All Posts from December 6, 2010

Market Watch

AMMONIA

U.S. Gulf/Tampa: December business for Tampa was concluded at $460/mt C&F, down just $10/mt from November. Some were predicting a larger drop.

In the meantime, sources reported some interest in barge tonnage, though nothing new was reported last week.

In Trinidad, producers confirmed that natural gas supplies have been cut 20 percent for 11 days beginning Nov. 30. The outage is so maintenance can be done on the gas infrastructure. All nitrogen producers were expected to be impacted as a result. PotashCorp opted to shut its number one plant down during the period, doing its own maintenance on that facility. Its other plants continued at normal rates.

Eastern Cornbelt: Sources said fall ammonia movement in the region was winding down as winter weather conditions moved in. Some tons were reportedly going to fill, but temperatures in most locations were too cold for actual field application last week.

The spot ammonia market remained at $690-$705/st FOB regional terminals, with the upper end reflecting dealer postings out of some Illinois shipping points.

Western Cornbelt: Sources continued to report a little fall ammonia movement taking place in the region, although colder temperatures had stalled activity in some locations. The anhydrous ammonia market remained at $670-$700/st FOB in the region, with the low out of Nebraska terminals and the upper end of the range in Iowa. Delivered ammonia tons were quoted in a broad range at $685-$740/st from southern production points, depending on destination.

California: Anhydrous ammonia pricing remained at $610/st truck-DEL in California, with postings as high as $670-$675/st DEL. Aqua ammonia was steady at $165/st FOB in the state.

Pacific Northwest: Sources quoted the anhydrous ammonia market in a broad range at $695-$725/st DEL in the region, depending on location. Effective Nov. 24, Agrium’s anhydrous ammonia postings firmed to $720/st rail-DEL in southern Idaho and Utah, and $745/st truck-DEL in Montana and northern Wyoming. Those levels were up $25/st from Agrium’s Nov. 2 ammonia postings in those locations.

Western Canada: Anhydrous ammonia firmed in late November to $817-$825/mt DEL in Manitoba, $825-$834/mt DEL in Saskatchewan, and $834-$861/mt DEL in Alberta, depending on location. Those levels reflected another $45/mt increase from last report. Dealer postings ranged from $827-$871/mt DEL in the region last week, depending on location.

UREA

U.S. Gulf: Urea barge prices continued to sink last week, with new trades reported within the $365-$373/st FOB range for the week. The lower numbers were attributed to a flush of imports and a lack of buyers. However, some said the $365/st FOB number was drawing buyers back into the market and might serve to firm prices back up.

Prills were reported to be tracking granular.

Eastern Cornbelt: Granular urea remained at $430-$445/st FOB regional terminals, with the low in Illinois and the upper end of the range reported in the Ohio market on a spot basis.

Western Cornbelt: Granular urea was steady at $420-$440/st FOB, with the upper end reflecting dealer list prices from some regional suppliers.

California: California sources tagged the granular urea market at $420-$435/st FOB in California last week. Effective Nov. 24, Agrium’s granular urea postings firmed to $465/st FOB West Sacramento, $490/st truck-DEL in central California, and $495/st truck-DEL in northern California. Those levels were up $20/st from Agrium’s Nov. 2 listings at those locations.

Pacific Northwest: Sources quoted the granular urea market at $440-$450/st FOB on the low end last week, up some $15-$25/st from last report. Still higher postings were in effect in the region, however. Effective Nov. 24, Agrium’s granular urea postings firmed to $465-$475/st DEL in Montana and Wyoming, depending on location; $485/st FOB Idaho warehouses at Acequia and Pella; $500/st DEL in northern and central Utah; and $505/st DEL in southern Utah. Those levels were up $20-$40/st from Agrium’s Nov. 2 listings at those locations.

Western Canada: Urea pricing in Western Canada moved up in late November to $551-$576/mt DEL, up $25/mt from last report, with the low in Manitoba and the upper end in Alberta. Dealer reference levels for granular urea ranged from $560-$585/mt DEL in the region, depending on location.

Pakistan: Local media reports that TCP will soon be authorized to import 250,000 mt of urea created a slight buzz in the market. With India out of the market into the second quarter of 2011, Pakistan now opens up as the only major buyer.

The government decision to import the urea came after analysis of current stockpiles and domestic production showed the shortfall.

