All posts by mickeybarb@charter.net

Phosphoric Acid

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

U.S. Exports:

Wet-process phosphoric acid exports for January were reported falling 55.1 percent, to 3,944 st from 8,779 st one year earlier. Exports for the July-January period were down 36.5 percent year-over-year, to 106,671 st from 168,010 st.

Eastern Cornbelt:

Phos acid pricing remained at $12.95-$13.10/unit rail-DEL in the Eastern Cornbelt for March tons, with the low reported in Illinois and the high in Ohio.

Western Cornbelt:

Phos acid pricing remained at $12.85/unit rail-DEL in Nebraska, Missouri, and Iowa for March tons.

Southern Plains:

The phos acid market for March shipment was quoted at $12.85/unit rail-DEL in Colorado, Kansas, and New Mexico, and $12.95/unit rail-DEL in Texas and Louisiana.

India:

Phosphoric acid contracts at India were reported at $795/mt CFR for the first quarter, an increase of $106/mt from $689/mt CFR in the prior period.

Ammonium Polyphosphate

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

Eastern Cornbelt:

10-34-0 pricing remained at a firm $550-$570/st FOB in the Eastern Cornbelt, with the low confirmed at Cincinnati for March offers.

Western Cornbelt:

The 10-34-0 market was unchanged at $530-$570/st FOB in the Western Cornbelt.

Southern Plains:

10-34-0 prices were reported at $530-$550/st FOB in the Kansas market for spring tons. 11-37-0 pricing in Texas jumped to the low-$600s/st FOB in early March.

Muriate of Potash

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

U.S. Gulf:

New potash barge trades were put in the $315-$323/st FOB range, off a bit from the week-ago $315-$325/st FOB. Sources said a push to move prices higher to $335/st FOB fell flat, with most now bidding sub-$315/st FOB.

U.S. Imports:

Potash imports for the July-January fertilizer year-to-date were up 12.8 percent, to 7.61 million st from 6.74 million st in the prior year. January imports firmed 32.7 percent, to 1.30 million st from 981,528 st.

Canada remained the market’s undisputed import heavyweight for the fertilizer year-to-date with 6.33 million st received through January, up 9.5 percent from the previous year’s 5.78 million st total. Russia added 634,070 st for the period, up 48.5 percent from the prior year’s 426,969 st, while tons loading from Belarus fell 5.6 percent, to 395,735 st from 419,071 st. An additional 174,885 st came from Israel during the period, up 169.6 percent from the year-ago 64,865 st total.

Eastern Cornbelt:

Potash was quoted at $355-$375/st FOB in the Eastern Cornbelt, depending on location and time of shipment, with the Cincinnati and Ottawa markets reported at the $360-$365/st FOB level at mid-month.

Western Cornbelt:

The potash market was reported at $355-$375/st FOB in the Western Cornbelt, up slightly at the low end of the range, with the bulk of river offers pegged at the $355-$365/st FOB level at mid-month.

Southern Plains:

Potash pricing was quoted at $350/st FOB Houston and $355-$365/st FOB Catoosa/Inola for new offers. 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, up $20/st at the low end of the range, with the bulk of new offers out of Arkansas River terminals reported in the $355-$360/st FOB range at mid-month.

Southeast:

Potash remained at $340/st FOB or higher at Wilmington, with rail-DEL offers in the Southeast ranging from the upper-$390s/st to low-$400s/st for Canadian tons. The potash market FOB Fairless Hills was steady at $360/st FOB for March-May shipment.

China/India/Southeast Asia:

There continues to be a lack of follow-up contract signings following Belarus Potash Co.’s (BPC) settling of new supply contracts with customers in both India and China in late January (GM Jan. 29, p. 17) and mid-February (GM Feb. 12, p. 16), respectively.

At the BMO 30th Global Metals and Mining conference call last week, Nutrien CEO and President Chuck Magro reiterated that Nutrien still has no new supply contracts with India and China and is working through “all of its options.”

Magro said Nutrien’s volumes through Canpotex to both countries will be smaller this year as the company prioritizes higher netback regions such as Brazil, the U.S., and Southeast Asia amid good demand and “solid” price momentum.

Magro said prices in Southeast Asia had been lagging, but Nutrien is now seeing some standard business transacted at $280/mt CFR. Overall, Magro said he believes potash supply/demand is “really tightening” with continued tightness going forward.

Brazil:

The price range in Brazil widened and rose as demand for MOP continues. Sources put the Paranagua price at $312-$330/mt CFR. Sources said the August-September pricing ideas under discussion will bring up the lower end of the range to $315/mt CFR.

Prices at Rondonopolis seem to be anchored at $400/mt FOB ex-warehouse, but with growth at the upper end of the quoted range. Sources said prices as high as $437/mt FOB ex-warehouse have been done.

