Southern Plains:
Ammonium nitrate pricing was unchanged at $450/st FOB Muskogee, Okla., for the latest offers.
South Central:
Ammonium nitrate was down significantly in the South Central region, with new pricing confirmed at $325/st FOB Yazoo City and $350/st FOB out of river terminals in Kentucky, down from the previous $400-$450/st FOB range.
US Gulf:
NOLA ammonium sulfate barges remained in the $300-$310/st FOB range. Sources said prompt barge availability is tighter this month until cargos arrive in late April/early May.
Eastern Cornbelt:
The granular ammonium sulfate market remained at $370-$385/st FOB in the Eastern Cornbelt, with the low confirmed out of spot Mississippi, Illinois, and Ohio river terminals. The Cincinnati market was pegged at $375-$380/st FOB at midweek, while Ottawa, Ill., offers were reported in the $380-$385/st FOB range.
Western Cornbelt:
Granular ammonium sulfate was quoted at $360-$390/st FOB in the Western Cornbelt, up $5-$10/st from last report, with the low confirmed at St. Louis and the high in Iowa. The Omaha, Neb., market remained at the $385/st FOB level in early April.
Southern Plains:
The granular ammonium sulfate market firmed slightly to $350-$380/st FOB in the Southern Plains, up $10/st from last report, with the low confirmed at Houston and the high at Catoosa/Inola.
South Central:
Ammonium sulfate prices remained in a broad range at $345-$380/st FOB in the Southeast, with the low confirmed in Mississippi and the high in Arkansas. The Memphis market was reported at $365-$375/st FOB.
Southeast:
While posted prices have not officially changed, sources confirmed that granular ammonium sulfate has dropped to $400/st FOB Hopewell, Va., well below the $490/st FOB list price. Rail-DEL pricing in the Carolinas was pegged at the $425/st level for recent business.
The upper end of the Southeast market was pegged at the $450-$460/st FOB/DEL level for granular tons in Florida, with standard grade at $395/st FOB/DEL.
China:
The price for caprolactam-grade amsul is under pressure. Sources noted that prices were in the low-$150s/mt FOB, but could drop further. As the week ended, reported prices in Brazil dropped as low as $170/mt CFR, causing some traders to estimate the new China price at $145-$150/mt FOB.
Brazil:
The range of business done through the week put the price at $170-$185/mt CFR, with deals pushing toward the lower side of the range by the end of the week. The lower prices came as both urea prices dropped around the world and supply continued to outstrip demand.
Turkey:
January-February ammonium sulfate imports were counted at 242,000 mt, Trade Data Monitor reported, off 19% from the prior-year 301,000 mt.
February imports totaling 31,000 mt – all from China – represented a significant drop from 152,000 mt imported in February 2022.
Thailand:
Thailand imported 13,000 mt of ammonium sulfate in January-February, according to Trade Data Monitor, up from7,000 mt recorded through the first two months of 2022.
February imports were 3,000 mt, off from 5,000 mt in the previous February. China was the main supplier with 2,500 mt.
Central Florida:
Central Florida DAP trucks were posted at $630/st FOB, unchanged from one week earlier. Players reported truck-loaded MAP even with DAP at $630/st FOB, also steady from the previous report.
MAP trucks sold from North Florida were offered at $630/st FOB, unmoved from last week.
US Gulf:
Sources noted NOLA DAP and MAP barges firming from week-ago levels.
Imported DAP barges traded as high as $620/st FOB, a $5/st increase on the prior $615/st FOB top, while players described limited tonnage changing hands as low as $610/st FOB early in the week, rising from the prior $600/st FOB low end. Multiple trades of domestically-produced DAP were reported at $615/st FOB, while offers for domestic tons were noted firming to $620/st FOB on April 6.
On the MAP side, early-week pricing heard in a $570-$575/st FOB range moved up to $575-$580/st FOB by the end of the March 31-April 6 trading period, sources said. MAP barge offers from domestic producers lifted to $580/st FOB, $5/st above the week-ago $575/st FOB.
