All posts by mickeybarb@charter.net

Ammonia

Ammonia, Eastern Cornbelt, Market Watch, Middle East, Northern Plains, Northwestern Europe, Southeast Asia, Tampa, U.S. Gulf, Western Cornbelt

US Gulf/Tampa:

Tampa ammonia for April remained at $435/mt CFR, with prices still reportedly under pressure for May.

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. “We have seen good movement as the weather improves,” commented one regional source.

Western Cornbelt:

Ammonia was steady at $500-$525/st FOB terminals in Nebraska and Iowa, with Oklahoma production points remaining at $500-$515/st FOB, depending on location.

Northern Plains:

Anhydrous ammonia slipped to $550-$625/st FOB in the Northern Plains, depending on location, down from the prior $625-$650/st FOB range, with the low reported at Velva, N.D. New delivered ammonia sales were reported in the $610-$630/st range.

“We will likely start seeing application in the southwestern and northwestern part of the state this week,” said one North Dakota contact. “Then slowly west to east over the next couple weeks, is the expectation. The eastern half of the state is still pretty snow covered.”

Middle East: 

No new spot business was reported from the area, although sources expect to see prices come off once new deals are made. A sale of Indonesian material to Taiwan had traders talking about an Arab Gulf-equivalent price of $220-225/mt FOB, although sources noted that nothing had yet been done at this level.

January-March ammonia exports from Iran totaled 143,000 mt, Trade Data Monitor reported, up about 23% from the year-ago 116,000 mt.

March exports were steady year-over-year at 45,000 mt, with India purchasing 44,000 mt.

Northwest Europe:      

Sources reported a small sale for early-May shipment at $385/mt CFR. The deal confirmed prices for the region previously estimated in the $380s/mt CFR.

Southeast Asia:     

Mitsubishi sold a cargo of Indonesian ammonia to CPDC in Taiwan at $300/mt CFR, sources reported. The deal reflected continued softness in the Southeast Asian market.

Traders used the transaction to calculate prices from other suppliers. For example, the Arab Gulf-equivalent price is now put in the low-$220s/mt FOB, although sources were clear that no deals from the Arab Gulf have been done at that level. For now, people are still trying to figure out how soft the market will become before a rebound occurs.

South Korea imported 295,000 mt of ammonia in January-March, according to Trade Data Monitor, off28% from 409,000 mt imported in first-quarter 2022.

March imports were reported at 109,000 mt, a 17% decrease from 144,000 mt in the prior-year period. Saudi Arabia was the primary supplier with 49,000 mt, while Australia supplied another 23,000 mt. Indonesia sent 20,000 mt.

Urea

Black Sea, Brazil, China, Eastern Canada, Eastern Cornbelt, Egypt, India, Indonesia, Market Watch, Middle East, Northeast, Northern Plains, Poland, South Korea, U.S. Gulf, Urea, Western Cornbelt

US Gulf:

NOLA barge trades were reported at $355-$390/st early in the week, largely in line with the week-ago $350-$387/st FOB. By late Thursday afternoon, however, a trade was reported as low as $338/st FOB.

Eastern Cornbelt:

Strong demand and limited supply pushed urea prices higher in the Eastern Cornbelt. The market strengthened to $425-$450/st FOB in the region, up from last week’s $420-$430/st range, with the low confirmed out of river terminals in Illinois. The Cincinnati, Ohio, market jumped to $445-$450/st FOB during the week, above the prior week’s $420-$425/st FOB.

Western Cornbelt:

The fast fieldwork pace stretched supplies of urea in the Western Cornbelt, pushing prices higher as the week progressed.

Urea was quoted at $410-$430/st FOB in the region, up from last week’s $395-$425/st FOB, with the St. Louis, Mo., market reported at $410-$425/st FOB. Inventories were reportedly tapped out at Port Neal, Iowa, at midweek, where the last price was quoted at the $425/st FOB level.

In the Southern Plains, urea offers at Catoosa/Inola, Okla., firmed to $425-$445/st FOB, up from $415-$435/st FOB last week.

