US Gulf:
NOLA barges edged down to $375-$380/st FOB from the week-ago $380-$387/st FOB
range.
Eastern Cornbelt:
The regional potash market slipped to $445-$470/st FOB in the Eastern Cornbelt, with Cincinnati pricing quoted at the $445-$465/st FOB level during the week.
Western Cornbelt:
The potash market remained at $445-$470/st FOB in the Western Cornbelt, with the St. Louis market reported at the $445-$450 FOB level.
Northern Plains:
Sources quoted potash pricing at $460-$470/st FOB St. Paul, with delivered fill offers reported at the $485/st level in North Dakota. The latest prices FOB Saskatchewan mines, based on current exchange rates, were reported at $482-$495/st, depending on grade.
Northeast:
The potash market in the Northeast was pegged at $460/st FOB Fairless Hills and $480/st FOB East Liverpool, while Baltimore pricing was reportedly referenced at the $495/st FOB level. Delivered potash was quoted in the $490-$505/st range in the region, depending on supplier.
Eastern Canada:
Potash pricing in Eastern Canada was steady at C$740-$745/mt FOB regional warehouses.
Brazil:
Prices continued to drop for potash, with sources putting the landed price at $480-$510/mt CFR. Sellers continue to argue that higher prices are on the horizon, although the presence of Belarus material in the market is putting downward pressure on pricing.
New orders of potash in Rondonopolis are hovering around $610-$620/mt FOB ex-warehouse. Sources said the range of concluded deals is wider, however, pegging the price for inland business at $610-$640/mt FOB ex-warehouse.
India/China:
ICL Group President and CEO Raviv Zoller expects India’s new annual potash supply contract to be settled “soon.”
“India needs product,” Zoller told analysts on a Feb. 15 earnings call. Zoller said ICL doesn’t mind if the contract takes a few more weeks, however, as the company is already essentially sold out of potash for the first quarter.
The CEO declined to comment on whether the market might see a two-tier contract price, with Belarus settling supply contracts with Indian buyers at one price and other suppliers coming in a different price level.
On China, Zoller reminded that the country still has potash inventory, and believes that none of the international suppliers are in a rush to agree to a contract at this point in time.
Israel:
ICL said on a Feb. 15 company earnings call that it is essentially sold out of potash for the first quarter of 2023, and has already sold over half of its annual allocation of potash to Brazil, to be delivered in the first half of this year.