All posts by mickeybarb@charter.net

Brazil Potash Pushes Ahead with Amazon Project

Brazil, Canada, News, News Briefs, Potash

Potássio do Brasil, which is proposing to mine potash in Brazil’s northwestern Amazonas state, is working to keep the US$2.5 billion project on schedule amid mounting legal challenges to its plans.

The company, owned by Toronto-based Brazil Potash Corp., is proposing to build a mine and processing facilities with an initial capacity of 2.4 million mt/y of potassium chloride in Autazes, some 120 km southeast of the Amazonas state capital of Manaus.

In an interview with Reuters this week, Potássio do Brasil President and Brazil Potash Corp. Chair Adriano Espeschit spoke of a protracted licensing process, which continues to hinge on court-supervised talks with the Mura Indigenous people, who have the right to be consulted under an International Labor Organization.

The company in June last year (GM June 3, 2022) said it had finally begun a consultation process with Indigenous inhabitants more than a decade after it first started prospecting. While Potássio do Brasil has promised jobs and prosperity for the municipality of Autazes, Indigenous Mura communities are worried that the development could pollute rivers and kill the fish that they depend upon.

However, the company claims the mine would only have a minor environmental impact given that the project plans to return processing waste underground. While consultations with the Mura have no fixed timeline, Espeschit insists the project remains on track to start production in 2026, according to this week’s report.

According to Brazil Potash Corp.’s website, Espeschit said Potássio do Brasil already has secured the preliminary license issued by Amazonas’ state environmental authority, IPAAM, and now needs only to secure the installation license, which it expects to receive this year.

But federal prosecutors have asked a judge to halt consultations with the Mura until a final decision is reached on the demarcation of a proposed Soares/Urucurituba Indigenous reservation overlapping the proposed mine site.

The proposed potash mine gained fresh momentum last year, fueled by global supply shortages and soaring potash prices. Brazil’s previous Bolsonaro-led government defended mining on Indigenous land to boost domestic fertilizer production and cut dependence on imports. Global potash prices have since eased significantly, however, with the Brazil CFR granular price falling to $400-$440/mt versus $1,100-$1,250/mt a year ago.

Brazil Potash last October announced it had signed binding agreements with Amaggi Exportação e Importação Ltda. (Amaggi), one of the world’s largest privately held soybean producers (GM Oct. 7, 2022). The offtake would include take or pay for 500,000 mt/y, a marketing agreement to sell Potássio do Brasil’s remaining 1.9 million mt/y, and a barge transportation agreement to ship the initial planned 2.4 million mt of potash to inland ports close to major farming regions.

Saudi Ministry, Oman Firm Ink MOU for Fert Plant

News, News Briefs, Saudi Arabia

Saudi Arabia’s Ministry of Investment and Muscat, Oman-based Aflag International Co. have inked a Memorandum of Understanding (MOU) to establish a fertilizer plant in the Kingdom.

The proposed plant will produce organic liquid fertilizers that provide soluble crop nutrients, according to an Arab News report. No details of the planned production capacity have been reported.

In addition to helping to further accelerate agricultural production in Saudi Arabia, output from the new facility will be marketed in Oman and in other Gulf Cooperation Council countries, as well as in Africa.

The Aflag Group is a consortium of diverse companies specializing in construction, real estate, pharmacies, and various service-based businesses.

Ammonia

Ammonia, Asia, Black Sea, Brazil, California, Eastern Cornbelt, India, Market Watch, Middle East, Northwestern Europe, Pacific N.W., Tampa, U.S. Exports, U.S. Gulf, U.S. Imports, Western Canada, Western Cornbelt

US Gulf/Tampa:

The April Tampa ammonia price remained at $435/mt CFR, down from March’s $590/mt CFR. Ammonia barges were quoted at the $395/st FOB NOLA level for limited business, though some speculated that sub-$395/st FOB deals could be had. Truck offers out of Gulf Coast terminals were quoted in the $400-$435/st FOB range.

US Imports:

February ammonia imports firmed 4.9%, according to data released by the US Census Bureau, to 180,371 st from the year-ago 171,872 st. Totals stood at 1.53 million st through the July-February fertilizer year-to-date, however, off 11.0% from 1.72 million st.