Northern Plains:

Urea jumped to $430-$435/st FOB St. Paul, Minn., up from last week’s $395-$430/st range, with the latest offers at Carrington, N.D., reported at the $460/st FOB level.

Delivered urea pricing ranged broadly in North Dakota, from a low of $455-$480/st for tons from Canada to a high of $500/st DEL for US-produced urea. Delivered tons in Montana reportedly firmed to the $520/st level for domestic product.

Northeast:

Urea strengthened to $440/st FOB Fairless Hills, Pa., $465/st FOB East Liverpool, Ohio, and $470/st FOB Baltimore, Md., up from last week’s $420-$440/st FOB and the $395-$420/st FOB range reported in late March and early April.

Eastern Canada:

Urea prices remained under pressure in Eastern Canada. The market slipped to a broad C$680-$875/mt FOB range in late April, depending on location and supplier, below the previous low of C$700/mt.

India:     

Sources said traders are still scouring the market to nail down the last set of tons awarded in the Indian Potash Ltd. (IPL) tender. The global market remains awash with extra urea, said one trader, and with a shipping deadline of June 1, it should not be difficult to find the necessary tons. Prices are beginning to move up, however, cutting into the profit margins of material sold at $330-$335/mt CFR.

There are still expectations that another tender will be called during the last week of May. Sources said the call could come earlier if all the tons awarded in the previous tender have vessels nominated.

Black Sea:     

The price out of the Black Sea has moved up to $300-$305/mt FOB. This is in line with other price movements in the urea market.

Interfax reported the Russian government is ready to issue new export quotas for urea. According to the report, Urea exports will be limited to 6 million mt for the June 1-Nov. 30 period.

Exports at that level should not impact the global market. While Russia has limited the release of its export numbers, data released by Trade Data Monitor showed worldwide imports of Russian urea – as reported by countries receiving Russian material – totaling 6.5 million mt in 2021.

While a full accounting of 2022 Russian urea imports is not yet available, 6.6 million mt have so far been recorded for the year. Brazil was Russia’s largest buyer with 1.1 million mt, followed by India with 843,000 mt. The US took 734,000 mt.

Indonesia:     

Pupuk closed a tender for prilled urea on April 18. The final award for the 5,000-10,000 mt tender was reportedly issued to Ameropa for a price in the mid-$330s/mt FOB, a premium to $311/mt FOB paid for granular earlier in April.

Sources described the lack of Chinese prilled urea in the regional market as helping to push Indonesian prills to a higher price than granular tons. Sources said Pupuk is now sold out of both prilled and granular urea through mid-May.

Middle East: 

Reports of sales during the week moved prices up to $330/mt FOB. Oman and Saudi Arabia started out the week selling material in the mid-$320s/mt FOB, sources said. By the week’s end, Fertiglobe sold UAE urea at $330/mt FOB. Sources could name neither the buyers nor destinations of the cargoes.

The sales eased pressure on what sources had called growing pressure on warehouse storage facilities in the Arab Gulf, even though the deals did not fully zero out the reserves.

Higher prices in the Arab Gulf came from sources calculating prices back from NOLA. Expectations now have the price remaining firm – or growing stronger – for at least another 30-40 days.

Iranian urea exports were reported at 633,000 mt for January-March, according to Trade Data Monitor, off25% from the prior-year 847,000 mt. Sources said that both reduced production and efforts to ensure strong supplies for the domestic market caused a pullback in the amount of urea offered on the global market.

March exports were pegged at 192,000 mt, less than half of the year-ago 418,000 mt. The main buyers were Turkey, taking 80,000 mt, followed by Thailand with 32,000 mt.

Egypt:    

MOPCO sold 30,000 mt of granular urea late last week at $345/mt FOB, moving up the price from deals done a few days earlier. The trend continued this week with a sale of 5,000 mt, priced at $350/mt FOB.

Sources speculated that the larger cargo will be sent to a buyer in Latin America, while the smaller lot will go to Europe.

