US Gulf:
The NOLA potash market was described as flat, and continued to be reported at $315-$320/st FOB based on limited new business.
Potash was steady at $365-$395/st FOB in the Eastern Cornbelt, depending on location, with the low reported at Illinois River terminals and the high out of inland warehouses in Ohio. The Cincinnati market remained at $365-$375/st FOB in early March.
Western Cornbelt:
Potash slipped slightly to $360-$385/st FOB in the Western Cornbelt, with the low confirmed at St. Louis and reflecting a $5/st drop from last report.
Great Lakes:
Potash pricing was unchanged at $395-$423/st FOB in the Great Lakes region, with most Michigan warehouses quoted at $415/st FOB for red and $423/st FOB for white MOP.
Northern Plains:
Potash was steady at $390-$400/st FOB St. Paul, with delivered tons reported at the $400-$410/st level in the Northern Plains. The latest prices FOB Saskatchewan mines for post-fill offers were quoted at $390-$395/st FOB, depending on grade.
Northeast:
Potash pricing in the Northeast was pegged at $365-$380/st FOB, depending on location, with the low reported at Fairless Hills and the high at East Liverpool. Rail-DEL prices remained in the $390-$410/st range in the region.
Eastern Canada:
Potash firmed to a solid C$625/mt FOB regional warehouses in Eastern Canada, up from January fill offers at the C$580/mt FOB level.
Northwest Europe:
Wet weather continues to hamper application as well as buyer appetite, resulting in poor liquidity and unchanged prices for granular potash in Northwest Europe. While buyers continue to push for price reductions, suppliers are pausing amid the recent momentum seen for potash prices in Brazil.
India:
Potash imports to India firmed markedly in 2023, Trade Data Monitor reported, to 3.2 million mt from 2.7 million mt, an 18% increase. Canada led suppliers with 1.2 million mt, Russia sent 951,000 mt, and Jordan added 419,000 mt. December imports were pegged at 205,000 mt, up 48% from the 139,000 mt noted one year earlier.
Southeast Asia:
Standard potash prices in Southeast Asia were up slightly at the low end of the range following reports of the Indonesian tender last week, which received offers in the $302-$307/mt CFR range. While no award could be confirmed, sources reported that suppliers are now reluctant to entertain levels below $295-$300/mt CFR. Volumes in the tender were not disclosed, but the buyer is reportedly seeking up to 250,000 mt for shipment through June.
No further development was seen on granular potash prices in the region, leaving the range unchanged at $345-$355/mt CFR.
Brazil:
Potash prices in Brazil increased again, to $295-$300/mt CFR from last week’s $290/mt CFR. With domestic players having covered their positions – and even some future needs – at low prices, liquidity has dried up at the market’s new, higher levels. However, more product will be available in April from multiple producers.
Rondonópolis prices remained strong throughout the week, though new deals are largely on hold while growers digest the market’s recent price increases. While most farmers continued to bid at $380/mt FOB, discussions were largely centered around the $400-$420/mt FOB ex-warehouse range. Some predicted the market firming to $415-$425/mt FOB in the near-term.