All posts by mickeybarb@charter.net

TSP

US Gulf:

Players noted firming TSP barge values, calling prices $525-$540/st FOB for the week, an increase from $525-$530/st FOB reported previously.

Eastern Cornbelt:

TSP was steady at $595-$610/st FOB Cincinnati in late February.

South Central:

TSP warehouse pricing was pegged at $620-$635/st FOB in the South Central region, with the low at Memphis and the high at Little Rock.

Transportation

US Gulf:

Maintenance at Calcasieu Lock, in progress since Jan. 30, was scheduled to run through March 3. Intermittent delays at the site were reported up to 23 hours during the week.

Sources continued to expect Algiers Lock repairs to kick off before the end of February and last for roughly seven weeks. Approximately 20 days of daylight-hour shutdowns are expected during the project. Delays were noted up to 22 hours through the week, down from 32 hours reported previously.

Colorado Lock maintenance and repairs, scheduled to last through March 10, were heard to restrict lock access daily between 7:00 a.m. and 7:00 p.m. Wait times were counted up to seven hours on Feb. 21.

Navigation through the Belle Chasse Bridge was reportedly unavailable from 6:30 a.m. to 7:00 p.m. on Feb. 20 and 22 due to ongoing bridge replacement work. More daytime closures are scheduled for Feb. 24, 28, and March 2, with additional shutdowns expected in late March and April. The bridge is located at Mile 3.8 of the Algiers Canal.

Delays at Port Allen Lock were reported up to nine hours during the week, while wait times of 42 hours were observed at Industrial Lock. Brazos Lock passages were seen as high as 13 hours.

Bayou Boeuf Lock maintenance was heard to conclude on Feb. 16, capping off a period weekday navigation shutdowns.

Mississippi River:

Rising water levels were reported on the lower Mississippi River.

A Flood Warning was in effect for the Mississippi River at Vicksburg on Feb. 21-22, one week after a similar warning was posted for the Feb. 15-20 period. Levels at the site were predicted to peak at 33.5 feet on March 3-5, below the area’s 35-foot Action Stage. The NWS expected Baton Rouge levels to climb above that gauge’s 30.0-foot Action Stage on March 6-8, to at least 30.2 feet.

The primary chambers at Mel Price Lock and Chain of Rocks Lock are closed to navigation through March 31 and March 17, respectively. Transit has remained available through the secondary chambers at both locations. Corps data put Mel Price delays up to nine hours, while vessels waited up to 16 hours to transit Chain of Rocks.

Upper river locks currently closed for winter maintenance are scheduled to begin reopening to navigation on Feb. 26. Lock 24, shut since Jan. 12 for miter gate repairs, as well as Lock. 25, closed for lower guidewall cribbing, are due to reopen first. Mel Price Lock is slated to be the last to return to service, on March 31. Barges loading from NOLA for destinations above Clinton, Iowa, were expected to be begin releasing in the last two weeks of February.

Illinois River:

Sources noted rising-water conditions on the Illinois Waterway during the week, although no navigation restrictions were reported on Feb. 22. Wickets were reported in the lowered position at both LaGrange Lock and Peoria Lock, allowing boats to pass both sites without locking. Corps data put wait times at nine hours through each location.

Delays were reported up to seven hours at Marseilles Lock during the week. Starting in June, large-scale lock repairs and maintenance will force the Illinois River to effectively close to commercial navigation for 120 days. Normal movements are expected to resume in October.

Ohio River:

High flows and dangerous drift conditions were reported on the Ohio River due to quickly rising water levels. Towing capacity for boats traveling in the southbound direction was reduced by 5-10% as a result, although the restrictions were expected to be short-lived.

The secondary chambers at Bellville Lock and Racine Lock are scheduled to return from repairs and maintenance on Feb. 26, after which Racine Lock will enter a main chamber shutdown scheduled to last through March 12. Racine Lock waits were noted up to nine hours through the week.

JT Meyers Lock floating mooring repairs are scheduled to continue through Aug. 20, with intermittent main chamber closures expected. Following the current repair shutdown, the site’s auxiliary chamber will shut Aug. 21 through Sept. 10 for miter gate repairs, after which the main chamber will shut once again from Sept. 11 to Nov. 17. Delays at the site topped out at 5.5 hours on Feb. 22.

The main chamber at Dashields Lock returned from a three-day shutdown on Feb. 18. The Hannibal Lock primary chamber closed to navigation on Feb. 20, resulting in delays up to 12 hours for the week. Work at Hannibal is scheduled to wrap up on April 7.

The main chamber at Greenup Lock is due to close March 12 through April 12 for maintenance and repairs. At Melville Lock, the auxiliary chamber is projected to shut April 17 through Aug. 4.

Corps data put Cannelton Lock waits up to 11 hours on Feb. 22. On the Tennessee River, wait times at Kentucky Lock were recorded in a wide 5-22 hour range. Boats transiting Wilson Lock were delayed up to 20 hours.

