Southern Plains:

DAP pricing was quoted at $575-$585/st FOB Catoosa/Inola, up $5-$10/st from last report, with the Houston market pegged at the $580/st FOB level. The MAP market remained at $610/st FOB Houston and $625-$640/st FOB Catoosa/Inola.

South Central:

Warehouse DAP prices in late March were reported in a tight spread at $580-$585/st FOB terminals in the South Central region, up slightly at the low end of the range.

Southeast:

Nutrien’s reference pricing for DAP and MAP at Aurora, N.C., remained at a firm $570/st FOB for both products.

Saudi Arabia:

Saudi Arabia phosphate values continued to be heard at $485-$560/mt FOB for the week, unmoved from the prior report.

China:

Sources said DAP prices in China continue to be under pressure as sales of MAP show softer prices and as international buyers demand that producers absorb the higher freight rates.Sources are now calling the DAP market at $540-$545/mt FOB based on calculations from MAP sales to India and other regional buyers.

Producers are shifting production based on demand and the best netbacks possible. Sources said production for now seems to be focusing on GMAP and NPKs.

India:

An RCF tender for GMAP only drew two offers, and only one award was issued. The award of 20,000 mt was placed at $580/mt CFR for a netback to China of about $520/mt FOB.

Sources said a reported sale to India of DAP at $515/mt CFR from Saudi Arabia is now being disputed by the seller. Traders said the producer is upset that other buyers are looking for similar pricing, something they are unwilling to do. Reportedly the Saudis are arguing the price should be $540/mt CFR, but other sources have not been able to confirm that price.

Traders said the Saudi pricing idea makes sense in the current market. One trader said even that price might seem a bit soft, given the current Chinese price.

Brazil:

Prices for MAP have moved up even as the market goes quiet. Sources put the current price in Paranagua at $610-$630/mt CFR, representing a $20/mt jump. The move came after recent retreats in pricing at the port.Suppliers keep pushing for $640/mt CFR even as buyers remain few and far between.

Pricing in Rondonopolis dropped, along with demand. Sources put the inland price at $715-$768/mt FOB ex-warehouse. Likewise, the Sorriso price slid to $750/mt FOB ex-warehouse.

Barter rates in Rondonopolis for 1 mt of MAP are at 37 bags of soy from the current crop, and 100 bags of corn from the 2022 crop.

TSP

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

U.S. Gulf:

Sources reported NOLA TSP barges firming to $460-$465/st FOB, up from $455-$462/st FOB last week. Upriver barges commanded a premium, with trades noted up to a $470/st FOB NOLA-equivalent.

Western Cornbelt:

The TSP market firmed to $495-$500/st FOB in the Western Cornbelt, with the low reported at Caruthersville and reflecting a $20/st increase from last report.

South Central:

TSP terminal pricing in the South Central region firmed to $490-$500/st FOB, up $15-$20/st from last report on the strength of recent NOLA barge business. The low end of the range was reported at Memphis, with the higher numbers in Arkansas.

Phosphoric Acid

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

Eastern Cornbelt:

Phos acid pricing in the Eastern Cornbelt firmed $0.50/unit on April 1, moving from the March range of $12.95-$13.10/unit rail-DEL up to $13.45/unit rail-DEL in Illinois and $13.60/unit rail-DEL in Ohio.

Western Cornbelt:

The phos acid market moved up $0.50/unit on April 1, with new postings reported at $13.35/unit rail-DEL in Nebraska, Missouri, and Iowa; $13.45/unit rail-DEL in Minnesota and Wisconsin; and $13.60/unit rail-DEL in the Dakotas.

Southern Plains:

The phos acid market in late March remained at $12.85/unit rail-DEL in Colorado, Kansas, and New Mexico, and $12.95/unit rail-DEL in Texas and Louisiana. Postings firmed $0.50/unit on April 1, however, to $13.35/unit rail-DEL in Colorado, Kansas, and New Mexico, and $13.45/unit rail-DEL in Texas and Louisiana.

Western U.S.:

Simplot raised phosphoric acid prices by $0.50/unit on April 1. New postings include $13.50/unit FOB Pocatello, Idaho, and $14.00/unit rail-DEL in California and the Pacific Northwest.

