All posts by mickeybarb@charter.net

DAP/MAP

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

Central Florida:

Price postings for DAP and MAP trucks loading from Central Florida remained unchanged at $630/st for the week, sources confirmed.

North Florida MAP trucks were priced at $630/st FOB, also unmoved from one week earlier.

US Gulf:

Players noted softening values in the NOLA DAP and MAP barge markets.

Offers for domestically-produced DAP were quoted firming to $610/st FOB at the start of the Feb. 24-March 2 trading week, a $10/st increase on the prior $600/st FOB offer. At the same time, players noted the top of the DAP range slipping to $615/st FOB, off $10/st from $625/st FOB at last check, while imported product was even with the $600/st FOB week-ago floor.

MAP pricing was also off, with sources noting the low side of the range dropping $10/st week-over-week, to $555/st FOB from $565/st FOB. Sources continued to put the top of the market unchanged from the prior $575/st FOB, however.

Domestic producers were quoted reevaluating offer levels for both DAP and MAP barges on March 2.

The nearby DAP barge market softened to a $600-$615/st FOB range, a shift from $600-$625/st FOB reported previously. MAP barges fell to $555-$575/st FOB, from $565-$575/st FOB noted one week earlier.

US Exports:

Players continued to note a quiet Gulf spot market for the week, with no new spot business reported. Offers for new business were quoted at $650/mt FOB for limited March availability.

Eastern Cornbelt:

DAP remained at $660-$680/st FOB and MAP at $650-$670/st FOB in the Eastern Cornbelt, with the Cincinnati market unchanged at $660-$670/st FOB for DAP and $650-$660/st FOB for MAP.

Western Cornbelt:

DAP was unchanged at $640-$670/st FOB in the Western Cornbelt, with the St. Louis market reported at $640-$660/st FOB during the week. MAP remained at $620-$650/st FOB in the region, with the low again confirmed at St. Louis.

California:

MAP postings in California remained at $835/st FOB or DEL, with reports of spot rail-DEL offers down to $790/st in Northern California.

Pacific Northwest:

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

Western Canada:

MAP in Western Canada was pegged at C$1,060-$1,070/mt DEL, down C$15-$25/mt from early February. Warehouse pricing was quoted at C$1,080-$1,100/mt FOB, depending on location, reflecting a C$20/mt drop from last report.

China:   

No new spot sales were reported out of China. Sources estimated the price to be in the $630s/mt FOB, based on rumored small deals to Asian neighbors.

The netback to China from deals recently concluded in India would put the price at $615-$620/mt FOB. However, sources are careful to point out that recent Indian deals all came from non-China sources, which traditionally have lower prices.

India:     

A series of DAP purchases nailed down prices in the $640s/mt CFR.

Sources reported a 220,000 mt sale from Saudi Arabia at $643/mt CFR, a deal of about 200,000 mt from an unnamed source at $640/mt CFR, and a purchase from Jordan at $645/mt CFR. These deals came on the heels of a late-February sale from OCP priced in the low-$640s/mt CFR.

Domestic DAP production is reportedly down for February and March due to a series of routine plant turnarounds. Production is expected to pick up in late March and early April.

The DoF reported DAP imports totaling 562,000 mt in January, increasing from the year-ago 245,000 mt. A more detailed report is expected soon from Trade Data Monitor.

Trade Data Monitor reported 2022 DAP imports at 6.8 million mt, up 45% year-over-year from 4.7 million mt. Morocco supplied 2 million mt, followed by Saudi Arabia with 1.98 million mt. Imports from China totaled 1.3 million mt, while Russia added 750,000 mt.

December imports were 583,000 mt, up about 34% from 436,000 mt recorded for December 2021. Saudi Arabia supplied nearly half of the market with 287,000 mt, followed by 119,000 mt from Morocco and 102,000 mt from China.

Brazil:   

The MAP price took a slight dip to $645-$655/mt CFR. Sources attributed the lower pricing to downward pressure from other phosphate products. The Rondonopolis price edged slightly upward to $790-$820/mt FOB ex-warehouse. Sources reported aggressive MAP buying north of Rondonopolis as having an impact on inland prices.

Argentina:    

Even though Argentina’s largest MAP deliveries typically take place in the second and third quarters, TDM reported a token shipment of 4,700 mt from Saudi Arabia in January. Argentina imported 1,000 mt in January 2022.

Phosphoric Acid

California, Eastern Cornbelt, India, Market Watch, Pacific N.W., Phosphoric Acid, Western Cornbelt

Eastern Cornbelt:

March phos acid postings in the Eastern Cornbelt remained at $14.00/unit rail-DEL, unchanged from February.

Western Cornbelt:

Phos acid was unchanged at $14.00/unit rail-DEL in the Western Cornbelt for March tons.

California:

March pricing for phos acid was steady at $14.00/unit rail-DEL in California, with MGA referenced at $14.20/unit FOB Lathrop.

Pacific Northwest:

The phos acid market for March remained at $13.50/st FOB Pocatello, Idaho, and $14.00/unit rail-DEL in the Pacific Northwest, unchanged from February.

India:

Contracts for the first quarter were pegged at $1,050/mt P2O5 CFR, off $50-$150/mt from $1,100-$1,200/mt P2O5 CFR in 4Q 2022.

Ammonium Polyphosphate

Ammonium Polyphosphate, California, Eastern Cornbelt, Market Watch, Pacific N.W., Western Canada, Western Cornbelt

Eastern Cornbelt:

The 10-34-0 market was quoted at $695-$705/st FOB in the Eastern Cornbelt.

