US Gulf:
NOLA potash barges remained at $380-$400/st FOB, unchanged from last week, with sources describing a very quiet market. “NOLA potash is a completely dead market,” commented one industry contact. “I think buyers are more focused on N and P and keep waiting for the summer fill prices.”
Potash remained at $420-$440/st FOB in the Eastern Cornbelt, with the low confirmed at Cincinnati.
Western Cornbelt:
Potash pricing dropped to $400-$440/st FOB in the Western Cornbelt, with the low confirmed at St. Louis and the high in Iowa.
Northern Plains:
Potash slipped to $425-$445/st FOB St. Paul, with delivered tons quoted at the $450-$470/st level in the Northern Plains. The latest prices FOB Saskatchewan mines remained at $462-$472/st, depending on grade. Sources expect potash fill prices to be announced in late June.
Northeast:
The potash market dropped to $445/st FOB East Liverpool and $450/st FOB Fairless Hills, down $10/st from last report. Delivered potash in central Pennsylvania remained at the $465/st level in mid-June.
Eastern Canada:
Potash pricing in Eastern Canada was steady at the C$740/mt level FOB regional warehouses.
China:
ICL Group Ltd. reported on June 22 that it has signed contracts with its customers in China to supply an aggregate volume of 800,000 mt of potash in 2023, with mutual options for an additional 350,000 mt, at a price of $307/mt CFR. The price is in line with other recent contract settlements.
ICL said the deals are part of 2022-2024 framework agreements that ICL inked with its Chinese customers in February 2022 (GM Feb. 18, 2022).
Potash imports totaled 4.2 million mt in January-May, Trade Data Monitor reported, a 20% increase from the year-ago 3.5 million mt. May imports stood at 659,000 mt, up from 543,000 mt received in May 2022. Belarus led May suppliers with 367,000 mt, while Russia sent 111,000 mt.
India:
National Fertilizers Ltd. (NFL) closed a tender on June 20 for the supply of 100,000 mt of standard potash for shipment in two lots (GM June 16, p. 15).
Southeast Asia:
Potash prices continue to weaken across the region as buyers try to match the China contract price of $307/mt CFR. Suppliers are reportedly resisting buyers’ pricing ideas for small volumes, however.
In Vietnam, deals involving mostly Uzbek tons have been reported at the $370/mt CFR level, while Indonesian buyers are reportedly looking to secure tons at $340/mt CFR for material from Belarus.
South Korea:
Trade Data Monitor reported January-May potash imports at 289,000 mt, down slightly from 297,000 mt noted one year earlier. Canada supplied 93% of South Korea’s 93,000 mt import total for May, sending 86,000 mt.
Brazil:
The market keeps looking for a price floor. Sources put the latest price at $300-$320/mt CFR, while describing an oversupplied atmosphere. Traders are looking for both higher crop prices and increasing demand in order to not only find a floor, but see prices rebound.
Rondonopolis shifted marginally, to $420-$450/mt FOB ex-warehouse from last week’s $420-$445/mt FOB. The slight shift upward came from both growing demand and suppliers pushing for higher prices.