Freight issues were said to impact the market, with sources describing difficulty finding both empty barges and space on a tow for a loaded barge. As a result, DAP barges were noted trading at $625/st FOB from Cairo, Ill., on April 5, while subsequent $630/st FOB bids failed to attract offers on April 6.
Weaker prices in the May futures market belied uncertainty regarding the market’s staying power, however. Some players described paper values considerably below the April spot market, and possibly into the $530s/st FOB.
The NOLA barge DAP market firmed to a $610-$620/st FOB range for the week, rising from $600-$615/st FOB reported previously. Players put MAP at $570-$580/st FOB, above $570-$575/st FOB at last check.
US Exports:
Mosaic reported a 7,000 mt sale into the northern Latin American markets. The cargo, consisting of 5,000 mt of MAP and 2,000 mt of DAP, was priced at $610/mt FOB, with shipping slated for second-half April.
Based on reported spot trades, the Gulf export DAP and MAP markets softened to $610/mt FOB, off $25/mt from $635/mt FOB noted previously.
Eastern Cornbelt:
DAP was quoted at $675-$690/st FOB in the Eastern Cornbelt, up $5-$10/st from last report, with the low reported out of spot Ohio River terminals. The Cincinnati market was pegged at $680-$685/st FOB and in tight supply, with Ottawa pricing reported in the $680-$690/st FOB range.
MAP remained at $625-$650/st FOB, with the Cincinnati market reported at $625-$645/st FOB during the week.
Western Cornbelt:
DAP was steady at $665-$680/st FOB in the Western Cornbelt, with the St. Louis market remaining at $665-$675/st FOB. MAP was pegged at $615-$650/st FOB in the region, with St. Louis pricing reported in the $615-$625/st FOB range.
Southern Plains:
The DAP market firmed to $690-$710/st FOB Catoosa/Inola during the week due to tight supply, up from the prior $675-$685/st FOB range. MAP was pegged in a broad range at $620-$670/st FOB in the Southern Plains, with the low confirmed at Houston. MAP offers at Catoosa/Inola ranged broadly at $640-$670/st FOB during the week, with very limited supply.
“The hot topic in Oklahoma is inventory, or the lack thereof,” commented one source. “Many sellers don’t have one or two dry fertilizer products. Urea and DAP are hard to find, but traders have product in transit, subject to when barges arrive. MAP and even potash have had some supply issues.”
South Central:
DAP prices tightened to the $670-$685/st FOB range in the South Central region, with the low in Kentucky and the high reported at Memphis and out of Arkansas River terminals.
Southeast:
MAP pricing from Nutrien was steady at $630/st FOB Aurora, N.C., and White Springs, Fla. Sources also reported imported DAP available at the $635/st level FOB Chesapeake, Va.
China:
The estimated DAP price remained at $560-$570/mt FOB. At that level, said sources, no business can be done with the major buyers in India, who are looking at prices closer to $570/mt CFR. The higher price was based on the Chinese domestic market, said one trader.
India:
Sources described an earlier deal for Russian DAP setting the low end of the week’s price range at $577/mt CFR. The upper end dropped from the week-ago $590/mt CFR to $580/mt CFR, based on a deal for two DAP cargoes reported at $580/mt CFR.
Phosphate producers are expected to begin restarting their plants this month as they come off from routine maintenance turnarounds.
Brazil:
The price of MAP keeps falling. Sources now put the price at $590-$610/mt CFR. Traders said the market is still looking for a price floor, but none is in sight.
The Rondonopolis MAP price is now down to $725-$750/mt FOB ex-warehouse. Some of the downward pressure appears to be coming from sellers offering sub-$700/mt FOB tons while looking to clear out their warehouses.
Local buyers pointed to a number of risks in buying MAP at this time. For some, it is securing a timely delivery. For others, it is financing. Rather than face those risks in a falling market, sources said that many buyers are just sitting back while the market looks for a floor.