US Exports:

February ammonia exports were reported at 63,710 st, a 65.9% increase from the year-ago 38,411 st. Exports firmed to 893,299 st for July-February, up 256.5% from the year-ago 250,607 st.

Eastern Cornbelt:

Ammonia was rolling hard in the Eastern Cornbelt during the week, with truck availability becoming a major issue as the week progressed. “There’s plenty of product, but we can’t get enough trucks,” reported one source on April 13.

Ammonia pricing remained in the $575-$600/st FOB range in the region, with the low confirmed in Illinois and the high in Indiana and at Lima, Ohio.

Western Cornbelt:

Ammonia prices were steady in the $500-$525/st FOB range in Nebraska and Iowa, with Oklahoma production points remaining at $500-$515/st FOB, depending on location. Preplant applications were in full swing across the region during the week.

California:

Anhydrous ammonia pricing dropped to $890/st DEL in California as of March 16, with aqua ammonia postings reported at $237/st FOB Stockton and $247/st FOB Sycamore.

Pacific Northwest:

Ammonia pricing out of Washington terminals remained at the $730/st FOB level for recent offers, with delivered tons pegged in the $710-$730/st range. Aqua ammonia was steady at $190/st FOB in the region.

Western Canada:

Current spring ammonia offers were quoted in a broad range at C$850-$1,150/mt FOB production terminals in Western Canada, depending on location and supplier. The last delivered ammonia prices were reported at C$1,100-$1,300/mt in the region.

Black Sea:     

Exports of ammonia from the region remain nil. The Russian government continues to use the potential restart of exports as a condition to extend the grain export agreement brokered by Turkey.

International traders said that reinstituting exports from the region would require restarting the pipeline to Odessa. Sources said this action would be dangerous, as the pipeline runs through a war zone that is subject to regular bombings by Russia.

The region’s main ammonia activity comes from imports by Turkey in the southern end of the Black Sea. The latest deals, reported earlier in the month, involved product originating from Iran in the $340s/mt CFR.

Northwest Europe:      

Sources estimated the Northwest Europe price in the $380s/mt CFR, a dramatic difference from the reported cost of ammonia production in Europe of around $450/mt ex-plant. International traders said the gap in pricing will continue to encourage buyers to focus on the import market instead of buying any European ammonia.

Prices of imported ammonia are expected to sink as the global market price softens. The cheaper imports, said sources, are leading European producers to produce just enough ammonia to cover their commitments for other products, while leaving the higher-priced ammonia out of the discussion.

Middle East: 

Sources said the lack of worldwide demand is causing reserves to build up in Arab Gulf producers’ storage facilities. Due to the weak demand, sources said the estimated price continues to fall. The latest estimate was pegged at $260-$270/mt FOB.

Traders pointed to a sale into China around $340/mt CFR, for a netback to the Arab Gulf of $260-$270/mt FOB. Producers argued the price should be closer to $350/mt FOB, but no one is willing to conclude a deal at that level. Some sources have said the price out of the Arab Gulf could be as low as $250/mt FOB, but the consensus seems to be in the $260s/mt FOB.

Producers are reportedly making regular calls to potential buyers looking to move product on a prompt basis. For now, sources said that most demand is being covered by contracts. The only new movement comes from sales to China.

If the price keeps dropping, sources expect that more Indian buyers may come forward looking to secure tons at the bottom of the market. The problem, said one trader, is that no one is really sure where the floor is.

India:     

No new spot deals were reported. Tons contracted earlier in the year continue to be loaded for shipment to India, but at prices higher than where the current spot market is estimated.

The market’s last spot deal was reported months ago in the $450s/mt CFR. Sources now say the price is in the $350s/mt CFR, with most buyers pushing for $300/mt CFR.

To back up pricing in the $350s/mt CFR, sources pointed to a late-March deal by OQ Trading into India with Arab Gulf material at $350/mt CFR. Information about the transaction has been slowly percolating through the industry since the deal was struck.