Sulfuric Acid

US Gulf:

While offer levels from Northwest Europe continued to translate to US Gulf import price ideas in a general $100-$110/mt CFR range, increasing inventories in Europe – combined with low demand levels from a well-supplied US market – could prompt sellers to entertain bids in the $90-$100/mt CFR range in the next round of business, players speculated.

Brazil:

Nothing new was heard on the Brazil import sulacid market, leaving price ideas unchanged in a $115-$125/mt CFR range.

Sulfur

Tampa:

Tampa molten sulfur contracts were pegged at $130/lt CFR for the first quarter, up $40/lt from $90/lt CFR in the prior period.

US refinery capacity moved lower for the week ending Feb. 17, the Energy Information Administration (EIA) reported, falling to 85.9%, a 0.6 percentage point decrease from 86.5% at last check. The rate trailed the year-ago 87.4% while beating the industry’s five-year average of 83.4%

Daily crude inputs were marginally lower, slipping to an average 15.010 million barrels/d, off 17,000 barrels/d from 15.027 million barrels/d posted previously.

US Gulf:

Sources called US Gulf sulfur pricing in a $120-$125/mt FOB range for the week, increasing from $115-$120/mt FOB in the prior report.

Brazil:

Brazil sulfur imports were understood to fall in a wider $135-$150/mt CFR range. The low side stemmed from the recent CMOC tender, reportedly awarded in the upper-$130s/mt CFR, while smaller cargoes were heard transacting as high as $150/mt CFR in recent trading. The market was previously called $135-$140/mt CFR.

First-quarter imports were pegged in a $172-$186/mt CFR range, with players reporting very little volume contracted for the period.

Vancouver:

Last-done at Vancouver continued to be heard at $115-$120/mt FOB, unchanged from the prior week.

Alberta:

Alberta sulfur netbacks were clocked at $15-$60/mt FOB. Both the low and high of the range were indicated to net back from molten tons contracted into the US market. Netbacks from material sold through the Vancouver export market tracked near the range’s upper end.

West Coast:

West Coast prills were indicated in line with Vancouver at $115-$120/mt FOB, unmoved from one week earlier.

Molten sulfur contracts were reported in a $125-$135/lt FOB range for first-quarter loading, above $75-$79/lt FOB in the fourth quarter.

China:

With port sulfur inventories reportedly falling to an estimated 1.5 million mt, Chinese buyers have reentered the market, sources said, supporting price levels of at least $150-$154/mt CFR. China has reportedly sought to maintain sulfur inventories of 1.5-3.0 million mt at ports in recent years.

ADNOC:

February posted prices from the Abu Dhabi National Oil Co. were called $127/mt FOB Ruwais, down $33/mt from $160/mt FOB in January.

Qatar:

Muntajat posted prices were called $124/mt FOB Ras Laffan for February lifting, down $31/mt from $155/mt FOB in the prior month. A recent selling tender issued by Muntajat was said to have been awarded at $145/mt FOB. Sources expressed surprise at the $145/mt FOB bid, citing recent price levels at Brazil and China.

Kuwait:

Kuwait will become the second-largest refiner of oil products in the Middle East by 2024, according to Dubai-based news outlet Zawya, citing a report from Fitch Solutions. The production boost, expected to top 35% in 2023, is expected to come entirely from the Al-Zour refinery project, slated to begin coming online before the end of 2023.

Al-Zour, comprised of three mini-refineries with a total 615,000 barrel/d nameplate capacity, is currently expected to reach full production levels in 2024, lifting Kuwait’s total refining capacity to about 1.5 million barrels/d, according to Bloomberg. The country produced around 800,000 barrels/d in 2022.

SOP Magnesia

Southern Plains:

Intrepid’s fill prices for Trio FOB Carlsbad included $360/st for standard, $395/st for granular, $405/st for premium, $410/st for OMRI standard and fine standard, and $445/st for OMRI granular for 1Q tons booked in January. A $20/st increase was slated to take effect after the January order period.

Southeast:

Granular SOP Magnesia was steady at $450/st rail-DEL in the Carolinas for the last offers.

Phosphoric Acid

Eastern Cornbelt:

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

Western Cornbelt:

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

Southern Plains:

February phos acid pricing in the Southern Plains was unchanged at $14.00/unit rail-DEL.

India:

India phos acid contracts were noted at $1,050/mt P2O5 CFR for delivery in the first quarter. Contracts were reported at $1,100-$1,200/mt P2O5 CFR in the prior period, a $50-$150/mt P2O5 difference.

NPK

Poland:

Grupa Azoty saw its output of NPK fertilizers fall to 65,000 mt in January, down from 76,000 mt produced in January 2022, while its specialty fertilizers output dipped to 14,000 mt from the year-ago 18,000 mt, according to a Feb. 23 market filing.