U.S. Gulf:
No near-term potash barge sales were confirmed, with the last reported at $495/st for September-October. While price ideas for forward trades have moved to as high as $520-$540/st FOB, according to industry players, no new transactions occurred during the week to test the market.
Eastern Cornbelt:
Potash prices jumped to $575-$590/st FOB in the Eastern Cornbelt, up significantly from the prior week’s $485-$535/st FOB range, with the low reported at East Dubuque and the high at Cincinnati as the week progressed.
“At these current price levels, we are starting to see rejection from the grower front,” commented one dealer source. “I truly believe it will curtail their application rates or plans at these price levels going forward.”
Western Cornbelt:
Potash prices continued to ratchet higher in the Western Cornbelt, fueled by firming NOLA price ideas and tight supply. Sources pegged the market at $570-$590/st FOB in the Western Cornbelt, with the low confirmed at St. Louis. Other terminal quotes in late June included a firm $575/st Camanche, and $575-$590/st FOB St. Paul.
California:
Potash pricing in California remained at $535/st FOB for 60 percent and $545/st FOB for 62 percent MOP.
“Supply is tight, and no supplier has any extra,” commented one source. “Potash suppliers are holding off quoting new numbers beyond commitments already done for Q3. Mosaic sent a note to West Coast customers stating they will not have any additional soluble MOP until the new year.”
Pacific Northwest:
Potash pricing remained at $460-$470/st FOB and $470-$480/st DEL in the Pacific Northwest.
Potash postings from Intrepid FOB Moab and Wendover, Utah, firmed $90/st on June 22, to $540/st for 60 percent white standard and $535/st for 60 percent white granular. Intrepid said it is sold out for Q3, with only limited spot tons available to historical customers at the new pricing.
Western Canada:
The Western Canada potash price was steady at C$560/mt FOB Saskatchewan mines for the last truck offers. Sources said all of the plant locations had pulled price offers in late June, however.
India:
There has been no news regarding FACT’s tender for the purchase of one 40,000 mt shipment of red/pink standard potash for arrival at Tuticorin port in August. The tender closed on June 29 (GM June 25, p. 17).
Brazil:
Potash prices in Brazil are up – and buyers are angry. The anger comes not from the new price of $550-$600/mt CFR, but rather from the lack of product being made available at the ports. Buyers have been complaining for some time that suppliers might be holding back on tons until a better price is achieved. Sellers deny any such action.
Inland demand and limited supply also pushed up prices dramatically. Sources now call Rondonopolis at $590-$650/mt FOB ex-warehouse.
South Korea:
January-May imports of MOP in South Korea were down 8.8 percent, according to Trade Data Monitor, to 302,000 mt from 331,000 mt during the same period last year. Canada dominated the supply at 201,000 mt, followed by Belarus at 79,000 mt.
May 2021 imports were up 39 percent, to 46,000 mt from 33,000 mt in May 2020. At 14,000 mt, Canada was the only supplier in May to exceed 5,000 mt.
Thailand:
Imports of MOP in Thailand for the first five months of the year were up 68 percent, according to Trade Data Monitor, to 440,000 mt from 261,000 mt during the same period last year. The main suppliers this year were Belarus at 155,000 mt and Canada at 148,000 mt. All the remaining suppliers sent less than 45,000 mt.
May 2021 imports were up 35 percent, to 157,000 mt from 116,000 mt in May 2020. Canada and Belarus once again dominated the month at 90,000 mt and 54,000 mt, respectively.