Major buyers, such as DAP producers, are said to be getting ready to start making some large purchases as their plants return from routine maintenance shutdowns, although they seem to be waiting while smaller buyers test the market. Even as the Arab Gulf producers continue to claim prices should be at $350/mt FOB, some buyers in India are pushing back, calling for a price closer to $300/mt CFR, equating to an Arab Gulf netback in the $250s/mt FOB.

East Asia:      

The main activity in East Asia comes from Chinese purchases, where sources reported deals in the $330s/mt CFR this week for Arab Gulf material. At this level, sources said, Indonesian ammonia is not competitive.

Indonesian producers reportedly need a price of $350/mt FOB ex-Indonesian plant to break even on production costs. At the same time, if the price gets too high – a level sources put at $400/mt CFR China – Chinese buyers will turn to satisfying their needs with domestic product, and even return to the export market.

After making too many large purchases during the economic downturn, the market’s normal movers Taiwan and South Korea are slowly coming back to the market, sources said.

Brazil:   

Imports for the first quarter of 2023 totaled 82,000 mt, Trade Data Monitor reported, down about 22% from the year-ago 106,000 mt. March imports were noted at 44,000 mt, off by about one-third from 65,000 mt imported in March 2022.

Brazil has begun to export a steady, albeit small, supply of ammonia, according to Trade Data Monitor. First-quarter exports were reported at 33,000 mt, a 78% increase from 19,000 mt in the prior-year period. No March exports were recorded in 2022 or 2023.

Urea

Brazil, California, China, Eastern Cornbelt, India, Indonesia, Market Watch, Middle East, U.S. Exports, U.S. Gulf, U.S. Imports, Urea, Western Canada, Western Cornbelt

US Gulf:

NOLA urea continued to strengthen as spring demand surges and the availability of prompt, loaded barges tightened.

New business early in the week was quoted at $350-$360/st FOB for first-half April, up from last week’s broad $318-$355/st range. By midweek confirmed trades were reported at $363-$370/st FOB, with business for prompt, loaded barges climbing to a reported high of $380-$387/st FOB on April 13.

Near-term demand was the primary driver of the NOLA surge, with forward pricing for full April physical tons quoted in the $368-$372/st FOB range and first-half May physical barges trading in the $335-$355/st FOB range.

US Imports:

Urea imports for July-February fell 28.4%, to 2.61 million st from the year-ago 3.65 million st. February imports were up 42.3%, however, to 659,508 st from the prior-year 463,367 st.

July-February imports from Qatar totaled 696,102 st, while Russia moved into second place with 470,265 st. Saudi Arabia added 369,779 st, ahead of 339,298 st from Oman.

US Exports:

Exports for February stood at 91,752 st, off 10.4% from the year-ago 102,364 st. July-February exports totaled 1.11 million st, however, rising 225.1% from the prior-year 341,188 st.

Eastern Cornbelt:

Urea prices moved up quickly in the Eastern Cornbelt during the week, fueled by tight supply and a rapidly firming NOLA barge market. Sources quoted the regional range at a firm $420-$430/st FOB, up from last week’s $370-$390/st FOB, with the Cincinnati, Ohio, market pegged at $420-$425/st FOB.

“It has been a very wild run this week so far,” said one regional contact. “I think there was a great lack of pre-buying done and this is what is taxing the supply system, along with the long weather run. Time will tell if these prices continue their strength.”

In the Northeast, urea pricing FOB Fairless Hills, Pa., jumped on April 10 to $440/st FOB for April-May, up from $430/st FOB the week before and $405-$410/st FOB in late March.

Western Cornbelt:

Urea prices jumped to a broad $395-$425/st FOB range in the Western Cornbelt, depending on location and time of the week, up from last week’s $365-$395/st FOB range. Both the high and low were confirmed at St. Louis, Mo., with prices steadily firming as the week progressed. The St. Paul, Minn., market was pegged at the $430/st FOB level late in the week.

In the Southern Plains, urea offers at Catoosa/Inola, Okla., fell in the $415-$435/st FOB range during the week, with the high reported on April 13.

California:

Urea pricing slipped to $585-$600/st FOB Stockton, Calif., down from $600-$650/st in late March. The latest rail-DEL pricing in Northern California fell in the $540-$585/st range.

