US Gulf:
The NOLA potash market remained at $265-$275/st FOB the latest trades, though sources speculated that the Canadian rail strike may push prices to the upper end of the range for the next round of business.
Potash was unchanged at $315-$335/st FOB in the Eastern Cornbelt, with the Cincinnati market pegged at $320-$330/st FOB at mid-month. Delivered offers in central Michigan were reported at the $350/st level for August-September.
Western Cornbelt:
Potash was unchanged at $315-$330/st FOB in the Western Cornbelt, with the low reported at St. Louis and the high in Iowa on a spot basis.
Northern Plains:
The potash market was unchanged at $325-$335/st FOB and $330-$345/st DEL for the last offers in the Northern Plains. Potash FOB Saskatchewan mines remained at the $315-$336/st FOB level, depending on grade.
Northeast:
Potash in the Northeast slipped to $320-$335/st FOB, with the low reported at Baltimore and the high at East Liverpool. The Fairless Hills market was pegged at the $325/st FOB level in mid-August. Delivered potash remained at $335-$345/st in the region, depending on location.
Northwest Europe:
Northwest European potash prices were flat as seasonally low demand continues to result in a largely illiquid market. Small sales of standard product were reported at range-bound pricing of €315-€330/mt CIF, with granular potash quoted at €330-€350/mt CIF. An uptick in demand, as well as new prices from producers, is expected in mid-September.
Southeast Asia:
Minimal activity was reported in the Southeast Asian potash market, though buyers and sellers continue to disagree on pricing direction ahead of the upcoming tender season. Some clarity may emerge in Pupuk Indonesia’s Aug. 23 import tender, however. Suppliers are emboldened by the Indian contract settlement and recent news that some tonnage initially booked at $279/mt CFR may be under renegotiation at $283/mt CFR.
Buyers, however, are unwilling to accept higher prices for now, given ample potash supply availability globally. As a result, prices in the region were stable, with standard potash at $275-$290/mt CFR and granular at $330-$340/mt CFR.
China:
January-July potash imports firmed 16% year-over-year, Trade Data Monitor reported, to 7.3 million mt from 6.2 million mt. Russia shipped 2.4 million mt and Belarus sent 1.7 million mt. Shipments from Canada totaled 1.4 million mt, and Laos added 1.1 million mt. July imports of 737,000 mt were down 27% from 1 million mt in July 2023.
Brazil:
Potash prices in Brazil pulled back to $290-$295/mt CFR, down slightly from $290-$300/mt CFR at last report. Despite the oversupplied market, sellers limited the volume of material on offer, with the effects of a potential Canadian rail strike on port activity prompting concerns over supply constraints.
The inland market remains well supplied, with subdued demand continuing to favor lower prices for delivery during the planting window. Prices held steady at $420-$435/mt FOB Rondonópolis during the week.