China:   

The urea market is waiting to see what changes – if any – that Beijing will make in its export provisions for urea. An announcement is expected on May 1.

Uncertainty about the situation has prices in a state of flux. Early reports of small deals being done at $350/mt FOB for regional buyers in Southeast Asia were quickly trumped by reports that prices on larger cargoes remained in the $370s/mt FOB.

Regional buyers looking to take product immediately may have pushed the smaller sales through quickly, sources speculated. Sellers were unsure what the May 1 announcement would mean for their ability to sell prompt tons and got rid of what they could, when they could. Buyers, on the other hand, got urea at prices closer to the global market price instead of the much higher price dictated by the Chinese domestic market.

South Korea:

Urea imports totaled 267,000 mt for January-March, Trade Data Monitor reported, an 18% fall from the year-ago 327,000 mt.

March imports were tagged at 112,000 mt, up from 85,000 mt received in March 2022. China and Vietnam each supplied about 33,000 mt, while Saudi Arabia added another 27,000 mt.

Brazil:   

Sources said that efforts to push the price to $365/mt CFR were attempted and failed, with deals settling at $340-$350/mt CFR. The move came as the global markets reacted to stronger prices out of the US and Egypt.

The Rondonopolis price was reported at $450-$465/mt FOB ex-warehouse, reflecting an upward shift from the low end of the previous range. Few deals were done due to limited seasonal demand, sources said. The strength in pricing is not expected to last long.

Poland:   

Grupa Azoty said its nitrogen fertilizer production fell by 35% in March, to 211,000 mt from the year-ago 325,000 mt.

UAN

Eastern Canada, Eastern Cornbelt, Market Watch, Northeast, Northern 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 in a broad range at $305-$340/st ($9.53-$10.63/unit) FOB in the Eastern Cornbelt, with the low reported at Cincinnati and the high in Illinois. The Mount Vernon, Ind., market was quoted at the $320/st ($10.00/unit) FOB level for April-May. UAN-28 was pegged at $267-$280/st ($9.54-$10.00/unit) FOB Cincinnati at midweek.

Western Cornbelt:

UAN prices at some Western Cornbelt terminals were down $5-$10/st from recent premiums, with the latest offers for April-May tons quoted at $315/st ($9.84/unit) FOB Port Neal, $320-$325/st ($10.00-$10.16/unit) FOB St. Louis, and $335/st ($10.47/unit) FOB Muscatine, Iowa.

Northern Plains:

The latest UAN-32 offers slipped to $355/st ($11.09/unit) FOB Winona, Minn., down from the prior $365-$370/st ($11.41-$11.56/unit) FOB range. UAN-28 in North Dakota was quoted at $280/st ($10.00/unit) FOB Casselton and $300/st ($10.71/unit) FOB Harvey for prompt tons, with delivered pricing quoted at the $340/st ($12.14/unit) level in late April.

Northeast:

UAN-32 pricing in the Northeast was unchanged at $320/st ($10.00/unit) FOB Baltimore and Fairless Hills for April-May tons, with the last offers out of terminals in upstate New York reported at the $395/st ($12.34/unit) FOB level.

The latest Baltimore prices for 27-0-0-3S and 28-0-0-5S remained at $301/st FOB and $335/st FOB, respectively.

Eastern Canada:

UAN-28 pricing was quoted in a wide C$540-$680/mt (C$19.29-$24.29/unit) FOB range in Eastern Canada, depending on location and supplier, with the low reflecting a drop of C$20/mt from last report. Recent UAN-32 offers in Eastern Canada slipped to C$617/mt (C$19.28/unit) FOB, below the previous C$640/mt (C$20.00/unit) FOB level.

Perdaman Financing Secured, Major Urea Offtake Deal “Unconditional,” Says IPL

Australia, Featured, News, Urea

Incitec Pivot Ltd. (IPL), Southbank, Victoria, has confirmed the previously announced 20-year offtake agreement of 2.3 million mt/y of granular urea from Perdaman Chemicals and Fertilisers Pty Ltd.’s Karratha plant on Western Australia’s Burrup Peninsula.