Late last year the government predicted Pakistan would be urea self-sufficient in 2010. A shortage of natural gas, however, forced supplies to be diverted from urea producers and other industrial buyers in favor of households.

The curtailment of natural gas to the urea producers created a 400,000 mt shortfall, which was covered in a series of tenders that closed in July of this year.

The diversion of the natural gas was to last for only three months. However, the curtailment to industrial buyers has continued into the fourth quarter and has caused the current shortage of urea.

Government sources told local media that the 250,000 mt is needed to build reserves for early 2011. The reserves are necessary to prevent hoarding, speculation, and higher prices.

Now that one government committee has decided the urea is needed, another committee will determine how much money is available for the purchase.

The last time Pakistan bought urea on the open market the price was $288/mt CFR. The last Indian tender was settled at $397-$400/mt CFR.

Financing urea purchases has long been a problem for Pakistan. In recent years Saudi Arabia has provided loans and grants to Pakistan expressly for the purchase of Sabic urea. Pakistan officials have told local media they are once again hoping for an aid package from the Saudis.

Once all government agencies and committees have completed their work, the proper papers will be sent to TCP to handle the purchase.

As last week came to a close, TCP had not yet received permission to start buying the urea.

Pakistan consumed about 4.618 million mt of urea between January and October 2010, compared to 5.065 million mt in the corresponding period last year – reflecting a fall of 8.8 percent in demand year-over-year. According to a report from Invest & Finance Securities Ltd., higher carryover inventory and floods were the two major factors hurting urea demand during January – October.

According to the latest report of the Pakistan National Fertilizer Development Centre (NFDC), the Rabi season began with an opening inventory of 774,000 mt of urea. The country needs 3,758,000 mt of urea to meet requirements during the season, including 225,000 mt of imports and 2,758,000 mt of domestic production, keeping in view the gas curtailment and late commissioning of Engro’s new plant. The estimated consumption would be 3,289,000 mt, with a closing balance of 468,000 mt.

India: After the last tender, many figured the Indian buying season would be over for another 4-5 months.

Now, however, sources say that the country may still need another 600,000-800,000 mt before the end of the current season. One Asian trader noted the need is strong enough that India may return to the market much sooner than expected.

Reports from local media tend to back up the idea that the buying is done for this season.

The government now seems to be looking at how urea imports and sales will be handled in the 2011-2012 seasons rather than any more immediate needs. The Indian government and fertilizer industry are locked in talks about how to ensure plentiful urea supplies at the lowest price next year.

A committee of government ministers was scheduled to meet Monday, Dec. 6, then changed to Friday, Dec. 3, to discuss alterations to the import and subsidy policies for urea. It was scuttled late Friday when objections to any changes in the urea pricing and importation policy were raised.

Media reports say the minister of fertilizer objected to plans that would have decontrolled urea prices and allowed private firms to import urea for direct application. Currently, only the state-run agencies – IPL, MMTC, and STC – can import urea for direct application. Some private companies can import urea, but only for NPK or blended use.

The ministry of fertilizers proposed last month that the urea price be decontrolled only to the point that it does exceed 10 percent of a government-mandated maximum retail price. The finance ministry wants the price fully released to market forces.

Government sources told local media that the two ministries fairly represent their respective constituencies. The finance ministry is concerned that the rising cost of imported urea, as well as the subsidies that are currently paid, could get out of hand.

The government is looking at the rise in market prices in the past six months with trepidation. Prices moved from $260/mt CFR in May to the $397-$400/mt CFR paid in last month’s tender.

The increased demand for drastic changes in the urea subsidy and import program coming from the finance ministry is pushing the Indian government to address the issue. Ever since the runaway prices in 2008, the government has been looking at ways to reduce its fiscal liability in urea purchases.

Eventually, sources say, the group of ministers will have to submit a plan to the government cabinet for consideration. The pressure seems to be to have something ready to roll out April 1, 2011, when the new fiscal year starts.

So far, it looks as if some sort of compromise on pricing will include removal of restrictions on urea imports. Few expect anything to happen this year. The parliament takes its year-end break Dec. 13.

Middle East: Sources report shipments to contract and formula-based buyers continue to dominate the market. No spot or tender sales have been recorded for a couple of weeks.

Sources say some Arab Gulf representatives have been talking to buyers from Australia and New Zealand about January shipments.

Sources say Australian demand for granular urea is expected to be strong in the coming year. The Saudis and Omanis, in particular, are looking to the Australia-New Zealand buyers for some early 2011 relief.

