US Gulf:
NOLA potash barges continued to be quoted in the $310-$315/st FOB range for the latest trades, though sources described a slow market during the week, with most new business reportedly centering on the $310/st FOB mark. While some continued to talk of rumored barge transactions at sub-$310/st FOB levels, no business was confirmed at the lower numbers.
Potash was unchanged at $365-$385/st FOB in the Eastern Cornbelt, depending on location, with the low reported at Cincinnati and out of spot Illinois River terminals. Delivered pricing in Michigan was pegged at the $410/st level for red granular tons.
Western Cornbelt:
Potash remained at $360-$385/st FOB in the Western Cornbelt, with the low confirmed at St. Louis and the high reported in Iowa.
Northern Plains:
Potash slipped to $375-$390/st FOB St. Paul, with delivered tons reported at the $390-$400/st level in the Northern Plains. The latest prices FOB Saskatchewan mines continued at $360-$365/st FOB, depending on grade.
Northeast:
Potash pricing in the Northeast was pegged at $355-$365/st FOB, with the low reported at Baltimore and the high at Fairless Hills. Rail-DEL prices slipped to the $385-$400/st range in the region, down from $390-$410/st.
Eastern Canada:
Potash was steady at C$625/mt FOB regional warehouses for red granular tons in Eastern Canada. “It’s fairly quiet on potash demand as most customers have their spring needs covered 90%,” said one regional contact.
Northwest Europe:
Granular potash prices in Northwest Europe were unchanged at €355-€375/mt CIF, with small parcels transacting in the range. Some sources said activity has picked up slightly, but many continued to describe a slow market with less liquidity than normal, despite producers’ efforts to place volumes.
Southeast Asia:
Standard potash prices in the region edged up $10/mt at the high end of the range, to $295-$315/mt CFR, reflecting renewed regional momentum following a rise in prices in Brazil and increased pressure on freights originating in the Red Sea.
Granular potash offers in Thailand at $350/mt CFR continued to support the current range of $345-$355/mt CFR. Buyers are reportedly eyeing the upcoming Indian and Chinese contract settlements to better gauge price direction in the region.
India:
January potash imports firmed 24% year-over-year, according to Trade Data Monitor, to 208,000 mt from 168,000 mt. Russia supplied 79,000 mt, Canada sent 58,000 mt, and Israel shipped 47,000 mt.
Thailand:
Potash imports to Thailand totaled 131,000 mt in January-February, Trade Data Monitor reported, rising from 83,000 mt received through the same period of 2023. Canada sent 63,000 mt, followed by Laos with 28,000 mt. February imports were 60,000 mt, up 75% from 34,000 mt in February 2023.
Brazil:
Brazil potash prices were unchanged from last week’s $300-$310/mt CFR level. With inland deals reported up to a $315/mt CFR equivalent, some producers lifted offers to $330/mt CFR, though no transactions were confirmed at the higher price.
Rondonópolis potash moved higher on anticipated demand, as suppliers continued efforts to improve their margins. Deals were confirmed in the $420-$435/mt FOB ex-warehouse range, up from $410-$420/mt FOB last week, with the majority of transactions approaching the top of the range. Some suppliers are only offering forward product, with delivery closer to the planting of the next soybean crop.