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World Monthly Review sulphur - sulphuric acid - sulphur products - P2O5 - metals
Issue 154 January 2014
SULPHUR � Prices in China rapidly increasing
� Adnoc sets January OSP at $140/tonne FOB
� North American prices expected to rise in Q1
SULPHURIC ACID � Sulphur rise underpinning acid market
� Participants coming back from holidays in US and Europe
� Kemira sells Danish distribution to Brenntag
PHOSPHATES � Downward movement seems to have
stalled…
� …and Tampa DAP prices rise
� Ma’aden awards three contracts for Waad al-Shimal project
CONTENTS
Graphs 2 News Review 3 Markets
Sulphur 5 Sulphuric Acid
9
Phosphates 16
Plants and Projects
Sulphur 21 Sulphuric Acid
21
Phosphates 21 Prices/price Indicators
23
Sam
ple
WORLD MONTHLY REVIEW – JANUARY 2014 2
0
100
200
300
400
500
600
J F M A M J J A S O N D
2012 20132011
'000 tonnesVancouver Sulphur Exports
Source: Port Metro Vancouver
Vancouver exported 124,028 tonnes of sulphur in October 2013, down from 185,459 tonnes in September 2013 but up 19% year on year according to data from Port Metro Vancouver.
MONTHLY AVERAGE NICKEL PRICE
$/tonne
0
10000
20000
30000
10/1 2 11/1 2 12/1 2 13/1
The average closing price for nickel in November was $13,725/tonne, down by 2% from October’s average closing price.
US PHOSACID PRODUCTION
('000 tonnes/day P2O5)
0
5
10
15
20
25
30
J F M A M J J A S O N D
2011 2012 2013
US phosphoric acid output for November was 702,000 short tons. P2O5 was down 10% from October 2013 and 8% from November 2012. Ammonium phosphate (MAP/DAP) production for November was 813,000 short tons, down by 18% compared with October and 20% compared with November 2012.
CHINA: SULPHUR IMPORTS
('000 tonnes)
0
200
400
600
800
1000
1200
1400
1600
10/1 2 11/1 2 12/1 2 13/1
monthavg 3 mnthsLine 3
According to China Customs, China imported 1.05m tonnes of sulphur in November 2013, up from 884,397 tonnes in October and up 19% year on year.
COPPER & ZINC PRICES
(monthly average LME closing cash)
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
10000
10/1 11/1 12/1 13/1
zinc copper
$/tonne
The average copper closing price for November of $7,066/tonne was down 2% from October’s closing price. The average zinc closing price for November of $1,806/tonne was down 1% from October.
TAMPA DAP PRICE
$/tonne FOB
0
200
400
600
800
1000
1200
1400
07 08 09 10 11 12 13
The Tampa DAP price seems to have found a bottom and is beginning to recover. The price was at $400-410 as of 2 January, up from $350-360 at the start of December.
Sam
ple
WORLD MONTHLY REVIEW – JANUARY 2014 3
Leading Australian fertilizer and explosives producer Incitec Pivot Limited (IPL) has announced the signing of a 23-month gas supply agreement for its Phosphate Hill plant in Queensland that will increase its manufacturing costs.
In a short statement accompanying its AGM presentations, the Melbourne-based business said the gas agreement would start in February 2015 and increase its production costs by A$50m ($44.3m, €32.3m) per year in 2015 and 2016. The terms of the agreement were not disclosed.
IPL chairman Paul Brasher told shareholders access to competitively priced raw materials remains a key challenge for the company.
Brasher also revealed no short term or long term incentives were paid to management in 2013 due to two workplace fatalities and a failure to meet profit targets.
He revealed a truck driver at a remote location in Canada and a contractor on an Australian site were both fatally injured, despite a downward trend in safety incidents within the company.
Managing director and CEO James Fazzino added that for their Australian fertilizer business, earnings were down by 37% year on year, largely due to the combination of falling global fertilizer prices and the strong Australia dollar.
Mr. Brasher said IPL's focus is on China's growth and the shale gas revolution in the US, with the completion this year and operation of the Moranbah ammonium nitrate (AN) plant and the commencement of construction of the Louisiana ammonia plant.
Uralchem saw its net profit for the first three quarters of 2013 fall 46% year on year to Russian rubles (Rb) 10.1bn ($308.6m, €224.2m), with the onset of the global downturn in the fertilizer markets in the second half of the year taking a toll, the Russia-based nitrogen and phosphate fertilizer producer said on Wednesday.
Revenue for the first nine months edged up 1% year on year to Rb56.3bn, while operating profit fell 14% to Rb14.6bn from Rb17.1bn, it added.
Uralchem CEO Dmitry Konyaev said: “In the second half of 2013, the global market situation took a downward turn for fertilizer producers. Despite the difficult market conditions, Uralchem maintained its revenues at the level of 2012.”
The company was actively upgrading facilities, seeking to reduce costs and developing production of high-margin niche products, and, thanks to its chosen strategy was maintaining an earnings before interest, tax, depreciation and amortisation (EBITDA) margin of 32%, Uralchem CEO Dmitry Konyaev added.
Mosaic has entered into a share repurchase agreement with Cargill-affiliated foundations to purchase 43.3m restricted Class A shares over the next eight months, the fertilizer producer announced on Monday.
The transaction will commence on 8 January when Mosaic will purchase 21.7m of the shares held by the Margaret A. Cargill Foundation and the Anne Ray Charitable Trust.
Company officials said that the price will be determined by the volume-weighted average closing price of Mosaic’s common stock during the preceding 20-day trading period.
The remaining 21.6m shares will be purchased by Mosaic beginning in February in seven equal installments at the close of successive 20-day period using the same formula as the initial transaction.
Earlier this year, Mosaic officials said that the company would take a proactive approach to buying back stock regardless of the decision of the Cargill trustees and anticipated that the company could be looking at up to
$4bn in share repurchases by mid-2014.
Trustees of the former parent company presently hold approximately 129m Class A common shares, and Mosaic officials had been confident in recent months that the trustees would be willing to part with their holdings in the fertilizer producer.
Mosaic CEO Jim Prokopanko said the agreement is a clear sign of the company’s confidence in their future prosperity and effectively closes their split away from Cargill.
A $1.31bn (€956m) expansion plan of Fertilizer and Chemicals Travancore Limited (FACT) announced last year will be subject to the Indian government ensuring cheaper feedstock liquefied natural gas (LNG) supplies, a department of chemicals and fertilizer official said 31 December.
In a communication to the government the company said that FACT was not getting any financial benefits from converting its existing operations from naphtha to LNG as feedstock and expansion project, owing to high LNG prices, the official said.
The company was securing LNG supplies at $21.5/mmBtu for its plants located in southern India while fertilizer plants in northern India were sourcing feedstock supplies at just $4.20 mmBtu, the official said.
FACT, however, has not mentioned any floor benchmark price which would be attractive for it to launch its expansion project but has sought “assistance and support of the government in securing feedstock at competitive costs”, the official added.