Pacific Northwest:

The urea market continued at $460/st FOB Rivergate, Ore., and $465/st FOB Aurora, Ore., with rail-DEL pricing quoted in the $460-$485/st range in the Pacific Northwest, depending on location.

Western Canada:

Urea pricing in Western Canada firmed to C$630-$650/mt FOB and C$670-$700/mt DEL, up slightly from the last confirmed C$630-$640/mt FOB and C$670-$680/mt DEL ranges.

India:     

Urea continues to arrive under the last IPL tender, with no indications that another tender will be called any time soon. Sources still expect the next tender to be called sometime in the last week of May, at the earliest.

Indonesia:     

The Pupuk tender that closed earlier this month now appears to have settled at $311/mt FOB, with Oracle getting the award. Sources speculate the tonnage will be sold to a trader with an Indian tender award. The final price showed a drop of $7/mt from Indonesia’s last tender in early March.

Middle East: 

The increase in NOLA prices let to discussions of an Arab Gulf price in the $320s/mt FOB. International traders said the uptick was not sustainable, however, noting other deals out of the Arab Gulf in the $290s/mt FOB. The main activity in the area still appears to stem from the processing and shipping of cargoes tied to last month’s Indian urea tender.

Egyptian producer MOPCO was reported selling four cargoes at $340/mt FOB. The deals were completed with different traders in quantities ranging from 5,000 mt to 12,000 mt. All of the cargoes were slated to ship in the second half of April.

Sources said the MOPCO urea all appears to be going to European buyers. The small quantities and prompt shipment, said one trader, all point to top-off tons rather than anyone taking a position for future sales.

China:   

Rumors are now circulating that the Chinese government will on May 1 remove the inspection for export provisions that have hampered exports. While sources said the action is still just in the rumor stage, traders are beginning to think that urea exports and trading out of China might return to levels not seen for several years.

For now, exports remain limited because the asking price remains too high for the global market. The price out of China was quoted in the $370s/mt FOB, based on the domestic urea price

Brazil:

The stronger NOLA market was noted impacting the Brazilian market. The landed price moved up to $330/mt CFR, an increase of $20-$35/mt from last week. The firming came as vessels initially slated for Brazilian ports were reportedly diverted to NOLA to take advantage of the higher prices there.

The shift from Brazil to the US also changed the type of urea being offered. Sources said that urea from non-sanctioned countries was redirected to the States, leaving product from sanctioned countries for Brazil. This sanctioned product was reported selling for about $325/mt CFR.

The price increase at the ports has not yet reached the inland market, although sources said that prices are bound to change in the next week or so. For now, the market opened up to $430-$465/mt FOB ex-warehouse. Sellers are holding to the pricing lists, but are no longer offer any discounts to buyers, sources said.

The lax demand for product in the area is not surprising, said sources, as the main push for urea will come in the third quarter. If the recent price increases continue, some buyers may move earlier out of fear of dramatically higher prices, however.

Trade Data Monitor put first-quarter imports at 1.4 million mt, down16% year-over-year from 1.6 million mt.

March imports were pegged at 341,000 mt, a 29% decline from 480,000 mt received in March 2022. The main suppliers were Russia and Nigeria, sending 97,000 mt and 67,000 mt, respectively. In addition, Oman sent 62,000 mt, Venezuela added 45,000 mt, and Qatar sent 34,000 mt.

UAN

California, Eastern Cornbelt, Market Watch, Pacific N.W., U.S. Exports, U.S. Gulf, U.S. Imports, UAN, Western Canada, Western Cornbelt

US Gulf:

UAN barge prices continued to be quoted at $270-$280/st ($8.44-$8.75/unit) FOB in a thinly-traded market.

US Imports:

UAN imports for February firmed 242.1% year-over-year, to 249,987 st from 73,071 st. Imports totaled 1.88 million st for July-February, up 37.5% from 1.36 million st in the year-ago period.

Russian cargoes totaled 1.37 million for July-February, ahead of 285,211 st from Canada. Trinidad and Tobago sent 192,211 st.

