U.S. Gulf: While most continued to put the market in the $358-$365/st FOB range, others felt that price could fall a few more dollars with more Belarus imports on the way.
Eastern Cornbelt: Potash was steady at $400-$417/st FOB in the Eastern Cornbelt, depending on grade and location, with the upper end reported for white granular tons.
Western Cornbelt: Potash remained at $400-$417/st FOB in the Western Cornbelt, with the top of the range reflecting reference levels for white granular tons. Sources reported the bulk of pricing quotes for red potash in the $405-$410/st FOB range last week, with reports of $400/st FOB tons available in the St. Louis, Mo., market.
Southern Plains: Potash was quoted at $400-$405/st FOB regional warehouses in the Southern Plains. The Carlsbad, N.M., potash market remained at posted levels of $405/st FOB for 60 percent standard, $410/st FOB for 60 percent granular and 62 percent standard, and $417/st for 62 percent granular.
Sulfate of potash magnesia was unchanged at $375-$390/st FOB Carlsbad, with the low for standard, the upper end for premium grade, and the granular market quoted at $385/st FOB.
South Central: Potash remained at $405-$410/st FOB warehouses in the South Central region.
Southeast: Imported potash tons remained at $395-$396/st FOB in the Wilmington market last week. Canadian tons, where available, were pegged at the $407/st FOB mark in the Southeast, with rail-DEL pricing in the $410-$418/st range in the region.
India: Indian Potash Ltd. (IPL) said last week that Indian potash purchases could jump to 5 million mt for the year beginning April 1, 2015, a 22 percent increase from the prior year’s total.
However, IPL Managing Director P.S. Gahlaut told Bloomberg that farmers cannot afford to pay a higher price due to low commodity prices. To bolster Gahlaut’s claim, the Indian press is filled with stories about an increasing number of farmer suicides, particularly cotton farmers in drought-stricken areas.
The Bloomberg Commodity Index of 22 commodities slid to a 12-year low last month. The 5 million mt would be the highest since 2010/11, according to Bloomberg, citing the Fertilizer Association of India.
Gahlaut said demand has gradually returned to normal levels as prices have stabilized. IPL expects the government to continue with a potash subsidy of 9,300 rupees, or $150 per ton.