NEWS REVIEW
Sam
ple
WORLD MONTHLY REVIEW – JANUARY 2014 4
The provincial government of Kerala, where the company’s plants were located, had already granted FACT exemption from 14.5% value added tax (VAT) on LNG supplies received by it for the next five years. It would translate into a cost saving of $2/mmBtu of feedstock, a company official said.
According to a project report drawn up last year, FACT, wholly owned by the Indian government, planned construction of a 2,000 tonne/day sulphuric acid plant entailing investment of $52.4m. It also plans a 1,500 tonne/day urea plant for $183.9m and a 1,000 tonne/day NP for $43.5m.
The complex also includes a 500 tonne/day SSP plant for $11.8m and a 2,000 tonne/day ammonia unit. Besides, the plan includes a 3,500 tonne/day urea plant for $890m and a 600 tonne/day phosphoric acid unit for $128.5m.
Brazilian miner Vale is selling its 44.25% stake in joint venture firm Fosbrasil to Israel-based producer Israel Chemicals Limited (ICL) for $52m (€38m).
Fosbrasil makes purified phosphoric acid at its facility in Cajati in Sao Paulo state in Brazil.
The proposed transaction is subject to the approval of Brazilian competition authorities and other customary approvals.
ICL had announced earlier that a deal had been reached for an undisclosed amount to make it the majority stakeholder in Fosbrasil.
The proposed transaction is subject to the approval of
Brazilian competition authorities and other customary approvals, the company added without providing a specific timeline.
Kemira said 9 December that it has sold its Danish hydrochloric acid, sulphuric acid and caustic soda distribution business to Germany-based chemicals distributor Brenntag.
The transaction is expected to be completed in the first quarter of 2014. Financial details were not disclosed, but division revenues were around €15m in 2012. The sale is not expected to have a material impact on Kemira’s finances, the company added.
The business, which also produces solvents and packed coagulants, was part of Kemira’s Municipal & Industrial water treatment chemicals arm. Brenntag said that it would continue to operate the unit from its existing Danish locations in Vejle, Kalundborg and Hosten, as well as a new location in Copenhagen
Harbour.
PEOPLE
CF Industries announced on 20 December that it has elected Tony Will as president and chief executive officer, effective on 2 January 2014.
Will joined the Illinois-based fertilizer company in 2007 as the company’s first vice president, corporate development. In 2009, he was promoted to his present position, senior vice president, manufacturing and distribution.
The company also named Philipp Koch senior vice president, manufacturing. Koch is currently senior vice president, supply chain.
Bert Frost, senior vice president, sales and market development, will have the additional responsibility for production planning and distribution facilities. Christopher Bohn will become vice president, supply chain. He is currently vice president, corporate planning.
IPL announced the appointment of Steve Dawson as president of manufacturing operations, effective 1 January 2014, and Simon Atkinson as president of Dyno Nobel Asia Pacific and Global Technology.
Sam
ple
WORLD MONTHLY REVIEW – JANUARY 2014 5
OVERVIEW
The rise in the value of sulphur prices on a CFR China basis, coupled with lack of availability out of the Middle East because of refinery run cuts, continues to remain the focus of market discussions.
The sulphuric acid market remains firmly focused on rising international prices for sulphur. How significant the impact will be on acid remains to be seen since the market has yet to resume to normal operations following the holidays across Europe and the US.
The phosphates market has been subdued over the holiday period but continues to show some upside as we move into 2014. Although there is still some cautiousness as to whether the improved sentiment is sustainable longer term.
SULPHUR
International sulphur prices have continued to rise over the past month on the back of limited supply and steady demand. Earlier there had been expectations that the higher prices were a bubble, but now prices look to be more sustainable moving into Q1.
Although concerns remain surrounding the sustainability of the recent hikes in the value of sulphur and how long the upward price momentum will last.
However, moving into February, demand looks set to remain healthy, despite the Lunar New Year holiday, but market followers are not 100% clear about what the supply situation out of the Middle East will look like in the months ahead.
China has been driving the higher prices, with spot prices as high as $165/tonne CFR China mentioned and offers understood to have moved into the $170s/tonne CFR.
Adnoc and Tasweeq have both announced increases for their January selling prices, with Adnoc raising its price by $25/tonne and Tasweeq by $24/tonne.
SULPHUR SUPPLY
NORTH AMERICA
In Canada, Vancouver spot price indications have risen to $100-110/tonne FOB from $60-70/tonne FOB and it is expected that the Q1 contract prices will follow suit. Offers are heard as high as $125/tonne FOB, but business has yet to be confirmed done at this level.
Vancouver exported 124,028 tonnes of sulphur in October 2013, down from 185,459 tonnes in September 2013, but up 19% from October 2012.
In the US, first quarter 2014 contract discussions are expected to get underway now the New Year has started. Expectations are for price increases on the back of higher international numbers, but the extent of the increase remains under question.
Sources note that US supply is not as tight as the rest of the world and also that phosphate margins have suffered over the past year and, as such, significant increases are unlikely to be absorbed.
Buyers are also understood to be at the top of their inventory levels as refinery operating rates have been at near record levels.
The US exported 90,448 tonnes of sulphur in October 2013, down from 160,743 tonnes in September and down 61% from 2012.
VANCOUVER EXPORTS (’000 tonnes)
Source: Port Metro Vancouver
Jan-Oct 2012
Jan-Oct 2013
Oct 12 Oct 13
Australia 448 786 - 23 Chile 101 161 - - China Colombia Costa Rica
941 8 4
589 - -
97 8 -
- - -
Cuba 111 83 - 29 Indonesia 21 - - -
Israel 113 214 - - Mexico 104 146 - 53 Morocco 56 - - -
New Caledonia
49 - - -
New Zealand
111 91 - 19
Panama 29 53 - - South Africa
292 210 - -
US 41 - - - Others 2 - - - TOTAL
2,068
2,333
104
124
Sam
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WORLD MONTHLY REVIEW – JANUARY 2014 6
MIDDLE EAST
In Saudi Arabia, Aramco Trading set its monthly sulphur contract price for shipments in January at $117/tonne FOB, up from the mid-$70s/tonne FOB for December.
The producer says it is now fully committed for January shipment, with no spot availability. Export availability is expected to be tight throughout 2014 due to increased domestic sulphur demand. Other market sources suggest that continued production problems are also limiting export tonnes.
In the UAE, ADNOC has set its official selling price (OSP) for January at $140/tonne FOB for the Indian market, up $25/tonne from December. The producer described demand as high and availability as extremely tight.
In Qatar, Tasweeq has set its January Qatar Sulphur Price (QSP) at $127/tonne FOB, up $24/tonne from the December price.
Tasweeq was expected to close a tender in early January for an end February cargo. In last business, Tasweeq closed a sales tender on 10 December for 30,000 tonnes of sulphur for end January loading. An award is heard to have been made at $120/tonne FOB, but no other details had been heard at press time.
Iran is planning to boost sulphur exports, according to comments from the managing director at IGCC reported in the media. Iran’s annual sulphur exports have reached 650,000 tonnes and the country is looking to increase this to 1m tonnes/year.