IPL said in an April 21 ASX statement the offtake agreement is “unconditional” now that Perdaman has obtained financing for construction of the new plant, which the junior producer now expects to be commissioned in mid-2027.

The offtake agreement will start from the date the new urea facility is fully commissioned, and firms up on an offtake deal signed between IPL’s wholly owned subsidiary, Incitec Fertilizers Pty Ltd. (IPF), and Perdaman in May 2021, which was subject to certain conditions precedent (GM May 7, 2021). The primary one of those conditions related to Perdaman obtaining financing for the construction of the Karratha plant, and was required to be satisfied within 18 months of the initial agreement.

The news that Perdaman has secured financing for the controversial A$6.4 billion project (approximately US$4.3 billion at current exchange rates) has taken many industry watchers by surprise, and no other details on the financing are immediately available.

IPL said pricing under the offtake agreement is expected to deliver “a competitively priced product, providing an at-scale platform for potential growth in recurring earnings for IPF.”

Once the plant is commissioned, IPL expects the offtake agreement to add an estimated incremental EBIT of approximately A$45 million per annum to the IPF business.

IPL expects up to 50% of the urea to be marketed within Australia, including through IPF’s existing East Coast Australian distribution business, with the remainder marketed to key international export destinations.

IPL was Australia’s sole urea producer, but ceased production at its only urea plant, at Gibson Island, Brisbane, around the end of last year after it was unable to secure “an economically viable” long-term gas supply to its plant beyond its current supply contract. The plant had urea production capacity of 340,000 mt/y, according to Green Markets data.

“The offtake agreement provides IPF with a competitive long-term domestic supply of urea for its Australian customers and to expand sales into growing global markets,” said IPL Managing Director and CEO Jeanne Johns.

“This is all about IPF executing on its strategy. The Perdaman offtake provides a platform to grow the recurring earnings of the fertilizer business, at scale, and is another step to creating two great businesses, ” she said.

IPL in May last year revealed it had revived its plan to separate its Incitec Pivot Fertilisers and Dyno Nobel businesses to create two separate companies, announcing plans to demerge its fertilizer and mining explosives divisions into two separately ASX listed companies (GM May 23, 2022).

Emmerson Awaits Environmental Permit for Khemisset Potash/Salt Project

Isle of Man, Morocco, News, News Briefs, Potash

According to a report early this week by the Zawya news portal, citing Morocco’s Hespress newspaper, Morocco’s Energy and Sustainable Development Ministry “will soon” issue an environment permit for Isle of Man-based Emmerson Plc’s Khemisset potash and salt project in the north of the country.

Emmerson said in early January the environmental permit had advanced closer to approval after a number of important issues that had held up progress had been resolved (GM Jan. 13, p. 31).

However, the company added that the environmental discussions were now focused on water issues. Morocco has suffered from periods of drought in recent years, and so ensuring sources of water remain free of contamination remain a key concern.

In a FY2022 financial results and first quarter 2023 update on April 13, Emmerson said the timing of the financial close for the project clearly will depend above all on securing the environmental approval, and “on that basis is unlikely to be sooner than fourth quarter 2023.”

The company is targeting annual potash production of some 800,000 mt/y and 1 million mt/y of salt production at Khemisset.

Ammonium Sulfate

Ammonium Sulfate, Brazil, China, Eastern Canada, Eastern Cornbelt, Market Watch, Northeast, Northern Plains, U.S. Gulf, Western Cornbelt

US Gulf:

NOLA ammonium sulfate barge prices shot up to $320-$330/st FOB from the week-ago $305-$310/st FOB. Tons for April loading were reported trading at $330/st FOB, with May at $320/st FOB.

Eastern Cornbelt:

The granular ammonium sulfate market remained at $370-$385/st FOB in the Eastern Cornbelt, with the Cincinnati market pegged at $370-$380/st FOB.