Without any new spot sales, sources say the price for granular and prills remain at parity, just below $400/mt FOB.

Black Sea: Purchases from Turkey and India have pretty well drained Yuzhnyy and the Russian ports of any excess urea. Sources say all the recent purchases have pushed up the price.

While some point to the recent Indian tender as evidence that $390/mt FOB was done, sources say the real top limit of confirmed prices is $385/mt FOB. At the same time, however, sources say producers are unwilling to talk to anyone unless the opening bid is at $390/mt FOB.

There were reports of $390/mt FOB being done. One source said the $385/mt FOB price is clearly the lower end of the market at this time. He could not, however, point to a named deal at a higher price.

Indonesia: Sources report the producers have taken a break from offshore sales. After concluding a series of selling tenders and several private deals, Indonesian producers are now reportedly ready to focus on the domestic market for a few months.

China: The new export duty of 110 percent took effect Dec. 1. Sources report that the tons currently in the bonded warehouses with nominated ships will be allowed to leave the country at the lower 7 percent rate.

One trader noted that unlike previous years, this time everything in the warehouses is spoken for. He noted that sales to India dominate the material slated to move out by the middle of this month.

The Chinese government imposed the higher export duty a month earlier than planned, say industry sources, because the domestic price of urea was rising to match the offshore price. At the same time, more producers were looking to sell their product overseas rather than in the lower netback domestic market. This left regional warehouses with historic low reserves.

NITROGEN SOLUTIONS

U.S. Gulf: Barge indications were in the $285-$290/st FOB range ($8.91-$9.06/unit).

Eastern Cornbelt: UAN was steady at $10.50-$10.89/unit FOB regional terminals to the dealer.

Western Cornbelt: UAN-32 was pegged at $320-$340.80/st ($10.00-$10.65/unit) FOB regional terminals for cash tons. The low end of the range continued to be reported out of spot river locations in southern Missouri, with the upper end out of Iowa terminals to the dealer.

California: The UAN-32 market was tagged in a broad range at $335-$353/st ($10.47-$11.03/unit) FOB in California, depending on location and supplier. Effective Nov. 24, Agrium’s UAN-32 postings firmed another $10/st to $353/st ($11.03/unit) FOB Sacramento, $375/st ($11.72/unit) truck-DEL in Central California, and $380/st ($11.88/unit) truck-DEL in Northern California.

Pacific Northwest: The UAN-32 market was quoted at $350-$370/st ($10.94-$11.56/unit) DEL in the Pacific Northwest region. Effective Nov. 24, Agrium’s UAN-32 postings firmed $10/st to $370/st ($11.56/unit) DEL in Montana and northern Wyoming. Agrium’s UAN-28 posting in Montana and northern Wyoming firmed on Nov. 24 to $324/st ($11.57/unit) DEL.

Western Canada: UAN-28 was quoted at $331-$346/mt ($11.82-$12.36/unit) DEL, up $15/mt from last report, with the low again reported in Manitoba and the upper end of the range in Alberta. Dealer reference levels in the region moved up to $341-$356/st ($12.18-$12.71/unit) DEL in late November, depending on location.

AMMONIUM NITRATE

U.S. Gulf: Recent trades have reached the $320/st FOB mark for prompt.

Western Cornbelt: Ammonium nitrate pricing was up from last report, with sources quoting the dealer market at $365-$385/st FOB in the region. The low end of the range was reported in Missouri and the upper end quoted in the Iowa market.

California: No market was reported for ammonium nitrate in California. CAN-17 was unchanged at $252-$270/st FOB in the state, with reference prices from Simplot in the $260-$270/st range FOB Helm.

Pacific Northwest: Ammonium nitrate remained at a nominal $383/st DEL in western Montana. No current pricing was reported for CAN-27.

AMMONIUM SULFATE

Eastern Cornbelt: The granular ammonium sulfate market was up slightly from last report at $260-$270/st FOB in the region.

Western Cornbelt: Granular ammonium sulfate had reportedly firmed to $260-$290/st FOB based on higher replacement costs, with the upper end quoted in the Iowa market. Effective Nov. 24, Agrium’s granular ammonium sulfate posting moved to $275/st rail-DEL in North Dakota, Minnesota, and Wisconsin.