Iranian oil refineries currently produce 500 tonnes/day of sulphur, but this is expected to exceed 1,200 tonnes per day in the future as the oil ministry works on projects to separate more sulphur from oil, and also with refineries at the South Pars gas field expected to come on stream soon.
IGCC is heard to have sold a cargo at $128/tonne FOB, but this is unconfirmed.
A 30,000-tonne Razi sulphur cargo is understood to have been sold recently for December shipment to China at close to $120/tonne FOB range.
AFRICA
In Libya, it was heard that NOC’s 2 December sales tender for 8,000 tonnes +/- 10% of sulphur was awarded. It was said that the company awarded the tender had not been previously active in the sulphur market. No price information had been heard, but there had been mixed talk on bid levels, with some heard in the $70s/tonne FOB and others into the $90s/tonne FOB.
EUROPE
France exported 11,272 tonnes of sulphur in October 2013, up from 5,072 tonnes of sulphur in September and down 48% year on year.
FRANCE: SULPHUR EXPORTS (’000 tonnes)
Jan-Oct 2012
Jan-Oct 2013
Oct 12 Oct 13
Belgium 10 6 - - Spain 1 3 - - Sweden - - - - Morocco 184 144 20 10 Tunisia 10 - - - Germany - 21 - - Other 1 4 1 1
TOTAL 206 178 21 11
Belgium exported 3,411 tonnes of sulphur in September 2013, up from 303 tonnes of sulphur in August 2013, and up from 173 tonnes in the same month last year.
BELGIUM: SULPHUR EXPORTS (’000 tonnes)
Jan-Sep 2012
Jan-Sep 2013
Sep 12 Sep 13
Netherlands 4 1 - - France - 4 - 3 Germany 2 2 - - Other Europe - - - - North Africa - - - -
TOTAL 6 7 - 3
US EXPORTS (’000 tonnes - all ports traced)
Jan-Oct 2012
Jan-Oct 2013
Oct 12 Oct 13
Canada 31 7 - 1 Argentina/Brazil 670
570 71 41
Mexico 392 165 53 1 Chile
118 56 70 - Indonesia 5 49 - - Colombia 15 18 - - Peru
- 15 - - France - 13 - - Uruguay 14 - - - China 134 273 19 45 Morocco 90 99 - - Australia 35 - - - New Caledonia - 57 - - Niger 12 - - - Venezuela 15 7 - - Honduras 2 9 - - Others 26 33 18 2
TOTAL 1,559 1,371 231 90
Sam
ple
WORLD MONTHLY REVIEW – JANUARY 2014 7
The UK exported 111 tonnes of sulphur in September 2013, down from 4,013 tonnes in August and down from 3,964 tonnes in September last year.
UK: SULPHUR EXPORTS (’000 tonnes)
Jan-Sep 2012
Jan-Sep 2013
Sep 12 Sep 13
Belgium 18 6 - - France - - - - Germany 23 8 4 - Sweden - - - - Morocco
Finland Other
-
- 1
-
4 2
-
- -
-
- -
TOTAL 41 20 4 0
The Netherlands exported 27,566 tonnes in September 2013, down from 51,743 tonnes in August and down 40%.
NETHERLANDS: SULPHUR EXPORTS (’000 tonnes)
Jan-Sep 2012
Jan-Sep 2013
Sep 12 Sep 13
Belgium 337 248 29 27
France 38 19 1 - Finland - - - - Germany 17 10 1 1 Portugal 1 - - - Switzerland* - - - - Morocco 15 15 - - Tunisia
Other 15
1 -
- 15
- -
-
TOTAL 424 292 46 28 *sales to a Swiss-based trader for export to North Africa
In Italy, Kuwait Petroleum Italia is auctioning its sulphur production for the period 1 February 2014 to 31 January 2016, with the tender due to close on 20 December.
The quantity is understood to be 75,000-95,000 tonnes maximum at the seller’s option.
There are expectations in the market that Zolfital may be awarded the tender since it can accommodate the sulphur in its form, transportation and storage.
Econova was also another potential winner of the tender, according to sources.
The price of the tender is not usually disclosed.
Italy exported 10,644 tonnes of sulphur in September 2013, up from 4,236 tonnes in August and down 57% from September 2012.
ITALY: SULPHUR EXPORTS (‘000 tonnes)
Jan-Sep 12
Jan-Sep 13
Sep 12 Sep 13
Greece 2 7 2 - Spain 3 - - - France 10 5 1 1 Other Europe 4 3 - - Egypt 36 20 5 - Morocco 12 8 - - Senegal 27 11 - Tunisia 18 19 - - Israel 8 32 - 9 Lebanon - 6 - - Turkey 38 24 13 - Argentina 25 - 6 - Brazil 1 1 - - Benin 10 - 6 - Other 3 1 1 1
TOTAL 197 137 25 11
Germany exported 27,567 tonnes of sulphur in September 2013, down from 47,214 tonnes in August and down 32% year on year.
GERMANY: SULPHUR EXPORTS (’000 tonnes)
Jan-Sep 2012
Jan-Sep 2013
Sep 12 Sep 13
Austria 20 17 1 2 Belgium 79 77 3 8 Denmark 3 3 - 1 France 56 76 6 8 Netherlands 22 51 - 4 Switzerland 11 10 1 2 Poland 23 5 - - Other Europe 20 18 3 1 Europe 234 257 14 26 Morocco 42 25 - - Namibia - - - - Niger - - - - Senegal - 11 - - South Africa - - - - Tunisia 37 - 26 - Israel 57 25 - - Jordan - - - - China 3 5 - 1 Argentina - - - - Brazil - 17 - - Other 3 4 - - Non-Europe 142 87 26 1
TOTAL 376 344 40 27
Poland exported 23,206 tonnes of sulphur in September 2013, down from 25,556 tonnes in August and down 66% from September last year.
Sam
ple
WORLD MONTHLY REVIEW – JANUARY 2014 8
POLAND: SULPHUR EXPORTS (’000 tonnes)
Jan-Sep
2012
Jan-Sep 2013
Sep 12 Sep 13
Morocco 250 271 23 21
Czech Republic 21 5 1 -
Germany 7 10 1 1
Other Europe 10 10 2 1
Egypt 10 - - - Mexico 53 - - -
Nigeria 11 - - -
Senegal 26 13 26 -
Argentina 16 16 16 -
Other 2 3 - -
TOTAL 406 328 69 23
Spain exported 47,581 tonnes of sulphur in September 2013, down from 51,417 tonnes in August and down 10% from September 2012.