The barter rate for MOP has shifted slightly as crop income and fertilizer prices are being affected by currency fluctuations. Sources said 1 mt of MOP is now equal to 54.5 bags of corn, down from 56 bags last week, and 16.5 bags of soybeans, down from 21 bags last week.

Imports of MOP for the first two months of the year rose to 1.7 million mt, compared with 972,000 mt from the same period in 2020. February imports were at 998,000 mt against 337,000 mt in February 2020.

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:

Increasing activity was reported from numerous Midwest refineries during the week. Genscape observed unit restarts and ramp-ups at the Phillips 66 plants in Ponca City, Okla., and Wood River, Ill.; the Valero refinery in Ardmore, Okla.; the CVR facility in Coffeyville, Kan.; and Valero’s facility in Memphis, Tenn.

A sulfur recovery unit (SRU) was reported shutting down at the PBF refinery in Toledo, Ohio, on March 4. The unit was previously planned to enter a turnaround in February.

While too early to talk serious numbers, sources pointed to both the soaring international markets and historically low U.S. refinery utilization as indications of a looming price hike in the second-quarter Tampa molten contract. First-quarter Tampa agreements were penned at $96/lt CFR, rising from $69/lt in the prior period.

U.S. refinery utilization pushed higher for the week, according to the Energy Information Administration, as refineries impacted by the February arctic weather continued to restart units.

Refiners operated at 69.0 percent capacity for the period ending March 5, a 13.0 point jump from the previous week’s 56.0 percent rate. Capacity for the current week trailed both the year-ago 86.4 percent and the 83.4 percent five-year average.

Daily crude inputs were also up, lifting to an average 12.310 million barrels/d, a 2.407 million barrel/d increase from the week-ago 9.903 million barrels/d.

U.S. Imports:

January sulfur imports totaled 293,877 st, 7.3 percent above the year-ago 273,777 st. Totals were noted at 2.16 million st in the July-January window, a 5.5 percent increase from 2.05 million st in the previous year.

U.S. Exports:

The DOC reported sulfur exports totaling 69,078 st in January, an 11.4 percent increase from 61,985 st in January 2020. Sellers shipped 626,049 st in the July-January period, down 27.7 percent from the year-ago 865,808 st.

U.S. Gulf:

Genscape reported numerous refining activity increases on the Gulf Coast as Texas refineries continue to claw back from the arctic blast on Feb. 16-18.

Valero was reported restarted units at its Corpus Christi West and Port Arthur plants, while increasing activity was noted from the company’s Three Rivers, Texas, facility early in the week.

Motiva Ent. successfully restarted its Port Arthur facility’s 85,000 barrel/d VPS-2 crude section and 56,000 barrel/d DCU-1 coking unit on March 5, marking a complete restart of all units affected in the February shutdown.

Marathon started units at its Texas City and Galveston Bay refineries, while March 8 restarts at the Total plant in Port Arthur included a 165,000 barrel/d crude distillation unit (CDU), 55,000 barrel/d vacuum distillation unit (VDU), a 40,000 barrel/d catalytic reformer, and a 46,000 barrel/d naphtha hydrotreater. Genscape noted pre-startup levels from an 80,000 barrel/d CDU, an 80,000 barrel/d fluidic catalytic cracking unit (FCC), and other units.

Increased activity was observed at the ExxonMobil plant in Baytown, Texas, including from a 314,000 barrel/d crude section, while a 125,000 barrel/d FCC that was shut on Jan. 11 for planned maintenance remained offline for the week. A 28,000 barrel/d hydrocracker was restored to operation on March 6.

A partial restart was reported from the LyondellBasell refinery in Houston, although activity at the plant’s 140,000 barrel/d CDU 536 remained below operational levels. Multiple units were brought online at the Citgo facility in Corpus Christi, including a 69,000 barrel/d FCC and two sulfur recovery units.

Chevron’s Pasadena, Texas, plant remained mostly offline for the week, following the unexpected shutdown of a 116,000 barrel/d CDU that restarted on March 7. Increasing activity observed from other units remained below operational levels.

Delek restarted a 25,000 barrel/d FCC and a 23,000 barrel/d hydrotreater at Big Springs, Texas, while Genscape noted an operational ramp-up in progress on a 75,000 barrel/d CDU at the Flint Hills Corpus Christi East plant.

Farther east, Shell was reported shutting down a 44,000 barrel/d hydrocracker at its Norco, La., refinery following a bout of flaring and decreased furnace stack activity. Shell has elected to push back a planned restart at its 318,000 barrel/d Deer Park, Texas, refinery to March 13, Reuters reported.