US Exports:

February UAN exports lifted 2,239.6% to 166,804 st from 7,130 st in February 2022. July-February exports moved up 460.3%, to 1.84 million st from 328,366 st in the prior year.

Eastern Cornbelt:

UAN-32 remained in a broad range at $300-$340/st ($9.38-$10.63/unit) FOB in the Eastern Cornbelt, with the low confirmed at Cincinnati and the high in Illinois. UAN-28 was pegged at $262-$280/st ($9.36-$10.00/unit) FOB Cincinnati at midweek. Rail-DEL UAN-32 offers were quoted at $$330-$335/st ($10.31-$10.47/unit) in Indiana and Ohio.

Western Cornbelt:

UAN-32 was steady at $320-$340/st ($10.00-$10.63/unit) in the Western Cornbelt, with the St. Louis market remaining in the $325-$335/st ($10.16-$10.47/unit) FOB range. In the Southern Plains, UAN-32 continued to be reported in the $300-$310/st ($9.38-$9.69/unit) range FOB Oklahoma production points.

California:

The UAN-32 market in California remained at $390-$400/st ($12.19-$12.81/unit) FOB Stockton, $405/st ($12.66/unit) FOB Port Hueneme, and $410/st $12.81/unit) FOB West Sacramento. Rail-DEL UAN-32 offers in Northern California were steady at $360-$380/st ($11.25-$11.88/unit) in early April.

Pacific Northwest:

UAN-32 slipped to $385/st ($12.03/unit) FOB Kennewick, Wash., down $15/st from last report, with rail-DEL tons quoted at $395-$410/st ($12.34-$12.81/unit) in the Pacific Northwest.

Western Canada:

UAN-28 tightened to C$435-$445/mt (C$15.54-$15.89/unit) DEL in Western Canada for the latest offers, compared with C$430-$450/mt (C$15.36-$16.07/unit) DEL in late March.

Ammonium Nitrate

Ammonium Nitrate, Brazil, Market Watch, U.S. Exports, U.S. Imports, Western Cornbelt

US Imports:

Ammonium nitrate imports totaled 20,843 st for February, up 33.0% from the year-ago 15,669 st. July-February volumes were 204,014 st, however, falling 7.8% from 221,255 st in the year-ago.

US Exports:

Ammonium nitrate exports firmed 32.1% in July-February, to 383,912 st from the year-ago 290,656 st. Shipments totaled 41,572 st for February, a 25.6% increase from 33,090 st in February 2022.

Western Cornbelt:

Ammonium nitrate pricing was unchanged 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.

Brazil:

Imports for January-March stood at 185,000 mt, according to Trade Data Monitor, up from the year-ago 66,000 mt.

March imports were noted at 53,000 mt, more than double the 20,000 mt imported in March 2022. Russia supplied the full amount. The increase in Brazil’s imports to-date reflects Russia’s softening restrictions on ammonium nitrate exports compared to 2022.

Ammonium Sulfate

Ammonium Sulfate, Brazil, California, China, Eastern Cornbelt, Market Watch, Pacific N.W., U.S. Exports, U.S. Gulf, U.S. Imports, Western Canada, Western Cornbelt

US Gulf:

NOLA ammonium sulfate barges moved to $305-$310/st FOB during the week, up slightly from the prior $300-$310/st FOB range, with supplies continuing to be described as tight.

US Imports:

February ammonium sulfate imports were 30,198 st, off 71.2% from the year-ago 104,780 st. July-February volumes were 441,247 st, down 20.7% from the prior 556,641 st.

Imports from Canada totaled 257,272 st for July-February. Belgium sent 120,102 st, followed by 47,455 st from South Korea.

US Exports:

Amsul exports lifted 36.1% in July-February, to 569,273 st from the year-ago 418,230 st. February cargoes were counted at 22,252 st, up 36.0% compared to 16,358 st reported one year earlier.

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 at midweek.

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.

California:

Ammonium sulfate was steady at $430-$465/st FOB in California, with the low for standard and the high for granular and/or premium grade. IRM’s April 10 postings included WesternStandard at $430/st FOB/DEL in the Woodland/Chico area, with WesternPremium and Tranzform referenced at the $440/st FOB/DEL level in the state.

