Intrepid Potash Inc. on Oct. 4 announced a $25/st potash pricing increase, effective immediately. The company said posted prices at Carlsbad, N.M., for new orders are now at $337/st FOB for 62 percent standard grade and $330/st FOB for 60 percent granular. New postings at Moab/Wendover, Utah, moved up to $345/st FOB for 60 percent granular, and $340/st FOB for 60 percent standard.
Intrepid said it is currently evaluating its Trio pricing “based on market factors related to the potash price increase.”
The potash price hike from Intrepid follows a $25/st increase announced by Nutrien Ltd. earlier on Oct 4, and a $15/st increase announced by The Mosaic Co. on Sept. 26.
Just days before the Oct. 5 closing of its urea tender, Indian trading company MMTC issued an update that bans offers from Iran and any other country facing economic sanctions.
The announcement was posted on the MMTC website. The update stated that offers of urea of “open origin” will not be considered, and offering companies must clearly state the origin of the urea in their offers. “[Offers of] material from countries of origin against which sanctions have been imposed/likely to be imposed, shall not be considered and price bids of such tenders shall not be opened,” the announcement said.
The move had an immediate impact on the Arab Gulf urea price. Oman reportedly sold a cargo to Keytrade at $340/mt FOB, a level which represents an almost $20/mt jump in price in just one week.
Arab Gulf urea is expected to play a dominant role in the MMTC tender. Industry sources said the MMTC action – and the subsequent price rise in the Arab Gulf – could draw out Chinese granular.
See the Oct. 5 issue of Green Markets for more analysis of the MMTC tender.
Nutrien Ltd. announced on Oct. 4 that it is raising domestic potash prices by $25/st, effective immediately. This takes the posted level for new orders up to $325-$330/st FOB Midwest terminals, with the average NOLA barge price moving up to $300/st.
The company reported that it is sold out through November for domestic potash sales. “This price move reflects strong global demand and tight supplies, in advance of what we expect to be a robust fall application season in North America,” Nutrien said.
The Nutrien increase follows a $15/st potash price increase announced by The Mosaic Co. on Sept. 26.
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