California: Ammonium sulfate remained at $230-$240/st FOB in California, with the lower end for standard and fluid grade and the upper end for granular product. Effective Nov. 22, IRM’s postings moved to $235/st FOB Chico for regular grade ammonium sulfate, with fluid grade at $225/st FOB Chico and $220/st FOB Sacramento.

Pacific Northwest: Ammonium sulfate pricing in the Pacific Northwest was up from last report. Sources quoted the regional market at $250-$270/st FOB and $255-$275/st DEL, depending on grade. Effective Nov. 22, IRM’s ammonium sulfate postings for granular and regular grade moved to $270/st FOB warehouses and $275/st DEL in Oregon, Washington, Idaho, and Montana. Fluid grade ammonium sulfate postings from the company moved on that date to $250/st FOB and $255/st DEL in those four states.

Western Canada: Granular ammonium sulfate pricing in Western Canada was up another $10/mt from last report at $350-$355/mt DEL. Dealer reference levels ranged from $360-$365/mt DEL in the region.

PHOSPHATES

Central Florida: Summer came to an abrupt halt late last week, when long-awaited cold weather finally made its way into the state. While that may not seem like good news for those in the northern climates, it was for citrus, strawberries, and other crops, which need the change to sweeten.

However, there was nothing sweet about selling phosphate in a market that had gone cold. The only railcars loaded last week were under contract and had little or nothing to tie them to the prompt market.

Although warehouses were still busy in most areas, a couple of sources said farmers were beginning to take a break from all the hard work they had been doing in the fall – harvesting the crops they planted last spring and preparing the ground for the upcoming spring.

Although some were counting on prepay to begin by the middle of the month, others believe the market will remain static until at least the middle of January. During the lull, the Central Florida phosphate market will probably change very little, because producers play a more dominant role in sales than on the Gulf’s river system, but prices will not go up for at least the next month – and possibly, two, said sources.

With no new prompt sales last week, the Central Florida DAP price range was unchanged from the previous week at $540-$550/st FOB. Smaller lots from traders could cost $5-$10/st FOB more. CF’s price was $540/st FOB. Mosaic’s price was $550/st FOB. MAP was listed at a premium of $10/st FOB in comparison to DAP. PCS Sales was making sales at comparable prices to the market. Agrifos’ price for truck sales was $580/st FOB for DAP and $595/st FOB for MAP. Agrifos was expected to have enough product to carry it through the first quarter of next year.

U.S. Gulf: The Mississippi River hadn’t frozen all the way to New Orleans last week, but NOLA phosphate sales did. Traditionally, business comes to a creeping halt at this time of year – between Thanksgiving and New Year – and this year seemed to be no exception, at least not so far. Many dealers have enough to get them into the spring season and farmers have other things to do, like hunting and fishing. Enough of the hard work.

As one source said, “There are a lot more sellers out there than buyers.” And when that happens, prices fall. Most of the offers last week were at or below the low end of the previous week’s range.

In addition, vessels were bringing in Russian DAP and some MAP, but were having a hard time finding homes for their product. Russian DAP may actually be superior to domestic DAP, said some sources, but the different color – yellow instead of brown – makes it a hard sell to dealers and their customers. In addition to the different appearance, a trader said one of the problems was that if farmers used Russian product and got better results, they might want it again the following season, when it might not be available. Russia put a clamp on its own grain exports earlier this year, after a drought crippled their food supply. That made more phosphate available for export, but that may not be the case next year.

The Russian product was said to be selling for $5-$10/st FOB less than domestic DAP/MAP. However, those bringing it in have no real room for storage, so they must either sell it cheaper or pay to keep it on barges until the market improves.

Considering the record-low inventories of phosphate, the Russian phosphate should not put a big dent in the market once sales resume. And if the NOLA barge prices continue to erode, the export market will appear more attractive to producers and large traders. Dips in price at this time of year should be expected, and a recovery should begin after the first of the new year.

Warehouse prices were running $595-$615/st FOB, depending on location, with inland facilities commanding the highest prices.

Crop prices were positive late last week on the futures board. Corn for December 2011 improved during the week from $4.83/bushel to $5.245/bushel and was $5.0125 for December 2012. Soybeans for November 2011 were up from $11.31/bushel to $11.995/bushel, while November 2012 wheat was running $11.43/bushel. Wheat for July 2011 increased from $7.2025/bushel early the previous week to $7.9075/bushel late last week and was $7.94/bushel for July 2012.

