US Gulf:
NOLA potash barges inched lower to $565-$575/st FOB, down from the week-ago $565-$580/st FOB range.
US Imports:
July-August MOP imports were off 7.8%, to 2.09 million st from 2.27 million st last year. August imports firmed 14.6%, however, to 1.26 million st from 1.10 million st in the prior year.
July-August imports from Canada stood at 1.84 million st. Russia sent 196,237 st for the two-month period, followed by 47,388 st from Israel.
US Exports:
Potash exports for July-August fell 24.8%, to 570,749 st from 758,520 st last year. Exports were 7.1% higher in August, however, to 351,656 st from the year-ago 328,229 st.
Eastern Cornbelt:
Potash pricing slipped to $670-$680/st FOB in the Eastern Cornbelt, down another $10/st at the high end of the range. The Ottawa potash market was pegged at the $675/st FOB level at midweek.
Western Cornbelt:
The potash market was quoted at $660-$700/st FOB in the Western Cornbelt, with the high confirmed at Caruthersville. St. Louis potash pricing was reported in the $660-$675/st FOB range at midweek.
Southern Plains:
Potash warehouse pricing continued to fall. New offers in the Southern Plains were reported at $650-$660/st FOB in mid-October, down from recent levels in the $675-$695/st FOB range, with the low confirmed at Catoosa/Inola and the high at Houston.
The last official potash postings from Intrepid FOB Carlsbad, N.M., remained at $855/st for 60% white granular and $875/st FOB for 62% white standard.
South Central:
Potash pricing in the South Central region was quoted at $675-$700/st FOB, depending on location, with the low confirmed at Memphis and the high in Arkansas.
Southeast:
Potash offers in the Southeast were confirmed at $685/st FOB Wilmington, N.C., well below the last reported list price at $760/st FOB.
Germany/India:
K Plus S Middle East FZE DMCC, a subsidiary of Germany’s K+S Minerals and Agriculture GmbH, and India’s state-owned Rashtriya Chemicals and Fertilizers Ltd. (RCF) have signed a Memorandum of Understanding (MOU) for the import of 105,000 mt/y of potash for 2022-2025, according to a Press Trust of India statement on Oct. 11.
Under the agreement, K Plus S will supply the potash at “a discounted India specific price,” the statement said, but no further price details were reported. The MOU was signed on Oct. 6 and submitted to India’s Minister of Chemicals and Fertilizers, Mansukh Mandaviya, on Oct. 11.
The agreement will go a long way in “ensuring adequate supply of potash at a reasonable price to the Indian farming community,” Mandaviya said in a statement.
RCF will use the potash for its captive consumption, as well as for trading purposes. The volume to be supplied under the agreement will fulfill 60% of the company’s captive consumption requirement, according to the statement. RCF has typically issued tenders for its potash requirements. Until recent sanctions came into play, the company has largely made the tonnage awards to Belarus Potash Co. (BPC).
To ensure fertilizer availability for the country’s farmers, the Indian government has encouraged domestic fertilizer producers to establish supply linkages through long-term partnerships.
Canpotex in late September signed MOUs with Indian Potash Ltd., Coromandel International Ltd., and Chambal Fertilisers and Chemicals Ltd. for the supply of 500,000 mt/y of potash from Jan. 1, 2023, to Dec. 31, 2025 (GM Sept. 30, p. 14).
Bangladesh:
There was still no news of the Bangladesh Agriculture Development Corp.’s (BADC) tender for an unspecified quantity of standard potash. The lowest offer into the tender was reported at $843/mt CFR.
Brazil:
Suppliers had hoped the beginning of the month marked a floor for MOP. They were disappointed this week as prices dropped another $30/mt, to $620-$650/mt CFR. Large reserves with little to no demand will continue to be the bane of sellers, said sources.
The situation inland is not much different. Rondonopolis reported plentiful supplies and limited demand. The price has shifted down to $750-$805/mt FOB ex-warehouse.