India:

First-quarter India phosphoric acid contracts stood at $795/mt P2O5 CFR for tons originating from both Morocco and North America. Asking prices from Moroccan producer OCP were rumored up to $900/mt P2O5 CFR in second-quarter negotiations.

Ammonium Polyphosphate

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

Eastern Cornbelt:

10-34-0 pricing edged up during the week, to $570-$600/st FOB in the Eastern Cornbelt, up $20-$30/st amid reports of tightening supply.

Western Cornbelt:

The 10-34-0 market was pegged $565-$595/st FOB in the Western Cornbelt, up $20-$30/st from last report.

Southern Plains:

The 10-34-0 market was reported at $565-$600/st FOB in the Southern Plains, up $35-$50/st from last report, with the low in Kansas and the high in northern Texas.

11-37-0 pricing in Texas was pegged at $600-$650/st FOB, with the low out of Gulf Coast terminals and the high in Central Texas.

Muriate of Potash

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

U.S. Gulf:

New potash barge trades continued to be put in the $310-$318/st FOB range.

Eastern Cornbelt:

Potash remained at $355-$375/st FOB in the Eastern Cornbelt, depending on location and time of shipment, with the low reported at Cincinnati and Ottawa.

Western Cornbelt:

The potash market remained at $355-$375/st FOB in the Western Cornbelt, with the low at St. Louis and Caruthersville and the high reported in Iowa.

Southern Plains:

Potash pricing remained at $350/st FOB Houston and $355-$360/st FOB Catoosa/Inola. Postings from Intrepid FOB Carlsbad, N.M., remained at $430/st for 60 percent white granular and $437/st for 62 percent white standard.

South Central:

Potash prices were quoted at $350-$365/st FOB warehouses in the South Central region, with the low reported at Memphis.

Southeast:

Potash remained at $350-$360/st FOB Wilmington, with rail-DEL offers in the Southeast ranging from the $390s/st to low-$400s/st for Canadian tons. There were also reports of OMRI-certified 60 percent MOP reference priced at the $480/st FOB level in North Carolina and Florida.

South Korea:

January-February 2021 imports of MOP dropped about 6 percent, to 146,000 mt from 155,000 mt during the same period last year. February imports were up 22 percent, however, to 106,000 mt from 86,000 mt last year.

The single largest supplier in February was Canada at 68,000 mt. Last year, Canada supplied about two-thirds of South Korean MOP imports at 445,000 mt.

Brazil:

MOP prices edged up at Paranagua to $330-$350/mt CFR. Sources said the limited supply of MOP at the port, along with steady demand, is providing strength to the price. Inland prices at Rondonopolis remained steady at $380-$433/mt FOB ex-warehouse.

The barter rate for the current crop of soy shows 1 mt of MOP equals 21 bags. The 2022 corn crop ratio is put at 58 bags for 1 mt of MOP.

Sulfur

Alberta, Brazil, China, Market Watch, Sulfur, Tampa, U.S. Gulf, Vancouver, West Coast

Tampa:

Firmer international market values, combined with ongoing supply tightness stemming both from the COVID-19 pandemic and February arctic temperatures that knocked a host of Texas refineries offline, were universally expected to push second-quarter Tampa molten sulfur contracts above Q1 levels.

Sources predicted a $80-$90/lt increase over the current $96/lt CFR contract, although most are predicting values to settle closer to $90/lt above current levels, and possibly higher.

U.S. refinery utilization lifted for the week, according to the Energy Information Administration (EIA). Refiners operated at 83.9 percent of capacity for the week ending March 26, a 2.6-point increase from 81.6 percent one week earlier. The rate also pushed ahead of the year-ago 82.3 percent – the U.S. refining industry’s first year-over-year increase since the week ending March 20, 2020 – while trailing the five-year average of 86.8 percent.

Daily crude inputs were reported at an average 14.389 million barrels/d for the week, rising 956,000 barrels/d from 13.433 million barrels/d in the prior report.