The NOLA DAP barge market sailed south from $530-$545/st FOB the previous week to $525-$530/st FOB last week. MAP was bringing a premium of $10/st FOB for NOLA barges and $10-$20/st FOB at terminals. Prices will most likely continue to be soft for the next month or longer.

Eastern Cornbelt: DAP was quoted at $605-$625/st FOB to the dealer, with the low in Illinois and the upper end again reported in the Ohio market on a spot basis. MAP was pegged at $625-$650/st FOB regional warehouses. 10-34-0 remained at $520-$525/st FOB, where available.

Western Cornbelt: The DAP market was tagged at $600-$620/st FOB in the region, down again from the previous week. MAP was pegged at $620-$640/st FOB in the region. 10-34-0 pricing was firm in the $520-$525/st FOB range for any available tons.

Effective Dec. 1, Agrium’s phosphoric acid postings firmed to $1,100/st rail-DEL for both super phosphoric acid (SPA) and merchant grade acid (MGA) in Iowa, Nebraska, Minnesota, the Dakotas, Colorado, Kansas, New Mexico, Oklahoma, and Texas.

California: DAP and MAP were tagged at $645-$650/st FOB or DEL in California. 16-20-0 was quoted in the $411-$418/st FOB range in the state, depending on location. Simplot’s postings for super phosphoric acid (SPA) and merchant grade acid (MGA) firmed on Dec. 1 to $11.00/unit DEL, with MGA also posted at $11.20/unit FOB in California. Effective Dec. 1, Agrium’s phosphoric acid postings firmed to $1,100/st DEL for both SPA and MGA in California and Arizona.

10-34-0 had reportedly firmed to $467-$477/st FOB in California, based on the higher phos acid prices in December. Simplot also raised its 11-37-0 prices to $515-$525/st FOB El Centro, up $52-$57/st from last month.

Pacific Northwest: DAP and MAP remained at $635-$645/st FOB or DEL in the region, with the low in Montana and the upper end in Washington. Phosphoric acid was pegged at $11.00/unit DEL for both SPA and MGA. Effective Dec. 1, Agrium’s phosphoric acid postings firmed to $1,100/st DEL for both SPA and MGA in Idaho, Montana, Wyoming, Nevada, Oregon, Utah, and Washington.

16-20-0 was pegged at $405-$408/st DEL in the region. 10-34-0 was quoted in a broad range at $475-$525.st FOB. 11-37-0 pricing from Simplot was reported in the $520-$530/st FOB range last week.

Western Canada: MAP remained at $737-$742/mt DEL in Manitoba, $742-$752/mt DEL in Saskatchewan, and $747-$772/mt DEL in Alberta, depending on location, with dealer postings ranging from $740-$775/mt DEL in the region.

10-34-0 pricing was firm at $540-$553/mt DEL in Western Canada, with the low end of the range reported in Saskatchewan and Manitoba and the upper numbers in Alberta.

U.S. Export: Neither PhosChem nor anybody else made any export phosphate sales last week, but neither did those in the domestic markets. That’s not really a problem – the market needed a break at this time of year, and it got it.

The Indians will have to sit down with their phosphate suppliers in January to negotiate new prices for the DAP they will be importing in 2011. Essentially, the three-year agreement called for market-based pricing, but that still leaves some wiggle room. India will have to take approximately 2.5 million mt from the U.S. by the end of this year.

As prices on the U.S. domestic market continued to drift south, the export market was beginning to look more attractive, if buyers make a move in December. That situation will begin to change in January or February at the latest.

The export DAP price range last week remained static at a flat $600/mt FOB.

Pakistan: The National Fertilizer Development Centre (NFDC), in its report on Nov. 30, said that the opening inventory of DAP for Rabi season 2010-11 (Oct.-March 2010-11) is 405,000 mt. The country will need about 860,000 mt of DAP for the season, comprising 117,000 mt of imports and 338,000 mt of domestic production. The estimated consumption of DAP would be 771,000 mt, with a closing balance of 89,000 mt.

POTASH

Eastern Cornbelt: Potash was firm at $510-$515/st FOB regional warehouses to the dealer.

Western Cornbelt: Potash remained at $500-$521/st FOB regional warehouses, depending on grade and location, with the upper end quoted for white granular ton out of spot Missouri River terminals. An Iowa source put the common dealer price for granular potash at the $515/st FOB mark last week.