Western Cornbelt:

Granular ammonium sulfate was unchanged at $360-$390/st FOB in the Western Cornbelt, with the low at St. Louis and the high reported in Iowa. “I’m curious to hear whether prices in the Cornbelt will increase due to river transit issues, but it may be too early to tell,” said one contact.

Other ammonium sulfate suppliers said prices were already trending higher, with some locations sold out of product in late April.

Northern Plains:

Delivered pricing for granular ammonium sulfate in the Northern Plains remained at the $380-$400/st level in late April. The last postings from IOC included $370/st FOB Upper Mississippi River terminals, $385/st FOB Casselton and Sioux City, Iowa, and $385/st rail-DEL in the Northern Plains.

Northeast:

The ammonium sulfate market was pegged at $400-$410/st FOB and $450-$470/st DEL in the Northeast at mid-month.

Eastern Canada:

Ammonium sulfate was quoted at C$690-$825/mt FOB in Eastern Canada, down from the prior low of C$720/mt FOB.

China:

Sources put the price in the upper-$140s/mt FOB, but without any deals to confirm that level. The softness at China is coming from stepped-up industrial output and limited demand from buyers in Southeast Asia, sources said.

Brazil:   

The rising price of urea on the global market is having an impact on Brazilian amsul prices. Sources now peg the landed price at $175-$190/mt CFR. Rondonopolis also moved up, to $300-$320/mt FOB ex-warehouse.

Sources said a growing shortage of ammonium sulfate in Brazil and higher urea prices are combining to push prices higher.

Muriate of Potash

Brazil, Eastern Canada, Eastern Cornbelt, India, Market Watch, Northeast, Northern Plains, Potash Muriate, South Korea, U.S. Gulf, Western Cornbelt

US Gulf:

Last-done NOLA barge business continued to be called $370-$380/st FOB. Barges remained in tight supply, leading some players to speculate that the next round of trading would land in the $390-$395/st FOB range.

Eastern Cornbelt:

Fueled by tight supply and strong demand, potash was quoted at $450-$500/st FOB in the Eastern Cornbelt, up from last week’s $435-$475/st FOB, with the Cincinnati market pegged at $450-$475/st FOB during the week. The high end of the range was confirmed out of inland warehouses in the region.

Western Cornbelt:

Potash firmed to $450-$500/st FOB in the Western Cornbelt, up from last week’s $435-$470/st FOB, with St. Louis offers reported in the $460-$500/st FOB range during the week.

Northern Plains:

Sources reported potash pricing at $460-$475/st FOB St. Paul, with delivered tons quoted at the $450-$470/st level in the Northern Plains. The latest prices FOB Saskatchewan mines were reported at $462-$472/st, depending on grade.

Northeast:

Potash was quoted at $465-$475/st FOB in the Northeast, with the high confirmed for prompt tons at East Liverpool and the low for late May-June offers at Fairless Hills pending the arrival of a new vessel. Delivered tons were quoted at $480-$490/st in Pennsylvania in late April.

Eastern Canada:

Potash pricing in Eastern Canada remained at C$740-$745/mt FOB regional warehouses.

India:

While neither ICL nor Arab Potash Co. (APC) have made any official public announcements, market sources reported that the two companies have settled new potash supply contracts with IPL, India’s biggest potash importer. The deals reportedly matched the new contract price of $422/mt CFR with 180 days’ credit set by Uralkali and Canpotex earlier this month (GM April 7, p. 14).

As with Uralkali and Canpotex, the new ICL and APC contracts are for six months, set to run through Sept. 30. Volumes negotiated under the new deals were not available.

Brazil:   

The price range of potash widened as more material from Belarus became available, sources said. The landed price is now pegged at $380-$430/mt CFR, with the sub-$400/mt CFR prices attached to the Belarusian material. Potash from Chile and Russia was pegged at $400-$415/mt CFR, with potash from other sources coming at the higher end of the range.

