U.S. Gulf:
NOLA potash barge trades edged up to $315-$320/st FOB from the week-ago $310-$315/st FOB.
Eastern Cornbelt:
Potash was pegged at $350-$380/st FOB in the Eastern Cornbelt, depending on location, with the lower end of the range reported at Ottawa and Cincinnati. The high reflected dealer reference pricing from Canadian producers, but sources confirmed new deals concluded at that level on a spot basis “as last minute demand continues to emerge.”
Western Cornbelt:
Heavy spring demand pushed the top end of the Cornbelt potash market back up to $375/st FOB for limited Canadian tons. Lower priced offers for imports remained in the $345-$360/st FOB range, depending on location.
Nutrien is rumored to be mulling summer fill ideas for potash, with some market participants expecting offers at current list prices of $380/st FOB Midwest terminals and $345/st FOB NOLA. “Similar to recent phosphate programs, exceptionally strong spring demand and tight global supply and demand points to a minimal summer reset in prices,” said one industry source.
California:
The potash market in California was unchanged at $505/st FOB for 60 percent MOP and $515/st FOB for 62 percent.
Pacific Northwest:
Potash pricing remained at $435-$445/st FOB and $440-$450/st rail-DEL in the Pacific Northwest, depending on grade and location. Potash postings from Intrepid FOB Moab and Wendover, Utah, were steady at $425/st FOB for 60 percent white standard and $430/st FOB for 60 percent white granular.
Western Canada:
Potash pricing was steady at C$530/mt FOB Saskatchewan mines for spring offers.
India:
As reported last week, RCF called a tender for a total of 105,000 mt of MOP to be delivered in three separate lots (GM April 23, p. 15). The tender closes on May 3. The first lot of 35,000 mt is to be shipped within 25 days of the issuance of the purchase order. The second lot is to be shipped in June and the third lot of 35,000 mt is to be shipped in August.
There has been no further announcements by major suppliers of a conclusion of new potash supply contracts with either India or China, following Arab Potash Co.’s (APC) April 18 stock exchange filing that it had agreed to a new contract with Indian Potash Ltd. (IPL) for firm and optional quantities totaling 350,000 mt (GM April 23, p. 15).
In addition to APC, Belarus Potash Co. (BPC) and ICL are the only other suppliers that have gone public with news of a new contract with IPL.
For China, only BPC has formally announced an agreement on a new supply contract with the Consortium of Chinese Buyers (Sinochem, CNAMPGC, CNOOC) for seaborne potash deliveries at $247/mt CFR (GM Feb. 12, p. 16).
However, as reported last week, there has been talk that some of the Chinese contracts and additional Indian supply contract deals have recently been settled at the new India price level of $280/mt CFR. However, there still is no confirmation of this.
Thailand:
MOP imports during the first three months of the year were up dramatically. Trade Data Monitor reported first-quarter 2021 imports of 213,000 mt against 110,000 mt from the same period in 2020. March imports were down 28 percent, to 62,000 mt from 86,000 mt in March 2020.
Brazil:
Prices on the lower end of the Paranagua range for MOP came up $5/mt, to $345-$365/mt CFR, while the Rondonopolis price held steady at $400-$450/mt FOB ex-warehouse. Sources said the supply of MOP in the regional distribution centers argues for lower prices in the coming weeks.
The barter rate for 1 mt of MOP out of Rondonopolis was put at 21 bags of soy or 55 bags of corn, compared with 12 bags of soy or 58 bags of corn last week. The rate in Southern Goias was put at 22.9 bags of soy or 38.8 bags of corn.