US Gulf:
NOLA potash barges remained in the $345-$365/st FOB range as the industry awaits the launch of summer fill programs. While many had expected an announcement this week, sources said the focus appeared to be on UAN and ammonium sulfate fill offers ahead of the Southwestern Fertilizer Conference.
US Imports:
May potash imports totaled 1.01 million st, up 1.1% from 998,217 st in May 2022. July-May exports stood at 11.12 million st, however, falling 9.2% from the year-ago 12.25 million st. July-May imports from Canada were noted at 9.74 million st, while Russia sent 995,086 st and Israel added 274,012 st.
US Exports:
Potash exports for May softened 76.5% year-over-year, to 91,825 st from 390,362 st. July-May shipments were 12.2% lower, at 3.23 million st compared to the year-ago 3.67 million st. Cargoes destined for Brazil totaled 1.16 million in July-May. China took 483,253 st, followed by 347,695 st to South Korea.
Potash terminal pricing was pegged in the $390-$425/st FOB range in the Eastern Cornbelt, depending on location. The latest Cincinnati offers were confirmed at $390-$395/st FOB, below the last reported $400-$405/st FOB range.
Western Cornbelt:
Potash remained at $395-$425/st FOB in the Western Cornbelt, with the low confirmed at St. Louis and the high in Iowa.
Northeast:
Potash was pegged at the $445/st mark FOB Baltimore and East Liverpool, Ohio, while delivered tons in central Pennsylvania remained at the $465/st level in early July.
Eastern Canada:
Potash pricing in Eastern Canada remained at the C$740/mt level FOB regional warehouses, with no fill programs on the table during the week.
India:
India imported 1.1 million mt of potash in January-May, according to Trade Data Monitor, a19% decline from 1.3 million mt in the prior-year period. May imports were 574,000 mt, up 60% from the year-ago 358,000 mt. Canada supplied 280,000 mt for the month, followed by Israel with 87,000 mt.
Brazil:
The potash price moved up to $340-$350/mt CFR in Brazil as buyers tried to stay ahead of production curtailments in Canada related to the port strike.
The Rondonopolis price lost most of its low-cost tonnage, moving to $460-$485/mt FOB ex-warehouse. At the same time, the upper end of the range dropped $5/mt as aggressive buyers tried to “help” sellers clear out their warehouses.
Potash imports fell 13% in January-June, Trade Data Monitor reported, to 5.9 million mt from the year-ago 6.9 million mt. Canada sent 2.3 million mt, followed by Russia with 2 million mt.
Imports totaled 3.5 million mt in the second quarter, down 19% from 4.3 million mt received in April-June 2022. June imports stood at 1.2 million mt, down from the year-ago 1.6 million mt.