US Gulf:
Sources saw the NOLA TSP barge market stretching to $535-$550/st FOB, down from $540-$550/st FOB in the prior report.
Eastern Cornbelt:
TSP firmed to $620-$625/st FOB in the Eastern Cornbelt, up from the previous $580-$610/st FOB range.
Western Cornbelt:
TSP was reported at $595-$615/st FOB in the Western Cornbelt.
South Central:
TSP pricing in the South Central region slipped to $610-$620/st FOB for new business, below the previous $615-$630/st FOB range, with the low reported at Memphis and the high in Arkansas.
Brazil:
The landed TSP price dropped to $380-$450/mt CFR from $415-$460/mt CFR last week. The new price represents a drop of $80/mt from early March.
The Rondonopolis price was reported at $555-$585/mt FOB ex-warehouse, down from the week-ago $560-$605/mt FOB.
Brazil:
The landed SSP price was reported at $215-$240/mt CFR, against last week’s $220-$270/mt CFR.
The inland price shifted for the week, with SSP 19-21 coming in with an average price range of $340-$380/mt FOB ex-warehouse.
Eastern Cornbelt:
April phos acid postings in the Eastern Cornbelt remained at $14.00/unit rail-DEL, unchanged from March.
Western Cornbelt:
Phos acid was unchanged at $14.00/unit rail-DEL in the Western Cornbelt for April tons.
Southern Plains:
Phos acid pricing in the Southern Plains was steady at $14.00/unit rail-DEL for April tons.
India:
India phosphoric acid contracts were valued at $1,050/mt P2O5 CFR for the first quarter, sources said, $50-$150/mt P2O5 below the $1,100-$1,200/mt P2O5 CFR reported for the prior period.
Eastern Cornbelt:
The 10-34-0 market was pegged at $675-$695/st FOB in the Eastern Cornbelt, with the low out of Illinois River terminals and the high reported at Cincinnati.
Western Cornbelt:
10-34-0 was unchanged at $655-$675/st FOB in the Western Cornbelt in early April, with the low in Nebraska and the high in Iowa.
Southern Plains:
10-34-0 remained at $630-$670/st FOB in the Southern Plains, with the low in Kansas and the upper end reported in eastern Texas. The 11-37-0 market ranged from $730-$770/st FOB in the Texas market, depending on location.
US Gulf:
While some continued to report NOLA potash trades at the $360/st FOB level for imports in early-week business, most said the market had firmed to $370-$375/st FOB as the week progressed, with confirmed business at the $380/st FOB level late on April 6. “There seems to be very little product available at NOLA,” commented one industry source.
Eastern Cornbelt:
Potash was reported at $425-$440/st FOB in the Eastern Cornbelt, with the low reflecting most river terminal offers and the high at inland warehouses. The Cincinnati potash market was pegged at $425-$435/st FOB in early April, with the Ottawa market reported at $435/st FOB.
Western Cornbelt:
Potash terminal prices tightened to $425-$445/st FOB in the Western Cornbelt, with the low at St. Louis and the high in Iowa.
Southern Plains:
The potash market was quoted at $425-$440/st FOB in the Southern Plains, with the low reported at Houston and the high at Catoosa/Inola. The last potash postings from Intrepid FOB Carlsbad, N.M, included $515/st for 60% white granular and $525/st for 62% white standard.
South Central:
Southeast:
The last potash price was quoted at the $430/st level FOB Wilmington, but sources said available tons were tapped out at that location as the week progressed.
India:
New potash supply contracts with Indian Potash Ltd. (IPL), India’s largest importer, were inked by Canpotex and Russian producer Uralkali at $422/mt CFR for tons shipped through Sept. 30, 2023, down sharply from the $590/mt CFR agreement concluded last year with both India and China.
Canpotex announced the new contract terms on April 4, with Uralkali’s announcement following on April 5, though Uralkali said in its statement that it was the first producer to reach an agreement with IPL. Neither producer disclosed the volumes projected under the agreements.