Price ideas on Gulf exports were typically noted at a minimum $180/mt FOB based on current netback opportunities, while many argued that values would likely land in the $180-$190/mt FOB range should spot supply allow for participation in the current market.

Brazil:

Last-done Brazil spot imports continued to be noted at $218/mt CFR.

Vancouver:

Cargoes loading from Vancouver firmed to the $175-$183/mt FOB range in recent trading, players reported, up from the week-ago $170-$175/mt FOB.

Alberta:

Alberta sulfur netbacks were expected in a wide (-)$31-$113/mt FOB range, firming from (-)$31-$105/mt FOB in the previous report.

West Coast:

Ideas for West Coast prills moved to $175-$183/mt FOB, sources said, an increase from $170-$175/mt FOB at last report. Contracts for molten sulfur fell in the $70-$77/lt FOB range for first-quarter delivery.

China:

Recent China values continued to be heard in the $200-$210/mt CFR range, steady from one week earlier.

ADNOC:

March ADNOC offers stood at $183/mt FOB Ruwais for loading in March. The market was noted at $128/mt FOB in February, a $55/mt difference.

Qatar:

Prilled sulfur loading from Qatar was reported at $183/mt FOB Ras Laffan for March, rising $58/mt from the prior $125/mt FOB.

Sulfuric Acid

Brazil, Gulf Coast, Midwest, Sulfuric Acid, U.S. Exports, U.S. Gulf, U.S. Imports, West Coast

U.S. Gulf:

Gulf price ideas were heard in the $130-$135/mt CFR range, firming from $120-$130/mt CFR noted previously.

U.S. Imports:

January sulacid imports were recorded at 343,567 st, up 1.9 percent from 337,192 st in the prior year. July-January totals were higher as well, lifting 23.7 percent to 2.43 million st from 1.97 million st in the previous year.

U.S. Exports:

Exports softened 19.7 percent in July-January, totaling 113,606 st compared with 141,422 st for the same period in 2019-2020. January shipments fell 32.1 percent, to 11,647 st from 17,156 st.

Gulf Coast:

Contracts for domestic Gulf Coast delivery were noted at $85-$110/st DEL. Tons delivered to the Lower Atlantic region were heard in a general $90-$110/st DEL range.

Midwest:

The Midwest market was reported at $85-$110/st DEL for 2021 agreements.

West Coast:

Sources pegged West Coast contracts at $110-$130/st DEL.

Brazil:

Tons headed into Brazil were heard in the $135-$140/mt CFR range for the week, rising from $125-$130/mt CFR at last report.

Ammonium Thiosulfate

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

Eastern Cornbelt:

Ammonium thiosulfate pricing remained at $245-$260/st FOB in the Eastern Cornbelt, with the upper end FOB Seneca, Ill. IOC’s Feb. 25 postings included $250/st FOB Ohio River terminals.

Western Cornbelt:

The ammonium thiosulfate market remained at $235-$255/st FOB in the Western Cornbelt.

Southern Plains:

The ammonium thiosulfate market was pegged at $200-$220/st FOB in the Southern Plains, up $5-$15/st, with the low reported at Houston and reflecting IOC’s Feb. 25 posting at that location.

South Central:

The ammonium thiosulfate market was pegged at $220-$230/st FOB Memphis, unchanged from last report.

Calcium Ammonium Nitrate

Benelux, Calcium Ammonium Nitrate, Germany, Market Watch, Specialty

Germany/Benelux:

Yara this week hiked its posted price for April deliveries of CAN-27 (YaraBelaNitromag). The new list price is €270/mt bulk CIF for deliveries in both Germany and Benelux. This is a €5/mt increase over Yara’s last posting for April deliveries, announced on March 2, and is the second price hike for April deliveries of CAN-27 (GM March 5, p. 18).

Yara also increased prices for YaraBela Sulfan deliveries for April, raising the posted price to €280.50/mt bulk CIF for Germany and €282/mt bulk CIF for Benelux. Both levels are up €5/mt from Yara’s March 2 postings.

Sulfate of Potash

Market Watch, Southeast, Specialty, Sulfate of Potash, U.S. Exports, U.S. Imports

U.S. Imports:

January SOP imports were noted at 24,814 st, spiking 767.5 percent from the prior year’s 2,860 st. July-January volumes totaled 78,270 st, 56.2 percent above the year-ago 50,096 st.

U.S. Exports:

The DOC reported SOP exports totaling 35,326 st for the July-January fertilizer year-to-date, a 51.9 percent year-over-year decrease from 73,467 st. January exports were reported at 4,609 st, falling 67.8 percent from the previous year’s 14,297 st total.

Southeast:

SOP pricing was quoted at $605-$615/st FOB in the Florida market, depending on grade.