The price in Rondonopolis tightened to $540-$550/mt FOB ex-warehouse as most buyers sit on the sidelines. Buyers pushed for $530/mt FOB, but no trades were reported at that level.

South Korea:

Potash imports for January-March were reported at 161,000 mt, according to Trade Data Monitor, a marginal decrease from 167,000 mt imported through the first quarter of 2022.

March imports firmed 26%, to 99,000 mt from the year-ago 79,000 mt. The market’s main suppliers were Canada with 67,000 mt and Israel with 24,000 mt.

Ammonium Nitrate

Ammonium Nitrate, France, Market Watch, Russia, Western Cornbelt

Western Cornbelt:

Ammonium nitrate pricing remained at $470/st FOB Lamar, Mo., and $490/st FOB St. Joseph, Mo. The latest offers in El Dorado, Ark., were quoted at the $425/st FOB level.

Russia:   

Moscow is expected to announce new export quotas for ammonium nitrate. The Interfax news wire reported the new quota for June 1-Nov. 30 at 4.23 million mt.

The new six-month quota should not be a major problem for the market. According to Trade Data Monitor, worldwide imports of Russian material totaled 3.4 million mt in 2021. The full accounting for 2022 is not yet complete, but of those reporting imports of Russian material, the amount came to 1.8 million mt.

France:

Yara posted a new list price on April 21 – the first of the new season 2023/2024 – of €350/mt bulk CPT with immediate effect for June deliveries of  ammonium nitrate (YaraBelaExtran33.5). It warned that only limited volume will be available at these prices

DAP/MAP

Brazil, Central Florida, China, DAP/MAP, Eastern Canada, Eastern Cornbelt, India, Market Watch, Northeast, Northern Plains, Russia, U.S. Exports, U.S. Gulf, Western Cornbelt

Central Florida:

Central Florida DAP trucks were quoted firming to $640/st FOB, up $10/st from the week-ago $630/st FOB. MAP trucks were posted at $630/st FOB, unmoved from the prior report.

Truck-loaded MAP was offered at $650/st FOB from North Florida, a $20/st increase from $630/st FOB reported previously.

US Gulf:

Players described a quieter NOLA phosphate market following last week’s frenzy, leaving DAP prices holding near the top of the prior range, while MAP barges firmed.

DAP barges loading from NOLA were reported trading at a $650/st FOB high during the week, shy of the prior $660/st FOB top, while a weekly bottom heard at $640/st FOB represented a shift up from the previous $620/st FOB floor. Barges already on a moving tow were reported changing hands in a $700-$710/st FOB range, while new offers for domestically-produced tons were quoted at $650/st FOB NOLA on April 20.

NOLA MAP barges pressed definitively higher, however, with sources quoting the weekly low at $620/st FOB, above last week’s $600/st FOB top. Players reported offers for both imported material and domestically-produced barges at $630/st FOB on April 20, while concluded trades rumored at that level went unconfirmed on April 20. Sources reported moving MAP barges changing hands in a $650-$655/st FOB range during the week.

Based on reported trades, DAP barges were priced at $640-$650/st FOB, narrowing from the week-ago $620-$660/st FOB range. MAP barges loading from NOLA traded at $620/st FOB, rising from $585-$600/st FOB reported one week earlier. 

US Exports:

Sources noted a quiet week on the US Gulf phosphate export market. The Gulf’s most recent spot business included a 7,000 mt DAP and MAP cargo sold into northern Latin America, with pricing tabbed at $610/mt FOB. Offers previously quoted at $620/mt FOB were not reported to find takers on April 20.

Based on reported trades, the US Gulf DAP and MAP export markets continued at $610/mt FOB for the week, unchanged from the prior report.

Eastern Cornbelt:

DAP firmed to a broad $700-$765/st FOB in the Eastern Cornbelt, up from last week’s $690-$720/st FOB, with Cincinnati pricing covering a wide $720-$765/st FOB range as the week progressed. MAP jumped to $700-$715/st FOB in the Eastern Cornbelt, up from $655-$700/st FOB, with the high confirmed late in the week at Cincinnati for limited supplies.