SPAIN: SULPHUR EXPORTS (‘000 tonnes)
Jan-Sep 2012
Jan-Sep 2013
Sep 12 Sep 13
France 14 28 - - Germany 17 - - - Luxembourg 6 - - - Portugal 1 1 - - Turkey 18 1 - - Egypt 16 19 - - Morocco 139 187 24 19 Senegal 14 49 - 12 Colombia 12 - - - China - 25 - - Uruguay 15 25 15 - Benin 27 8 8 - Brazil 22 5 6 - Algeria 3 2 - - Argentina Other
23
2 26
3 -
- 16
-
TOTAL 329 379 53 47
*includes some sales to Europe-based traders
In Russia, Austrofin said it was still waiting to find out if it had been awarded under the Gazprom Export sulphur supply tender for 2014. The exporter did not expect to know the results of the tender until after the New Year - possibly not until 9 January.
ASIA
Taiwan’s Formosa Petrochemical Corp sold a spot sulphur cargo at $138.50/tonne FOB under a sales tender in late December. The cargo was sold to an Iranian trading company named Landa. The 15,000-
tonne cargo is expected to be shipped to China from Taiwan 6-10 January 2014.
SULPHUR DEMAND LATIN AMERICA
In Brazil, Vale is now fully booked for January and will schedule its February shipments later this month. A company source said it was closely monitoring price developments in the Middle East.
Vale had been running its fertilizer plants at full capacity, having made the decision to buy as much sulphur as possible, based on expectations that domestic phosphate demand would be strong.
However, Vale said it was now looking to buy as little material as possible owing to poor phosphate demand in Brazil. Where the company would typically buy five cargoes a month, it said it would purchase two for January and three for February.
The two January cargoes will be from Venezuela. Tenders for 2014 are being processed and some companies have been shortlisted.
Anglo American is understood to have bought sulphur in the mid-$130s/tonne CFR Brazil.
According to data from the Foreign Trade Secretariat, Brazilian sulphur imports totalled 180,777 tonnes in November 2013, up from 99,032 tonnes in October but 9% lower than in the same month last year. In the first eleven months of the year, imports were 1.87m tonnes, up 3% from the same period of 2012. The main suppliers were:
• The US with 736,378 tonnes, up 10% year on year
• Russia with 336,253 tonnes, down 29%
• Kazakhstan with 323,870 tonnes, up 18%
• Saudi Arabia with 150,154 tonnes, up 263%
In Argentina, Bunge and Akzo were heard to have been in the market for sulphur during December for cargoes of 10,000-15,000 tonnes, but no purchases have been heard yet.
AFT/Fertinal lifted 53,000 tonnes of sulphur from Long Beach, California, to Mexico, which it purchased in August.
AFT is now in discussions for an end of January and February cargo. A $125/tonne FOB Vancouver purchase price offered to AFT earlier this week was rejected.
AFRICA
Foskor South Africa is heard to be looking for other supply sources for 2014 on expectations that quantities from Canada will be reduced.
Sam
ple
WORLD MONTHLY REVIEW – JANUARY 2014 9
ASIA
In China, latest import deals were heard as high as the mid-$160s/tonne CFR, although there was also talk of business in the $150s/tonne CFR. Some sellers said they saw China at a minimum of $155/tonne CFR for next business. Offers are now understood to have risen above $170/tonne CFR.
Prices continue to rise on limited supply from the Middle East in particular and steady demand. At the same time, rising freight costs are also contributing to the higher prices. Freight estimates from the Middle East to China are now talked around $30/tonne, up from the mid $20s/tonne.
The export tax policies for phosphate fertilizer exports in 2014 were released in mid December, and are more relaxed, as expected, than those in 2013 and so there are expectations that this could prompt higher phosphates production and therefore increase sulphur demand, however this has yet to materialize. Downstream producers are still slow to make purchases at present, with some in east China still taking a wait-and-see stance, while buying volumes in southwest China were relatively large.
Sulphur inventories at the nine major domestic ports were at 1.354m tonnes on the as of the 2 January
According to China Customs, China imported 1.05m tonnes of sulphur in November 2013, up from 884,397 tonnes in October and up 19% year on year.
CHINA: SULPHUR IMPORTS
(’000 tonnes)
Jan-Nov 2012
Jan-Nov 2013
Nov 12
Nov 13
Canada 1,126 673 144 42 US 239 238 2 74 Kazakhstan 1,235 1,594 142 116 Russia 821 491 63 12 Uzbekistan 23 4 - - Japan 957 961 79 76 South Korea 857 858 98 85 Taiwan 150 165 59 - Abu Dhabi 936 1,046 - 169 Bahrain 10 19 - - Iran 524 819 - 147 Kuwait 356 264 27 27 Qatar 903 602 33 73 Saudi Arabia 1,810 1,610 146 163 India 236 338 30 30 Turkmenistan 38 177 10 32 Other 131 29 48 -
TOTAL 10,352 9,888 881 1,046
In India, CIFC is understood to have been awarded under RCF’s 19 December tender for 10,000 tonnes +/-10% of sulphur for January delivery. CIFC submitted the lowest offer at $158.75/tonne CFR sight or $163.75/tonne CFR with 180 days’ credit.
PPL has issued a purchase tender, closing on 9 January 2014, for 35,000 tonnes of sulphur +/-10% for 15-20 February delivery to Paradeep. Offers are requested to remain valid until 14 January.
SPIC and CIL were heard to be in the market for sulphur and understood to be negotiating privately.
Swiss Singapore has sold a sulphur cargo to Tata at $155/tonne CFR India.
FACT Cochin will receive one shipment from Swiss Singapore during January 2014. This is against FACT's last sulphur purchase from Swiss at $144.20/tonne CFR for 15,000-25,000 tonnes of non-Iranian sulphur.
MMTC awarded its 5 December tender for 9,000 tonnes of sulphur for January delivery to Swiss Singapore at $149/tonne CFR.
Swiss Singapore is also heard to have sold an 8,000-9,000-tonne cargo to Tata Chem/Haldia at $148/tonne CFR.
It is understood that Reliance sold a spot export cargo at $140/tonne FOB to a trader in late December. No other details were heard.
In Jordan, there was talk in the market that 100,000 tonnes of Russian sulphur has been agreed, but this remained unconfirmed.
JPMC Jordan was heard facing offers of $150/tonne CFR, under its purchase tender, which is in contrast to when their last purchase was discharged at $85/tonne CFR.
They are heard in the market for 60,000-70,000 tonnes of sulphur.
EUROPE
In northwest Europe, first quarter 2014 contract talks are expected to get underway in earnest in early January. There are expectations of a rollover on the buy side, with sources saying that despite the recent uptick in spot prices, market fundamentals have not changed.
According to a large sulphur buyer, there was sufficient molten material available in Europe, particularly since it was winter time. The buyer did not expect to enter into Q1 2014 negotiations until the second week of January. It expects to see its molten sulphur prices more or less rollover.
SULPHURIC ACID
The sulphuric acid market remains firmly focused on rising international prices for sulphur. How significant the impact will be on acid remains to be seen since the market has yet to resume to normal operations following the holidays across Europe and the US.
Sam
ple
WORLD MONTHLY REVIEW – JANUARY 2014 10
The market has been focused on the first quarter of 2014 and not a great deal of change is expected, as the dynamics of the market moving from Q4 to Q1 remain broadly unchanged. Supply is sufficient and demand is steady.