Pacific Northwest:

IRM lowered ammonium sulfate postings in the Pacific Northwest on April 10. New list pricing slipped to $370/st FOB/DEL for WesternStandard and $400/st FOB/DEL for WesternPremium and Tranzform, down from the company’s Feb. 24 postings of $405/st and $445/st FOB/DEL, respectively.

Western Canada:

New pricing for ammonium sulfate in Western Canada slipped to C$520-$530/mt DEL, down slightly from the prior C$520-$535/mt DEL range.

China:

Sources reported prices settling in the low-$150s/mt FOB, as demand remains steady and availability picks up. Industries in China that produce amsul as a byproduct are slowly ramping up production as the country’s economy improves.

Brazil:   

Sources noted prices slipped dramatically to $160-$180/mt CFR. Despite the drop, buyers at the ports took note of the higher urea prices, wondering if amsul prices will react and once again move up.

Rondonopolis showed a marginal shift down to $290-$300/mt FOB ex-warehouse.

Imports of ammonium sulfate totaled 779,000 mt through the first quarter, Trade Data Monitor reported, a 40% decrease from the year-ago 1.3 million mt.

March imports were 155,000 mt, down from 438,000 mt received in the prior-year period. China supplied nearly 100% of the product for the month.

DAP/MAP

Brazil, California, Central Florida, China, DAP/MAP, Eastern Cornbelt, India, Market Watch, U.S. Exports, U.S. Gulf, U.S. Imports, Western Canada, Western Cornbelt

Central Florida:

DAP trucks loading from Central Florida were quoted steady at $630/st FOB, unchanged from one week earlier. Truck-loaded MAP was reported even with DAP at $630/st FOB, also unmoved from the prior report.

MAP trucks loading from North Florida continued to be posted at $630/st FOB, sources said.

US Gulf:

NOLA barge DAP and MAP prices moved higher for the week, as surging spring demand triggered “busy” trading conditions.

Players reported $620/st FOB sales of domestically-produced tons at the outset of the April 7-13 trading period, even with top of the prior-week range, while trades for loaded barges were noted in a $640-$660/st FOB range later in the week. With barges reportedly waiting 2-3 weeks to find a tow due to high water levels and travel restrictions on the Lower Mississippi River, barges offered with a pickup already scheduled commanded a premium, sources said.

Rumors of DAP business up to $700/st FOB abounded on April 13, although most believed pricing at such a high level to only be possible on tons originating from upriver locations, a perspective supported by reports of $660/st FOB trading for barges parked at St. Louis.

New DAP offers for NOLA loading were heard in a wide $620-$650/st FOB range on April 13, with tons from domestic producers heard toward the range’s low end.

MAP barges also moved up, with sources confirming trading up to $600/st FOB at midweek, a $20/st increase from the week-ago $580/st FOB ceiling, while most cited the low at $585/st FOB, above the prior $570/st FOB bottom.

Trading of MAP rumored up to $650/st FOB remained unconfirmed on April 13. Some traders believed business could have reasonably been done up to a $610-$620/st FOB range during the April 10-11 peak of market activity, but were unable to verify pricing at that level.

Based on reported trades, the NOLA barge DAP market was called in a wide $620-$660/st FOB range, rising from $610-$620/st FOB reported previously. MAP barges loading from NOLA firmed to at least the $585-$600/st FOB range from the week-ago $570-$580/st FOB.

US Imports:

February DAP imports were noted at 73,737 st, up 9.9% from 67,112 st in February 2022. July-February exports totaled 444,594 st, however, 50.8% below the year-ago 903,661 st.

July-February imports from Saudi Arabia were counted at 283,903 st. Australia added 119,060 st, followed by 24,668 st from Russia.

July-February MAP/Other imports totaled 670,415 st, up 5.5% from the year-ago 635,338 st. February imports rose 12.3%, to 65,758 st from the prior 58,558 st.

US buyers imported 279,475 st of Russian MAP in July-February, ahead of 149,551 st from Saudi Arabia and 102,962 st from Australia. Mexico sent 86,444 st.