Western Cornbelt:

Sources reported heavy demand for phosphates at St. Louis during the week, with prices ramping up significantly. DAP was quoted in a broad range at $740-$795/st FOB in the Western Cornbelt, up sharply from last week’s $675-$710/st FOB range, with both the high and low confirmed in St. Louis from different suppliers.

MAP firmed to $725-$735/st FOB in the region, up from $635-$670/st FOB last week. “There are some very high prices out there and it’s all up and down the rivers as tightness is rampant,” commented one contact.

Northern Plains:

DAP was quoted at a firm $695/st FOB St. Paul, with MAP firming to $675/st FOB for the last Twin Cities offers. “It feels like the Cities pricing is still fairly competitive compared two what’s going on around the St. Louis and Cincinnati market,” said one contact. No current delivered MAP pricing was confirmed in North Dakota.

Northeast:

DAP firmed to $680/st FOB Fairless Hills and as high as $740/st FOB East Liverpool, up from last week’s $675-$720/st FOB and well above the $675-$690/st FOB offers confirmed in early April. MAP jumped to $720-$730/st FOB East Liverpool, with delivered tons reported in the $720-$740/st range in central Pennsylvania.

MAP prices were also firming in the Southeast. Nutrien early in the week moved its postings at Aurora, N.C., and White Springs, Fla., to $650/st FOB, up from the prior $630/st FOB reference.

Eastern Canada:

New MAP offers in Eastern Canada firmed to C$1,030-$1,280/mt FOB, depending on location and supplier, up C$35/mt at the low end of the range. DAP was quoted at the C$1,038/mt FOB level in Montreal, reflecting a C$28/mt increase.

China:   

Limited offers of DAP from China were quoted to traders at $585/mt FOB. Sources said that while the price was not unexpected, no deals could be confirmed at that level so far. Prices from the factory gate were reported at $487-$581/mt. The mid-range of these prices would equate to the reported export offers.

Reports from Hubei, a major DAP production area, noted that the provincial government has begun a routine of closer inspections of DAP input products. The government claims that complaints of poor-quality DAP could be tied to inferior inputs. The stepped-up inspection regime was to run April through October.

India:     

National Fertilizers Ltd. (NFL) closed a DAP tender for 50,000 mt on April 18. The lowest price was noted at $560/mt CFR, and sources did not report any awards issued in the tender. There is already talk that the next DAP tender will have a target price of at least $10/mt lower.

Brazil:   

Prices of MAP have dropped again. Sources said the lower end of the previous price range dropped, leaving the market at $570-$600/mt CFR. The softness was put to an oversupply of MAP in the marketplace.

The price in Rondonopolis was reported steady at $710-$730/mt FOB ex-warehouse, despite aggressive efforts to move the price to $690/mt FOB. Sources said that even though the large price drop was thwarted, lower prices seem inevitable.

Russia:   

The Russian government will issue a new MAP export quota of 1.99 million mt for the June 1- Nov. 30 period, the Interfax news agency reported.

The tonnage allowed in the six-month quota will be more than enough, if past Russian MAP exports are any indication. According to Trade Data Monitor, countries imported 2.6 million mt of Russian MAP for all of 2021. While all reports for 2022 are not yet in, countries that recorded receiving Russian MAP showed shipments totaling 1.8 million mt.

TSP

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

US Gulf:

NOLA TSP barge pricing was heard in a $550-$560/st FOB range, firming from $535-$560/st FOB reported previously.

Eastern Cornbelt:

TSP remained at $620-$625/st FOB in the Eastern Cornbelt, unchanged from last week.

Western Cornbelt:

TSP was unchanged at $610-$620/st FOB in the Western Cornbelt, with the high confirmed at St. Louis late in the week.

Brazil:   

The low-end of last week’s price dropped, pulling the landed price of TSP to $370-$430/mt CFR. The price in Rondonopolis also fell to $545-$550/mt FOB ex-warehouse.