U.S. Gulf:
Potash barges loading from NOLA were unchanged at $310-$318/st FOB, with barges slated for loading in first-half May representing the low side of the range.
Prompt offers were typically heard at $315-$320/st FOB for the week, although a moving barge reportedly failed to draw bids against a $313/st FOB offer, leading some to predict softening sentiment going forward.
Eastern Cornbelt:
Potash was pegged at $355-$365/st FOB in the Eastern Cornbelt, depending on location, with the low confirmed on the Illinois River. The Cincinnati market was steady at $360-$365/st FOB in mid-April.
Western Cornbelt:
The potash market slipped to $345-$360/st FOB in the Western Cornbelt, down $10-$15/st from last report. The Catoosa/Inola market was pegged at $345-$355/st FOB in mid-April, down $5/st.
Northern Plains:
The potash market was quoted at $350-$355/st FOB St. Paul in mid-April. The market to U.S. buyers FOB Saskatchewan mines remained at a firm $330-$340/st after netbacks, depending on grade.
Great Lakes:
Sources pegged the potash market at $365-$385/st FOB in the region, depending on grade and location, with the upper end reported out of Saginaw.
Northeast:
Potash pricing for April-June shipments remained at $360/st FOB Fairless Hills, with rail-DEL pricing for Canadian tons pegged in the $385-$395/st range in the Northeast.
India:
No further contract settlement have been reported following ICL’s settlement of a new annual supply contract with Indian Potash Ltd. (IPL), India’s biggest potash importer, and Belarusian Potash Co.’s (BPC) announcement last week of a revised contract price of $280/mt CFR (GM April 9, p. 17).
Brazil:
The price for MOP remained steady at Paranagua at $325-$355/mt CFR. Even with the lack of movement, sources said the dynamics are in place for higher prices soon. Sources reported a deal at $340/mt CFR for a June cargo. Talks for additional tons are showing more aggressive pricing ideas from sellers.
Rondonopolis moved up about $10/mt, to $390-$450/mt FOB ex-warehouse. Sorriso also showed a step up in prices of about $5/mt, to $430/mt FOB ex-warehouse.
Russia:
Exports of 731,000 mt of MOP in February represented a 60 percent jump compared to the February 2020 number of 456,000 mt.
The increase in the first two months of the year was even greater. Trade Data Monitor reported January-February exports of 1.8 million, representing a 211 percent increase from the 565,000 mt shipped out during the same period in 2021.