US Exports:

DAP exports rose 25.5% in July-February, to 527,072 st from the year-ago 420,118 st. Shipments totaled 44,812 st for February, up 30.6% from 34,313 st.

MAP/Other exports were off 4.7% for July-February, slipping to 1.36 million st from the year-ago 1.43 million st. February exports were clocked at 160,222 st, down 20.3% from 201,089 st recorded one year earlier.

No new spot business was reported on the Gulf phosphate export market, leaving last-done at $610/mt FOB for both DAP and MAP. New offers were quoted at $620/mt FOB on April 13.

Eastern Cornbelt:

DAP prices in the Eastern Cornbelt jumped from $690/st up to $720/st FOB as the week progressed. Both the high and low were reported at Cincinnati, with the $720/st FOB level confirmed on April 13. “I don’t think price matters,” said one source. “It’s all about supply at the moment.”

In the Northeast, DAP was pegged in a broad range at $675-$720/st FOB, with the low at Fairless Hills and the high at East Liverpool.

MAP was quoted at $655-$700/st FOB in the Eastern Cornbelt, up from last week’s $625-$650/st FOB range, with the low confirmed in Cincinnati at midweek.

Western Cornbelt:

DAP prices were up roughly $10-$30/st from last week amid reports of tight supply. The market firmed to $675-$710/st FOB, depending on location, with both the low and high confirmed at St. Louis during the week.

MAP prices jumped $20/st, to $635-$670/st FOB in the region. The St. Louis MAP market was quoted at $635-$645/st FOB at midweek.

California:

MAP in California remained at $780/st FOB or DEL.

Pacific Northwest:

MAP pricing in the Pacific Northwest was unchanged at $760-$770/st FOB or DEL, depending on location.

Western Canada:

The MAP market in Western Canada appeared to be inching up, with new April offers quoted at C$1,060-$1,080/mt FOB and C$1,080-C$1,115/mt DEL, up from the prior C$1,030-$1,080/mt FOB and C$1,050-$1,060/mt DEL ranges.

China:   

Limited business discussions about DAP exports showed pricing ideas at $535-$565/mt FOB. This represents a slight softening of prices estimated out of China. Sources are also now saying there are reports from China that the government will increase the amount of phosphate it allows to be exported. The new number is reported at 8 million mt, a 3 million mt increase from last year.

India:     

Domestic production is picking up as more plants come online following routine maintenance turnarounds. Sources said no new spot deals were made. The market’s large buyers still prefer to negotiate with producers rather than work through traders.

The last bit of public business, reported earlier this month with Russian DAP, was priced in the upper-$570s/mt FOB.

Brazil:   

Prices for MAP continued to decline. Sources now put the price at $580-$600/mt CFR. Earlier in the week international traders had noted reports of Russian MAP offered at $600/mt CFR. Just a week earlier, that price would have been in the middle of the range – this week, it represents the upper end. For now, Russian product is setting the low end of the range into Brazil.

Inland traders have expressed concern that phosphate prices may soon take an upward turn. They said the bump in both urea prices and phosphate demand in the US could lead to higher prices at Brazil, even though supplies of MAP in the country remain at very high levels. Despite concerns of a price increase, the Rondonopolis price dropped to $710-$730/mt FOB ex-warehouse, a $15-$20/mt decline.

Trade Data Monitor reported first-quarter MAP imports at 1.15 million mt, roughly double the 568,000 mt recorded through the first three months of 2022.

March imports were up 72% year-over-year, lifting to 441,000 mt from 256,000 mt. The main suppliers were Russia with 232,000 mt, Morocco with 114,000 mt, and the US with 46,000 mt.

TSP

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

US Gulf:

After kicking off the week at a reported $535/st FOB, sources saw NOLA TSP barges firming to around $560/st FOB later in the week. Pricing was previously noted at $535-$550/st FOB.

Eastern Cornbelt:

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

Western Cornbelt:

TSP was reported at $610-$620/st FOB in the Western Cornbelt.

Brazil:   

TSP followed the general phosphate price pattern, falling to $380-$430/mt CFR, bringing down the market’s upper end by about $20/mt. The Rondonopolis price narrowed to $560-$565/mt FOB ex-warehouse.