“The agreement is an objective reflection of the current situation in the industry,” said Uralkali CEO Vitaly Lauk. “We can see a positive reaction to our initiative from the market and believe that the Indian contract is going to be a key price benchmark this year.”
“Canpotex has reliably supplied India with high-quality Canadian potash for over 50 years,” said Gordon McKenzie, Canpotex President and CEO. “We are committed to supporting India’s growing potash needs, and this contract will provide a reliable, stable supply of potash to our valued customer, IPL.”
Whether the new price sets the benchmark that producers hope for remains to be seen. “India’s potash contract purchase for an unknown volume at $422/mt CFR is unlikely to stabilize prices in a softening market,” said Alexis Maxwell, Green Markets Research Director. “Inventories are high in North America as the planting season starts amid unfavorable weather, and 2Q marks a slow period for global trade.”
Brazil:
The new potash contract price at India had yet not filtered into Brazilian price calculations as the week ended. Sources said the landed price remained at $400-$440/mt CFR.
Some in Brazil are calling India’s $422/mt CFR price a floor, in the hope that prices will rebound. Others, however, described the price as a ceiling, expecting that subsequent buyers will be able to secure better prices after the market calms down.
The price in Rondonopolis shifted down slightly to $540-$565/mt FOB ex-warehouse. Sources expect the price to drop to $520/mt FOB ex-warehouse soon.
Thailand:
January-February potash imports totaled 83,000 mt, Trade Data Monitor reported, up from the year-ago 63,000 mt.
February imports were noted at 34,000 mt, against 21,000 mt recorded in February 2022. Belarusian material accounted for about one-third of the February imports with 12,000 mt, while Canada supplied another 7,000 mt.
Tampa:
Sources reported no significant negotiations for the second-quarter Tampa molten sulfur contract underway during the week.
Expectations for the contract’s ultimate landing price continued to track in a $110-$120/lt CFR range, off $10-$20/lt from the first quarter’s $130/lt CFR agreement, although persistent softening reported from a number of international markets in recent weeks could push that number lower, some speculated.
Refinery utilization moved lower for the week, the US Energy Information Administration (EIA) reported. Operable US refining capacity slipped to 89.6% for the period ending March 31, a 0.7 percentage point decrease from 90.3% reported previously. The rate fell behind the year-ago 92.5%, but topped the five-year average of 85.6%.
Crude inputs were also lower, the EIA noted, slipping to an average 15.615 million barrels/d from 15.813 million barrels/d reported previously, a 198,000 barrel/d difference.
US Gulf:
Last-done out of the US Gulf continued to be called $125-$130/mt FOB. Recent declines in the Brazil market suggested values closer to the $110s/mt FOB should a deal conclude currently, sources said. A lack of liquidity has reportedly prevented the market from testing the lower levels to-date.
Brazil:
Recent business at Brazil was noted in a $134-$150/mt CFR range, off from $135-$160/mt CFR reported last.
Contract values for the first quarter were understood at $172-$186/mt CFR. Contracts are likely to soften in the second quarter.
Vancouver:
Last-done out of Vancouver continued to be heard in a $105-$115/mt FOB range. Values for new business were expected to trend toward the lower end of the range, sources said.
Alberta:
Indications on Albert sulfur netbacks were steady at $15-$60/mt, unmoved from the prior report. The range included both molten tons contracted into the US market and prilled material selling through the Vancouver export market.
West Coast:
West Coast prills were indicated in a $105-$115/mt FOB range, steady from the prior report.
Sources reported softening in the West Coast molten sulfur market. Contracts for the second quarter were reported in a $98-$106/lt FOB range, off from $125-$135/lt FOB in the first quarter.
China:
New pricing at China tracked in a $125-$135/mt CFR range, sources said, falling from $130-$140/mt CFR in the prior report.
US Gulf:
Gulf import sulfuric acid vessel ideas were most recently noted in the $80-$90/mt CFR range.
Brazil:
Recent import values at Brazil were understood to range from $75-$100/mt CFR, unchanged from one week earlier.
