US Gulf:
The NOLA potash barge market remained at $300-$305/st FOB for new trades reported during the week, unchanged from last week.
US Imports:
July-March potash imports increased 20.6% year-over-year, to 10.58 million st from 8.77 million st. March shipments were 1.56 million st, up 33.5% from 1.17 million st in March 2023. Imports from Canada were reported at 8.96 million st in July-March, Russia sent 1.23 million st, and Israel contributed 268,466 st.
US Exports:
Potash exports moved 16.2% lower in March, to 414,362 st from 494,380 st in March 2023. July-March exports softened 6.0%, to 2.58 million st from the year-ago 2.75 million st. Exports to China totaled 534,902 st for the July-March fertilizer year-to-date, followed by 366,941 st to Brazil and 284,010 st to Malaysia.
Potash was quoted at $340-$365/st FOB in the Eastern Cornbelt, with the low reported on the Illinois River. The Cincinnati market was pegged at $355-$365/st FOB during the week, down from the last week’s $360-$370/st FOB level.
Western Cornbelt:
Potash continued at $345-$365/st FOB in the Western Cornbelt, depending on location, with the low reported at St. Louis and the high in Iowa.
Northern Plains:
The latest potash offers in the Northern Plains were quoted at $355-$365/st FOB St. Paul, with rail-DEL potash reported at the $360-$370/st level in the region. Potash pricing FOB Saskatchewan mines was quoted at $360-$365/st FOB, depending on grade.
Northeast:
Potash pricing in the Northeast remained at $355-$385/st FOB, depending on location, with the high confirmed at East Liverpool. Rail-DEL prices were reported at the $370-$380/st range in the region.
Eastern Canada:
Potash was steady at C$580/mt FOB regional warehouses for red granular tons in Eastern Canada.
Northwest Europe:
Demand for granular potash in the region remained muted, with only one unconfirmed deal heard at €340/mt CIF. Given the lack of buyer appetite, the high end of the range slipped to an indicative €350/mt CIF as European buyers continue to eye overseas markets for price direction. Standard potash remained at a significant premium to other regions at €320-€335/mt CIF.
Southeast Asia:
Standard potash prices in Southeast Asia were flat this week after last week’s reduction. Demand is muted, with the market awaiting direction from the pending India and China contract settlements. Granular potash prices in the region were also flat at $335-$355/mt CFR.
Brazil:
Imported potash prices in Brazil remained at $300-$310/mt CFR for the week. Product originating from Former Soviet Union (FSU) countries has surpassed the levels seen prior to the war in Ukraine, while increased production from Laos has helped to keep the Brazil market well supplied.
Potash prices were noted at $425-$440/mt FOB in Rondonópolis, widening from last week’s $430/mt FOB level.
Brazil imported 3.7 million mt of potash in January-April, according to Trade Data Monitor, a 7% increase from the year-ago 3.5 million mt. Canada led suppliers with 1.3 million mt, Russia sent 1.2 million mt, and Uzbekistan added 485,000 mt. April imports were pegged at 1.2 million mt, rising 18% from the 1.1 million mt received in the prior April.