Western Cornbelt:

10-34-0 remained at $655-$685/st FOB in the Western Cornbelt, with the low in Nebraska and the high in Iowa.

California:

The 10-34-0 market in California was steady at $691-$696/st FOB Helm, with 11-37-0 pricing remaining at $753/st FOB El Centro.

Pacific Northwest:

10-34-0 postings in the Pacific Northwest were steady at $685/st FOB Hedges, Wash., with 11-37-0 referenced at $745/st FOB Hedges and $725/st DEL in Idaho.

Western Canada:

10-34-0 pricing in Western Canada remained at C$955-$965/mt DEL in early March.

Sulfur

ADNOC - Abu Dhabi, Alberta, Brazil, China, Market Watch, Qatar, Sulfur, Tampa, U.S. Gulf, Vancouver, West Coast

Tampa:

Tampa molten contracts were agreed at $130/lt CFR for the first quarter, a $40/lt increase from $90/lt CFR in fourth-quarter 2022.

Refinery utilization inched lower for the week, according to the US Energy Information Administration (EIA). Operable capacity was counted at 85.8% for the period ending Feb. 24, down 0.1 percentage points from 85.9% posted one week earlier, and lagged the year-ago 87.7% while beating the 80.7% five-year average.

Crude inputs slipped to an average 14.979 million barrels/d for the period, a decrease of 31,000 barrels/d from the week-ago 15.010 million barrels/d.

US Gulf:

US Gulf spot pricing continued to be reported in a $120-$125/mt FOB range, steady from one week earlier.

Brazil:

Players noted Brazil imports stretching to a wide $135-$160/mt CFR range, above $135-$150/mt CFR at last check. The low was set by a recent CMOC tender award reported in the mid-$130s. Total was believed to supply the winning offer, with the tons thought to originate from the US Gulf. Players reported smaller cargoes changing hands up to $150-$160/mt CFR in the wake of the tender.

Import contracts for the first quarter were understood to fall in a $172-$186/mt CFR range.

Vancouver:   

Vancouver prills were unchanged at $115-$120/mt FOB, unmoved from the prior report.

Alberta:

Sulfur produced in Alberta was indicated to net back $15-$60/mt FOB to sellers. The range included both molten tons contracted into the US market and prilled material selling internationally through the Vancouver export market.

West Coast:

Solid sulfur pricing on the West Coast was indicated in line with Vancouver at $115-$120/mt FOB, unchanged from the prior report.

First-quarter molten contracts landed in a $125-$135/lt FOB range, rising from $75-$79/lt FOB in the prior quarter.

China:     

Sources reported China spot imports rising to $150-$158/mt CFR, up from $150-$154/mt CFR.

ADNOC:

Firming values in the Middle East were expected to lift Abu Dhabi National Oil Co. (ADNOC) offers in March, with some players expecting posted prices near the $140/mt FOB level. February offers were reported at $127/mt FOB Ruwais.

Qatar:

Players noted Muntajat offers firming to $133/mt FOB Ras Laffan for March, up $9/mt from $124/mt FOB logged in February.

Sulfuric Acid

Chile, Gulf Coast, Market Watch, Midwest, Sulfuric Acid, U.S. Gulf

US Gulf:

Despite a lack of new business, sources agreed that price ideas on tons imported to the US Gulf have shifted lower, calling values in an $80-$90/mt CFR range, down $20/mt from $100-$120/mt FOB reported previously.

Gulf Coast:

Players reported an ongoing production outage at a plant in Texas. With the domestic market remaining well-supplied for now, the lost output was not believed to impact current pricing. However, the plant’s eventual return to operation could leave the market long, some speculated.

Midwest:

Players reported a balanced market, calling spot levels in a $160-$170/st DEL range. Annual contracts for the Midwest were previously noted at a wider $140-$180/st DEL for 2023.

Brazil:

A purchase tender from a major phosphate producer was rumored to award in the mid-$70s/mt CFR during the week, significantly below the market’s previous reported $115-$125/mt CFR range. While the final price remained unconfirmed on March 2, value ideas based on current freights and offer levels from Europe suggested Brazil import pricing down to at least $90-$100/mt CFR, off $25/mt from recent levels.

Chile:

Falling international price levels could prompt Chile to enter the spot market in the short-term, players said. With East Asia FOBs rumored as low as (-)$5/mt, buyers at Chile might see options available in a $120-$125/mt CFR range, sources said. Product shipping from Northwest Europe could be priced lower, should tonnage be available.

The Chile contract price for 2023 was pegged at $142-$148/mt CFR Mejillones.

Ammonium Thiosulfate

Amthio, California, Eastern Cornbelt, Market Watch, Pacific N.W., Specialty, Western Canada, Western Cornbelt

Eastern Cornbelt:

The ammonium thiosulfate market was steady at $375-$400/st FOB in the Eastern Cornbelt, with the low confirmed at Seneca, Ill.

Western Cornbelt:

The ammonium thiosulfate market remained at $375-$400/st FOB in the Western Cornbelt.

California:

Ammonium thiosulfate was pegged at $430-$440/st FOB in California in early March.

Pacific Northwest:

Ammonium thiosulfate in the Pacific Northwest was quoted at $375-$377/st FOB and $367-$370/st rail-DEL. Although some sources talked of “lower priced material leaking in around the edges from outside vendors,” no actual pricing levels were confirmed.

Western Canada:

The ammonium thiosulfate market remained at C$525-$540/mt DEL in Saskatchewan, unchanged from last report.