U.S. Gulf:

Price ideas on the U.S. Gulf sulfur market were noted rising to $180/mt FOB, up from the week-ago $175-$180/mt FOB.

A 10,000 mt sale to a trader reported at $205/mt FOB was seen by most sources as an outlier due to a number of factors, including the transaction’s low volume, its deviation from known potential netbacks, the release of the material as late as May, the opacity regarding the tons’ ultimate destination, and other considerations. For these reasons, the price was not included in the week’s range.

Brazil:

Last-done at Brazil continued to be noted at $216/mt CFR, sources said, unmoved from the prior report.

Vancouver:

Softening at China was noted dragging last-done Vancouver exports to the $170-$180/mt FOB range, down from $175-$183/mt FOB at last report.

Alberta:

Falling Vancouver values chiseled Alberta netbacks to (-)$31-$110/mt FOB, sources said, down from (-)$31-$113/mt FOB in the prior report.

West Coast:

West Coast prills dipped to the $170-$180/mt FOB range, down from $175-$183/mt FOB at last report. Second-quarter molten contracts priced at $70-$77/lt FOB in the first quarter were likely to rise precipitously in Q2, with sources expecting an approximate $80/mt increase compared to Q1.

China:

Independent “teapot” refiners at China were reported lifting run rates in February, according to Platts, driven by healthy margins and rebounding demand following the country’s Feb. 12 Lunar New Year holiday.

The 79.3 percent rate for February was up five points from January’s 74.3 percent. Rates were also up from the year-ago 43.8 percent historic low, which were the result of widespread refinery cutbacks in China due to the coronavirus pandemic.

Spot sulfur pricing at China was heard softening to a low of roughly $180/mt CFR, falling from the week-ago $190/mt CFR floor. Sources reported a widening price disparity dependent on delivery location, with tons destined for the south of the country continuing to draw values at the week-ago $190-$200/mt CFR level. Material delivered to the river region was heard at a $10-$20/mt discount, leaving the market in a wide $180-$200/mt CFR range.

Sulfuric Acid

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

U.S. Gulf:

Spot sulfuric acid prices remained in the $130-$135/mt CFR range amid reports of a quiet market.

Gulf Coast:

Sources quoted domestic U.S. pricing at $85-$110/st DEL for 2021 Gulf Coast contracts.

Century Aluminum on March 25 announced a finalized three-year contract with electricity provider Santee Cooper to provide power to the company’s Mt. Holly aluminum smelter, ending uncertainty as to whether the smelter would be able to continue operation. Century previously issued a notice to employees of an intent to curtail 100 percent of production by the end of 2020 should no deal with Santee Cooper be reached.

The agreement, effective April 1 and slated to run through December 2023, is expected to reduce the smelter’s second-quarter electricity costs by $25 million compared with Q1. The new stability will allow Century to quickly raise production to 50 percent of capacity, followed by an expected lift to 75-80 percent of capacity by the end of the year.

Sulfuric acid contracts in the Lower Atlantic region were noted in the $90-$110/st DEL range for 2021.

Midwest:

Tons destined for Midwest distribution were reported even with the Gulf Coast at $85-$110/st DEL.

West Coast:

Agreements for delivery into the West Coast market ran in the $100-$130/st DEL range for 2021.

Brazil:

Last-done into Brazil continued to be heard in the $135-$140/mt CFR range, steady from one week earlier.

China:

Falling spot copper treatment and refining charges (TC/RC), the price mines pay smelters to process raw ore, has prompted the China Smelters Purchase Team (CSPT) to decline setting a TC/RC price floor for the second quarter, Reuters reported. This is only the third team in its history that the CSPT has elected to forego a price floor.

The CSPT explained the move by claiming Chinese smelters have already purchased adequate ore supply for the quarter, pointing to planned second-quarter smelter turnarounds that are projected to remove up to 2 million mt/y of capacity during the period, thus taking approximately 200,000 mt of copper out of the market.

Recent spot TC/RCs at China were noted falling to $33.50/mt, below the first-quarter CSPT floor of $53/mt. Spot TC/RCs in South America were noted facing additional pressure, registering tender awards in the high-$10s/mt.