US Gulf:
Despite a lack of new business, sources agreed that price ideas on tons imported to the US Gulf have shifted lower, calling values in an $80-$90/mt CFR range, down $20/mt from $100-$120/mt FOB reported previously.
Gulf Coast:
Players reported an ongoing production outage at a plant in Texas. With the domestic market remaining well-supplied for now, the lost output was not believed to impact current pricing. However, the plant’s eventual return to operation could leave the market long, some speculated.
Midwest:
Players reported a balanced market, calling spot levels in a $160-$170/st DEL range. Annual contracts for the Midwest were previously noted at a wider $140-$180/st DEL for 2023.
Brazil:
A purchase tender from a major phosphate producer was rumored to award in the mid-$70s/mt CFR during the week, significantly below the market’s previous reported $115-$125/mt CFR range. While the final price remained unconfirmed on March 2, value ideas based on current freights and offer levels from Europe suggested Brazil import pricing down to at least $90-$100/mt CFR, off $25/mt from recent levels.
Chile:
Falling international price levels could prompt Chile to enter the spot market in the short-term, players said. With East Asia FOBs rumored as low as (-)$5/mt, buyers at Chile might see options available in a $120-$125/mt CFR range, sources said. Product shipping from Northwest Europe could be priced lower, should tonnage be available.
The Chile contract price for 2023 was pegged at $142-$148/mt CFR Mejillones.