Demand is said to be easing in Chile, with buyers understood to be covered for Q1.Because demand in Chile has eased, not so much volume has been agreed from Japan or Korea, sources said. There is some optimism in the Asia-Pacific sulphuric acid market that the rising sulphur prices will filter through to sulphuric acid prices in the coming weeks. In northeast Asia and China, sulphuric producers have all reported greater volumes sold as a reaction to the high sulphur prices, but supply remains greater than demand and producers are still unable to lift prices.
The US acid market is quiet and well supplied, but market participants believe the bottom has been reached for pricing. Tightness in the international sulphur market and a recent resurgence in phosphate pricing are expected to prevent any decreases in the acid spot market moving into 2014.
NORTH AMERICA
The US acid market is long but prices in the spot market have stabilized after significant declines. Moving into 2014, most sources see the market as long at least through Q1 2014. A recent uptick in the sulphur market seems to be keeping the contract price from following spot prices down, and tightness in the international market may underpin the acid price.
All turnarounds are heard completed for this year.
There have been several requirements heard in the US Gulf, with the 10,000 tonne requirement for December delivery reported covered last week. Trammo is heard to have fixed a vessel in the low-$40s/tonne which loaded in Antwerp in early December. There is also heard to be a single port requirement of 15,000-18,000 tonnes, expected to be covered from Northern Europe.
Most in the market say that the broad $85-135/short ton CFR range for Q4 2013 is reflective moving into 2014. There was discussion of contracts done in the mid-$70s/short ton but these were seen as opportunistic traders looking for commitments, with large customers and were therefore not seen as representative of the market.
Looking forward, sources expect prices to stabilize early in Q1 due to the tighter international market for sulphur. The stabilization could be temporary if the international sulphur market lengthens, as very little maintenance is scheduled for the first months of 2014. North American acid supply is still long and no increase in demand expected. Limited maintenance is expected until the spring and the US market is currently well supplied.
The US imported 253,781 tonnes of acid in October 2013, down from 267,092 tonnes in September and down 9% from October 2012.
LATIN AMERICA
Mexico imported 383 tonnes of acid in September 2013, down from 21,243 tonnes in August and down 99% year on year.
Mexico exported 54,229 tonnes of acid in September 2013, down from 60,703 tonnes in August and up 41% year on year.
US SULPHURIC ACID IMPORTS (’000 tonnes)
Jan-Oct 2012
Jan-Oct 2013
Oct 12 Oct 13
Canada 1,657 1,727 169 160 Mexico 387 490 49 48 Chile - 10 - - Belgium - 26 - 7 Switzerland 29 26 - - Finland 19 - 19 - Germany 100 79 22 - Norway - 8 - - Poland 94 54 - 27 Sweden 33 57 - - Spain 56 55 20 13 China 1 1 - - Japan 19 - - - Other 1 - - -
TOTAL 2,396 2,533 278 254
MEXICO: SULPHURIC ACID IMPORTS (’000 tonnes)
Jan-Sep 2012
Jan-Sep 2013
Sep 12
Sep 13
Bulgaria 18 - - - US 3 4 - - Canada - 1 - - South Korea 57 76 19 - Poland - 11 - - Australia - - - - Japan 101 59 18 - China - - - - India - - - -
Switzerland Sweden TOTAL
- -
179
19 31 201
- -
37
- - 0 Sa
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WORLD MONTHLY REVIEW – JANUARY 2014 11
According to the Foreign Trade Secretariat, Brazil imported just 6,816 tonnes of acid in November 2013, down from 48,389 tonnes in October and nearly 88% lower than in the same month last year. In January- November 2013, Brazil imported 400,360 tonnes of acid, down 22% on the same period of 2012.
BRAZIL: SULPHURIC ACID IMPORTS (’000 tonnes)
Jan-Nov 2012
Jan-Nov 2013
Nov 12
Nov 13
Chile - 33 - - Belgium 36 - 6 - Netherlands 4 6 4 - Finland - 18 - - Germany 153 84 5 - Italy 20 - - - Spain 146 122 9 1 Sweden 57 50 19 6 Bulgaria - 32 - - Poland 59 17 12 - India 13 - - - Japan 19 19 - - South Korea - 20 - - Australia 10 - - - TOTAL 517 400 55 7
In Chile, smelting operations at Codelco's Chuquicamata mine returned to normal on 26 December after a strike that lasted more than two weeks. Workers ended the stoppage at the smelter in northern Chile after agreeing a deal with Codelco that includes some salary increases.
Buyers are understood to now be comfortable for the first quarter following a number of contract settlements for next year. Earlier settlements are heard in the high-$60s/tonne CFR, with more recent agreements in the low-$60s/tonne CFR. There is talk that some contracts might have been concluded in the mid/high-$50s/tonne CFR, but this is not confirmed.
Further settlements are expected to come, but with buyers not appearing to be in a hurry for the time
being. Korean producers are likely to see what tonnes they can place in Asian markets before returning to look at cargoes for Chile. Discussions may get underway again in February/March. There are expectations that future settlements could take place at lower levels if sellers come under pressure.
Chile exported 242,028 tonnes of acid in October 2013, up from 221,647 tonnes in September and down 19% from October 2012
CHILE: SULPHURIC ACID IMPORTS (’000 tonnes)
Jan-Oct 2012
Jan-Oct 2013
Oct 12 Oct 13
Peru 827 1,021 52 105 Canada 56 - - - Mexico 177 36 10 - China 19 - 1 - India 64 - - - Japan 624 651 92 81 Philippines 31 57 29 - South Korea 612 431 68 56 Australia 34 - - - Bulgaria 40 - - - Germany 61 38 1 - Italy 45 - 19 - Spain 177 129 4 - Sweden - - - - Other 59 38 24 - TOTAL 2,826 2,401 300 242
Argentina imported 11,353 tonnes of acid in October 2013, up from no tonnes of acid in September 2013 but down 57% from October last year.
ARGENTINA: SULPHURIC ACID IMPORTS (’000 tonnes)
Jan-Oct 2012
Jan-Oct 2013
Oct 12 Oct 13
Chile 1 9 - - Finland - - - - Germany - - - - Spain 27 6 9 - Sweden 18 11 18 11 Bulgaria - - - - Japan - - - - India - - - - Australia 9 - - - Other 9 - - -
TOTAL 64 26 27 11
Peru exported 112,624 tonnes of acid in October 2013, in line with 112,201 tonnes exported in September and slightly more than twice the tonnage exported in October 2012.
MEXICO: SULPHURIC ACID EXPORTS (’000 tonnes)
Jan-Sep2012
Jan-Sep 2013
Sep 12
Sep 13
US 345 435 30 44 Cuba 85 82 8 10 Chile 167 45 - - Peru - - - - Venezuela - - - - Central America 3 3 - - TOTAL 600 565 38 54
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WORLD MONTHLY REVIEW – JANUARY 2014 12
PERU: SULPHURIC ACID EXPORTS (’000 tonnes)
Jan-Oct 2012
Jan-Oct 2013
Oct 12 Oct 13
Chile 829 1,012 53 113 US - - - - Ecuador 8 5 - - Panama 2 3 - - Bolivia - - - -
TOTAL 839 1,020 53 113
NORTHERN EUROPE
In Northwest Europe, some Q1/first half 2014 contracts are heard to have been agreed, with some decreases of around €5/tonne, with also talk of some rollovers. Suppliers say demand is relatively stable, with prices coming under pressure from an apparent oversupply, particularly in the Benelux. The majority of contracts are still to be concluded, but there are expectations that these will be agreed at similar levels.
