US Gulf:
NOLA potash business slipped to $310-$320/st FOB, down from last week’s $315-$320/st range, with most sources quoting new prompt barge trades in the $310-$315/st FOB range for the week. While some suggested that sub-$310/st FOB deals were also done depending on freight rates, others were skeptical.
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 mid-March.
Western Cornbelt:
Potash remained at $360-$385/st FOB in the Western Cornbelt, with the low confirmed at St. Louis and the high in Iowa. The Caruthersville market was quoted at the $370/st FOB level.
Southern Plains:
Potash was unchanged at $370-$380/st FOB Catoosa/Inola and Houston for prompt truck tons. Potash prices from Intrepid FOB Carlsbad, N.M., included $460/st for 60% white granular and $468/st for 62% white standard, up $15/st from the previous postings.
South Central:
Potash remained at $365-$375/st FOB warehouses in the South Central region, depending on location.
Southeast:
Potash slipped to $335-$340/st FOB port terminals in the Southeast, down another $10/st from last report. The latest offers in the Northeast were down slightly as well, to $360-$380/st FOB, depending on location. Potash pricing at Fairless Hills was pegged at $365/st FOB for March and $370/st FOB for April-May.
Northwest Europe:
No further price development was reported for granular potash in Northwest Europe, with demand still muted before application can begin after soils dry. Producers and distributors are in no rush to slash prices, however, as they continue to eye international developments, such as shipping disruptions in the Red Sea and pending contract negotiations in China and India.
Southeast Asia:
Russian standard potash was reportedly offered at $295/mt ex-warehouse in Malaysia, confirming the low end of the range. With the Indonesian import tender award not yet confirmed but offers reported in the $302-$307/mt range, the high end of this week’s range was revised lower to reflect the midpoint of known offers at $305/mt CFR.
Granular potash demand is reportedly muted in Thailand amid ample stocks. Prices remained at $345-$355/mt CFR for now, but downward pressure is likely to mount, with one source citing offers in the low-$340s/mt CFR for product of Israeli origin.
Brazil:
Landed potash prices continued to strengthen during the week, firming to $300-$310/mt CFR from last week’s $295-$300/mt CFR. With the needs of domestic buyers mostly covered, multiple sellers are reporting limited availability and showing higher prices for forward deliveries.
Anticipated potash demand continued to pressure the Rondonópolis market, as suppliers are reportedly seeking better margins. While offers remained stable at $400-$420/mt FOB ex-warehouse amid a week of slow trading, sub-$400/mt FOB offers have all but disappeared after being reported frequently just two weeks earlier.
Brazil imported 1.4 million mt of potash in January-February, according to Trade Data Monitor, up 10% from the year-ago 1.3 million mt. Canada sent 487,000 mt, Russia shipped 453,000 mt, and Uzbekistan added 145,000 mt. February imports were 591,000 mt, falling from 790,000 mt in February 2023.