California: Potash remained at $545-$558/st DEL, depending on grade and supplier. Potassium nitrate was steady as well at $929-$996/st FOB, with the low for bulk tons and the upper end for bagged product.

Sulfate of potash (SOP) had reportedly firmed to $655-$695/st FOB for bulk tons, depending on supplier and availability of product.

Pacific Northwest: Potash was pegged at $525-$535/st FOB and $535-$545/st DEL in the Pacific Northwest region in early December.

Western Canada: Potash was steady at $542-$551/mt FOB Saskatchewan mines to Canadian customers, with the low for 60 percent and the upper end for 62 percent muriate. Out of regional warehouses, the potash market was pegged at $557-$582/mt FOB, depending on grade and location.

Russia: Uralkali has signed contracts with NPK producers PhosAgro and EuroChem to supply MOP linked to the minimum export price. The contracts will remain effective from Jan. 1, 2011, until Jan. 1, 2014. Uralkali will supply PhosAgro and EuroChem with 342,000 mt and 153,000 mt of MOP, respectively, in 2011.

In November 2010, the Federal Antimonopoly Service of the Russian Federation issued Rules for Non-discriminatory Access to Purchasing MOP to mineral fertilizer producers. The rules prescribe that MOP producers supply their products to Russian compound fertilizer producers from Jan. 1, 2011, until Jan. 1, 2013, at the minimum export price, subject to quarterly revision. In the first quarter of 2011 this price with discount adjustment will be approximately 5,700 roubles per mt (FCA, exclusive of VAT, exclusive of packaging).

Given the aim of supporting Russian agricultural producers, the contracts specify premiums to be given from Jan. 1, 2011, to Jan. 1, 2013, to the MOP volumes intended for the production of compound fertilizers for the domestic market. The premium mechanism allows Russian NPK producers to buy MOP to supply the domestic market under the same preferential conditions enjoyed by Russian agricultural producers. This arrangement is designed to encourage growth in the supply of NPK fertilizers to Russian agricultural producers.

Uralkali has already announced a ceiling price for the supply of potash fertilizer Russian agricultural producers in the first half of 2011. Uralkali has decided to maintain its price at the same level as that charged in the second half of 2010 – that is, 4,250 roubles per mt (FCA, exclusive of VAT, exclusive of packaging).

“MOP supply contracts to Russian NPK producers are now based on market pricing principles that take into account the need to support Russian agriculture,” said Pavel Grachev, Uralkali president and CEO. “This is a positive development for the Russian fertilizer market. The Russian Government has made a significant contribution to the successful outcome of the contract negotiation process by establishing transparent rules governing the relationships between potash producers and consumers.”

Uralkali supply and price forecasts for the domestic market in 2011 are as follows.

SULFUR

Tampa: As an indication of how tight the domestic sulfur market has become, spot prices at Tampa have been made between $30/lt and $100/lt above the current contract price. On the world market, sulfur prices have become soft recently. Last week, Abu Dhabi National Oil Co. announced a $10/mt FOB rollback on sulfur prices to India, so the news has been conflicted.

Phosphate producers, who consume about 75 percent of production, have had a more difficult time getting their needs filled by their normal suppliers, and have had to import more sulfur at higher prices. Industrial customers were being frustrated by the lack of supply available to them.

Part of the reason is that even domestic producers – which means oil refineries – have more options than they did just a few years ago – primarily, having it prilled and sold to other markets, rather than molten to Tampa. Other reasons include greater use of light crude and, at this time of year, reduced refining activity due to turnarounds.

Last week, refinery rates were down 2.9 percent from the previous week, to 82.6 percent of capacity from 85.5 percent. As the turnarounds get into gear, that trend will continue.

If current trends continue – and they probably will – phosphate producers will see a price increase for the first quarter of next year. How much was the big question.

Vancouver: Although the Chinese early imposition of the 110 percent export tariff on phosphate may have made the phosphate industry happy, it has caused some uncertainty in the Vancouver sulfur market. Some there said the move will make no difference, but others are less certain of the outcome. However, all pretty much agreed it will help put more sulfur into the U.S. market, as well as the Middle East.

MARKET NOTES

Bangladesh: BCIC has extended the closing date for requests for expression of interest (EOI) from consulting firms to render consultancy services in implementing the Shahjalal Fertilizer Project (SFP) to Dec. 6, from Nov. 30, 2010.