On the export front, no new business has been heard. Sources note that if rumours of deals into the US Gulf in the $20s/tonne CFR are proved correct this would reflect netbacks in the minus $20s/tonne.
Trammo is heard to have fixed the Siva Rotterdam in the low-$40s/tonne to load in Antwerp 1-7 December for shipment to the US Gulf.
Belgium exported 28,902 tonnes of acid in September 2013, down from 33,474 tonnes in August 2013 and down 57% from September last year.
BELGIUM: SULPHURIC ACID EXPORTS (’000 tonnes)
Jan-Sep 2012
Jan-Sep 2013
Sep 12 Sep 13
France 98 86 12 9 Germany 70 53 5 5 Ireland 2 2 - - Netherlands 199 133 20 13 Brazil - - - - Morocco 43 31 8 - United States - 35 - - United Kingdom Chile
11 19
11 -
1 19
1 -
Other 37 10 2 1
EXPORTS 479 361 67 29
Belgium imported 25,326 tonnes of acid in September 2013, up from 21,044 tonnes in August and up by 40% from September last year.
BELGIUM: SULPHURIC ACID IMPORTS (’000 tonnes)
Jan-Sep 2012
Jan-Sep 2013
Sep 12 Sep 13
Germany 90 97 8 7 France 35 29 8 4 Italy - - - - Netherlands 22 31 2 9 Norway 15 19 - 5 Morocco - - - -
IMPORTS 162 176 18 25
Germany exported 40,778 tonnes of acid in September, down from 78,478 tonnes of acid in August 2013 and down 74% from September last year.
GERMANY: SULPHURIC ACID EXPORTS (’000 tonnes)
Jan-Sep 2012
Jan-Sep 2013
Sep 12 Sep 13
Austria 33 32 3 4 Belgium 69 76 6 8 Denmark 12 11 - - Czech Republic - 2 - - Finland - 57 - - France 79 91 12 11 Ireland 70 13 16 - Netherlands 103 97 14 8 Norway 18 71 - - Portugal 13 9 - - Spain 54 62 11 - Switzerland 7 6 - - UK 52 55 - 5 US 95 79 27 - Brazil 133 46 16 - Chile 66 22 - - Cuba 57 70 12 - Morocco 33 8 33 - Namibia 87 22 - - Uruguay 5 21 - - Other 18 12 - - TOTAL 1,004 862 157 41
France imported 32,504 tonnes of acid in October 2013, up from 31,879 tonnes in September and down by 21% year on year.
France exported 14,564 tonnes of acid in October 2013, up from 8,551 tonnes in September and up 58% year on year.
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WORLD MONTHLY REVIEW – JANUARY 2014 13
FRANCE: SULPHURIC ACID TRADE (’000 tonnes)
Jan-Sep 2012
Jan-Sep 2013
Sep 12 Sep 13
Belgium 94 82 13 9 Germany 86 95 13 9 Italy 25 28 1 3 Spain 39 44 4 4 Bulgaria 21 18 4 - Other 29 26 6 8
IMPORTS 294 293 41 33
Belgium 59 55 5 10 Netherlands 41 34 3 3 Other 9 10 1 1
EXPORTS 109 99 9 14
The Netherlands exported 24,174 tonnes of acid in September, up from 8,809 tonnes in August, and up 35% year on year.
NETHERLANDS: SULPHURIC ACID EXPORTS (’000 tonnes)
Jan-Sep 2012
Jan-Sep 2013
Sep 12
Sep 13
Belgium 51 54 2 8 Germany 45 39 6 5 Cuba - 83 - 11 France 6 5 - - Brazil 46 - - - Other/Unidentified 111 33 9 -
TOTAL 259 214 18 24
The Netherlands imported 28,024 tonnes of acid in September 2013, down from 44,197 tonnes in August and down by 41% from September last year.
NETHERLANDS: SULPHURIC ACID IMPORTS (’000 tonnes)
Jan-Sep 2012
Jan-Sep 2013
Sep 12
Sep 13
Belgium 153 144 26 14 Germany 131 104 12 10 France 30 25 9 4 Other 1 - - -
TOTAL 315 273 47 28
Norway imported 14,646 tonnes of acid in September, up from 13,515 tonnes in October, and in line with last year.
NORWAY: SULPHURIC ACID IMPORTS (’000 tonnes)
Jan-Nov 2012
Jan-Nov 2013
Nov 12
Nov 13
Germany 14 80 - 15 Finland 5 26 - - Netherlands Sweden
- 106
14 10
- 15
- -
Switzerland - 8 - -
IMPORTS 126 138 15 15
The UK imported 10,762 tonnes of acid in September 2013, down from 12,956 tonnes in August and down 38% year on year.
UK: SULPHURIC ACID IMPORTS (’000 tonnes)
Jan-Sep 2012
Jan-Sep 2013
Sep 12 Sep 13
Belgium 11 10 2 1 Finland 9 32 - - Germany 95 81 7 5 Norway 21 12 4 4 Sweden 21 9 - - Other 2 3 - 1
TOTAL 159 147 13 11
A 16,500-tonne sulphuric acid cargo was heard fixed to load in Poland 1-7 December for shipment to Chile at $70/tonne.
Poland exported 24,053 tonnes of acid in September 2013, up from 21,633 tonnes in August and more than double September 2012 exports.
POLAND: SULPHURIC ACID EXPORTS ('000 tonnes)
Jan-Sep 2012
Jan-Sep 2013
Sep 12 Sep 13
Austria 1 9 1 1 Germany 59 57 7 6 Czech Republic 25 43 2 4 Slovakia 18 14 1 1 other Europe 3 12 1 1 Morocco 13 10 - - US 78 27 - 11 Mexico - 11 - - Brazil 64 - - - Argentina 9 - - - Chile 2 - - - EXPORTS 280 183 12 24
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WORLD MONTHLY REVIEW – JANUARY 2014 14
Finland imported 6,968 tonnes of acid in September 2013, up from 3,022 tonnes in August 2013 and down 18% year on year.
FINLAND: SULPHURIC ACID IMPORTS (’000 tonnes)
Jan-Sep 2012
Jan-Sep 2013
Sep 12 Sep 13
Germany - - - - Sweden 96 78 8 7 Poland - - - - IMPORTS 96 78 8 7
Sweden exported 28,887 tonnes of acid in September, down from 46,900 tonnes in August, down from 79,679 tonnes in July and down 47% year on year.
