Tampa: Molten sulfur inventories at Tampa were at maximum levels last week as a result of a decrease in phosphate production and no let-up in a steady supply of sulfur.
Mosaic, which already had high inventories, was at capacity last week. Still, some of its strategic suppliers were looking to unload additional sulfur, and the company agreed to take more on a spot basis. Because the extra supplies cannot be stored for immediate use at Tampa, it will be put into vat storage at Galveston.
The spot price was "significantly" lower than the first quarter contract price of $172/lt because of the additional cost Mosaic will have to handle and store the material. Logistical costs will be higher.
Fewer refineries than normal were undergoing turnarounds during the first quarter – at least so far – but the amount of oil being processed was not much different. Two weeks ago, the refinery operating capacity rate was 82.8 percent, while the four-year average was 82.2 percent – although the rate last year was 84.7 percent, according to the U.S. DOE. Last week, the operating capacity rate increased 1.2 percent to 84 percent. However, more sweet crude was being used.
Vancouver: Prices paid by China were fluctuating last week, and buyers were still holding out for even lower prices. Inventories at ports and on inbound vessels were said to be high. Delivered prices were said to be below $200/mt.
West Coast: The West Coast market continued to track Vancouver, which meant lower than the previous quarter.
U.S. Imports: July-December imports were up 5 percent, to 1.21 million st from the year-ago 1.16 million st. December imports were up 28 percent, to 222,863 st from the year-ago 174,674 st.