All posts by Steve Seay

Itafos Reports Sulfuric Acid Disruption

Itafos Conda reported Aug. 20 that it has been experiencing a significant disruption in sulfuric acid supply from Rio Tinto’s Kennecott mine. Some 60 percent of Itafos Conda’s sulfuric acid is supplied by Rio Tinto and other third party producers.

On Aug. 18, Rio Tinto announced that its Kennecott mine in Utah has experienced delays to the restart of the smelter. Rio Tinto further announced that they are working closely with their customers to limit any disruptions and expect to have the smelter fully operational in two months.

Itafos said it has been and will continue working to mitigate potential adverse effects of the disruption in sulfuric acid supply and will provide a further update when it reports second-quarter results.

RCF Urea Prices Show Big Jump

Sources reported the prices in the August 10 RCF urea tender showed a marked increase. The low price for the West Coast was reportedly from Midgulf at $289/mt CFR and $290.50/mt CFR for the East Coast. These prices represent about a $31/mt increase from the most recent tender. The lowest price on an FOB basis came from Fertiglobe at $282/mt, up from the $255/mt FOB paid in the earlier tender.

Nutrien Reports 2Q Results

Nutrien Ltd., Saskatoon, reported second-quarter net earnings of $765 million, which was below analyst expectations of $788.3 million. Sales were $8.42 billion. Year-ago earnings were $858 million on sales of $8.7 billion. Nutrien’s Retail segment, however, delivered record second-quarter and first-half EBITDA.

Mosaic Shares Up on ITC Decision

Shares of The Mosaic Co., Tampa, have been up since the Aug. 7 news that the U.S. International Trade Commission (ITC) would continue with its investigation of Mosaic’s petition against phosphate imports from Morocco and Russia. The ITC determined that there is a reasonable indication of material injury and said it will proceed with the investigation. Mosaic shares went up 6.5 percent on Friday, Aug. 7 to close at $17.19 and rose another 7 percent on Monday, Aug. 10 to close at $18.40.

Growmark, Southern States Announce Transaction

Growmark Inc. and Southern States Cooperative announced Aug. 7 plans to close on a transaction Sept. 1, 2020, that aligns the organizations operationally to yield increased innovation, growth, and returns for the farmer-owners of both cooperative systems. Growmark will assume the wholesale agronomy and energy (fuels and propane) assets of Southern States, along with several retail locations serving farmers in Delaware and Maryland. Growmark will provide crop inputs, fuels, propane, and a variety of customer support and marketing services to Southern States and its member cooperatives. They, in turn, will continue to deliver custom solutions with access to Growmark’s product mix, distribution expertise, and drive for innovation.

Beirut Death Toll Tops 100, Explosion Cause Focuses on Abandoned Ship

The Beirut death toll from a Tuesday explosion at the port has topped 100, with thousands wounded, according to Bloomberg.

Some 2,750 tons of ammonium nitrate was held at Beirut’s port for six years after been seized from an abandoned ship, state media reported officials as saying. The ship had been sailing from Georgia to Mozambique with a cargo of ammonium nitrate in September 2013 when it hit technical difficulties that forced it to call at Beirut, according to a summary by a local firm that helped the crew of the vessel find their way home.