SWEDEN: SULPHURIC ACID EXPORTS ('000 tonnes)
Jan-Sep 12
Jan-Sep 13
Sep 12 Sep 13
Belgium - 4 - - Denmark 10 14 - 2 Finland 100 129 10 15 Germany - 12 - - Ireland 4 - - - Norway 66 27 9 12 UK 31 5 - - Morocco 15 18 - - US 62 54 - - Argentina 17 - 17 Brazil 54 43 18 - Cuba 19 10 - - Other 11 36 - - TOTAL 389 352 54 29
SOUTHERN EUROPE/MEDITERRANEAN
Spain exported 16,242 tonnes of acid in September, down from 47,998 tonnes in August and down 78% year on year.
SPAIN: SULPHURIC ACID EXPORTS (’000 tonnes)
Jan-Sep 2012
Jan-Sep 2013
Sep 12
Sep 13
France 49 50 5 5 Germany 6 - - - Portugal 68 72 11 1 Turkey 15 - - - Morocco 224 171 19 - US 20 42 - - Argentina 27 - 9 - Brazil 140 90 10 - Chile 175 129 19 - Cuba - 59 - 10 Dominican Republic
- 4 - -
Namibia - 39 - - Peru 19 - - - TOTAL 744 656 73 16
Italy exported 34,811 tonnes of acid in September 2013, up from 29,026 tonnes in August, and down 8% year on year.
ITALY: SULPHURIC ACID EXPORTS (’000 tonnes)
Jan-Sep 12
Jan-Sep 13
Sep 12 Sep 13
Austria 4 5 - - Cyprus 12 11 - - France 22 26 3 6 Greece - 5 Netherlands 1 7 - - Portugal 10 15 - - Spain 29 41 - 5 Morocco 45 21 4 4 Tunisia 14 9 - 3 Turkey 32 49 - 4 Chile 44 - 29 - Cuba 64 40 - 11 Brazil 20 - - - Egypt - 10 - - Other 11 6 2 1 TOTAL 308 245 38 34
ASIA/OCEANIA
In India, demand is reasonable and traders are aiming to increase contract volumes to the region. It is understood quarterly and yearly contract negotiations are still underway. Asia shipping fixtures:
• 18,500 tonnes sulphuric acid, Japan/Chile, 1-10 January, ‘Princess Park’, RNR
Freight enquiries: • 10,000-19,000 tonnes sulphuric acid +
phosphoric acid, Tuticorin/east coast India, early January
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WORLD MONTHLY REVIEW – JANUARY 2014 15
In the Philippines, estimates are still wide-ranging for the return to operation for the PASAR plant, however power is yet to be restored to Leyte Island.
In Thailand and Malaysia, negotiations for Q1 are still ongoing, but little was done in early January with many participants on holiday. It is understood demand levels this year will be similar to 2013.
In Indonesia, it is understood Petrokimia Gresik awarded its December tender to Glencore for January shipment at $25/tonne CFR, however this could not be confirmed. Petrokimia Gresik has previously bought cargoes of around 18,000 tonnes from Glencore from PASAR and with the PASAR plant still out of the action due to typhoon damage, the origin of the cargo is unknown.
In China, domestic prices for acid continue to edge up, with demand coming from buyers switching from sulphur. Operating rates for phosphate producers also continues to increase, with the average DAP plant operating rate at 60-70% and MAP rates at 45-50%. Prices in southern China are at yuan (CNY) 150-290/tonne and in eastern China at CNY160-350/tonne, up by CNY10/tonne at the high end.
According to China Customs, sulphuric acid imports totalled 88,872 tonnes in November 2013, down from 98,705 tonnes in October but 34% higher than the 66,198 tonnes imported in the same month last year.
In the first eleven months of the year, imports were 1.074m tonnes, up 14% on the same period of 2012.
CHINA: SULPHURIC ACID IMPORTS (’000 tonnes)
Jan-Nov 2012
Jan-Nov 2013
Nov 12 Nov 13
India - - - - Japan North Korea
220 -
190 12
- -
- 1
South Korea 710 863 65 87 Philippines - - - - Australia - - - - Other 10 9 1 1
TOTAL 940 1,074 66 89
China exported 1,301 tonnes of sulphuric acid in November 2013, up from 305 tonnes in October and 535 tonnes in November 2012.
CHINA: SULPHURIC ACID EXPORTS (’000 tonnes)
Jan-Nov 2012
Jan-Nov 2013
Nov 12 Nov 13
US - 1 - - Mexico - - - - Brazil - - - - Chile 19 - - - India - - - - Indonesia - - - - Philippines - - - - Australia 11 - - - Other 45 7 1 1
TOTAL 75 8 1 1
In Japan, Pan Pacific Copper has confirmed it reached an agreement with Chilean buyers in the $60s/tonne CFR, however declined to confirm volumes. The agreement has been the subject of much talk in recent weeks, with indications that the annual supply volume is around 200,000 tonnes.
Shipping sources noted an 18,500-tonne cargo has been fixed for Chile from Japan for early January 2014, thought to be a contract cargo.
Japan exported 42,813 tonnes of acid in November 2013, down from 228,981 tonnes in October and down 79% year on year.
JAPAN: SULPHURIC ACID EXPORTS (’000 tonnes)
Jan-Nov 12
Jan-Nov 13
Nov 12
Nov 13
US 19 - - - Argentina 13 - - - Brazil 6 19 - - Chile 726 628 56 - Mexico 138 67 - - China 210 191 12 - India 287 277 22 - Indonesia 69 56 - - Malaysia 45 42 6 - Philippines 624 715 76 24 Singapore 17 13 - - Taiwan 157 158 15 7 Thailand 64 110 - 7 Vietnam 20 35 4 - Australia 158 124 12 5 New Zealand - 31 - - PNG 19 - - - TOTAL 2,572 2,467 203 43
In South Korea, there is the expectation from producers that higher sulphur prices will see buyers switch to sulphuric acid, but this has yet to be seen.
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WORLD MONTHLY REVIEW – JANUARY 2014 16
Negotiations between South Korea and China for Q1 prices and volumes are ongoing. Indications from producers are around $25/tonne FOB. Buyers are said to be targeting lower prices.
There are expectations that with a more favourable tax export scheme for phosphate fertilizers in China under the newly announced export tariffs, Chinese fertilizer producers will need to import more sulphuric acid. However, it is yet to be seen if the domestic capacity will be able to cover this requirement.
South Korea exported 279,552 tonnes of acid in November 2013, up from 246,846 tonnes in October and up 15% year on year.
SOUTH KOREA: SULPHURIC ACID EXPORTS (’000 tonnes)
Jan-Nov 2012
Jan-Nov 2013
Nov 12 Nov 13
Chile 650 447 57 37 Brazil - 20 - - Mexico 85 67 28 - China 717 864 68 67 India 157 213 38 50 Indonesia 167 222 24 8 Malaysia 65 97 - 16 Philippines 9 125 - 45 Thailand 165 223 11 25 Vietnam 71 52 - 6 Australia 208 207 18 13 New Zealand 30 25 - 10 Namibia 152 45 - - Other 49 8 - 2
TOTAL 2,525 2,613 244 280
In Australia, imports of up to 150,000 tonnes of acid could be suspended following a burst leach tank at Rio Tinto’s Ranger uranium mine in the Northern Territory. A mixture of ore, mud, water and acid escaped late on Saturday 7 December following the tank failure and has resulted in an unplanned shutdown at the Energy Resources of Australia (ERA) operated mine while the slurry is contained and removed.
There are some market expectations that if major investment is needed to get the mine back operating, then the company may decide to shut the plant down. The company recorded net losses in the 2011 and 2012 financial years.
PHOSPHATES
The phosphates market is subdued as the year gets underway due to the over the holiday period but continues to show some upside as we move into 2014. Although there is still some cautiousness as to whether the improved sentiment is sustainable longer term.
US DAP prices have moved back over $400/tonne FOB in latest business having seemingly found a floor around $350/tonne FOB in November. Mosaic has concluded sales in the $403-410/tonne FOB range and offers are now up to the low-$420s/tonne FOB given limited export availability and expectations that the US domestic market will kick start in the next few weeks.
There is talk that a strong US season will help tighten export availability through Q1, therefore supporting prices ahead of Indian demand getting underway, which is expected in Q2.
However, despite this more positive sentiment there are still some that expect to see another downside to the market during Q1, citing a global oversupply situation, particularly east of Suez, and expectations that Indian demand will not start until April at the earliest.
At the same time, while the general view is that Indian DAP demand in the 2014-2015 year will be an improvement on the low levels seen 2013-2014, there is still continued uncertainty over the extent of Indian demand and this continues to cast a shadow for some in the market.
SUPPLIERS
AMERICAS
In the US, Tampa FOB prices continue to move up in latest business.
Mosaic sold 6,000 tonnes of DAP for January shipment to Latin America at $403/tonne FOB, and then sold 29,000 tonnes of DAP for January shipment to Australia at $410/tonne FOB.
Mosaic sold 10,000 tonnes of DAP in a combination cargo to Australia at $380/tonne FOB Tampa for early February shipment. The producer also sold 15,000 tonnes of DAP at $375/tonne FOB and 3,000 tonnes of gMAP to Peru at $380/tonne FOB.
Mosaic’s remaining DAP export availability for January is limited and new offers are in the $415-low-$420s/tonne FOB range. Q1 export tonnes are being limited by the turnaround at the producer’s River View facility and expectations that domestic demand will pick up this month.
CF Industries is understood to be sold out for DAP until March, with 100,000 tonnes of DAP due to be shipped to China, which is understood to have relieved some pressure from the market.
In the domestic market, latest DAP barge indications have been heard in the mid-$380s/short ton FOB Nola. Mosaic has no barge availability, with last business at $375/short ton FOB around Christmas. Buyers are expected to start stepping in over the next week or two, which is expected to support pricing.
According to data from TFI, November DAP exports totalled 240,234 short tons, up by 70.2% on the 141,162 short tons exported in November 2012. The main market was India with 56,746 short tons, followed
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WORLD MONTHLY REVIEW – JANUARY 2014 17
by Brazil with 39,953 short tons and Peru with 36,376 short tons.
MAP exports in November totalled 101,865 short tons, up by 3.2% from the 98,672 short tons exported in the same month last year. The main market was Canada with 54,450 short tons, followed by Brazil with 22,279 short tons and Colombia with 8,740 short tons.
US DAP production in November 2013 was down 26% year on year at 391,000 short tons and down by 31% on a month earlier. Closing inventories finished at 578,000 short tons at the end of November, down 3% over October and 18% higher than a year earlier. Meanwhile, November 2013 producer disappearance totalled 408,000 short tons, down by 23% from October and 2% higher than November 2012.
MAP production totalled 422,000 short tons in November, unchanged from October and 12% lower from a year earlier. Closing inventories were 631,000 short tons, up 22% on the previous month and 55% higher year-on-year, while producer disappearance was down 35% from October and 22% lower than November 2012 at 307,000 short tons.
LATIN AMERICA
In Mexico, AFT/Fertinal is understood to be sold out until April for DAP/MAP/TSP.
AFRICA
In Tunisia, GCT is heard to be sold out for DAP for December/January. GCT is understood to have sold DAP to Europe at $417/tonne CFR. The producer is heard operating at DAP operations at 70-80% of capacity.
However, production at Medhilla is heard to have stopped since 15 December, with the exception of the sulphuric acid production unit, following the depletion
of the plant’s wet and dry phosphate reserves due to a strike in the transportation of mining products in Metlaoui, Redayef Oum, Larayes and Medhilla.
The strike has affected the transportation of raw materials from the mines to the washing facilities, as well as the transportation of phosphate rock by train to the Medhilla, Gabes and Skhira plants.
In Morocco, OCP is heard offering DAP to Europe at $410-420/tonne FOB, while it is offering MAP at $450/tonne CFR for January shipment.
The producer is heard operating at 75-80% capacity.
MIDDLE EAST
In Saudi Arabia, Ma’aden is now producing MAP and both light and dark DAP, with the diversification opening up more markets for the producer. DAP prices are indicated around $390-395/tonne FOB, with MAP at $400-410/tonne FOB.
SABIC says it is sold out for January/February, with around seven cargoes committed to customers in Turkey, East and South Africa, Pakistan and Southeast Asia. Some cargoes are around 5,000 tonnes in combination with urea shipments, while others are around 30,000 tonnes. There are no cargoes planned for India in January and February due to good demand from other markets.
A 30,000-tonne dark DAP cargo purchased earlier by Engro in Pakistan is scheduled to load early next week.
SABIC is understood to have sold 25,000 tonnes of dark DAP to Kenya via Yara at $398/tonne FOB for January loading. The producer has also sold small shipments of dark DAP to Thailand and Vietnam at $420/tonne CFR and also to Africa.
The producer is heard to be loading the following cargoes:
• A 15,000-tonne DAP cargo for Transfert in India is understood to be under loading
• A 30,000-tonne dark DAP cargo to Kenya is heard to have completed loading by 9 December
• A 30,000-tonne dark DAP cargo to Engro in Pakistan is scheduled to load on 21 December
• A 50,000-tonne light DAP cargo to Ethiopia is scheduled to be shipped in February 2014
EUROPE
In Russia, EuroChem has reported the following sales/targets for January shipment:
DAP Lifosa
• 30,000 tonnes to NW Europe/Terneuzen at $425/tonne FOB Klaipeda
US MAP/DAP PRODUCTION (’000 short tons)
DAP MAP TOTAL
2010 7,787 4,967 12,754
2011 7,307 5,366 12,673
2012 6,820 4,962 11,782
January 570 439 1,009 February 525 377 902 March 586 416 1,002 April 533 388 921 May 557 471 1,028 June 537 397 934 July August September October
542 513 502 542
378 471 437 378
920 984 939 919
November 391 422 813 TOTAL 2013 5,798 4,574 10,371 Sa
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WORLD MONTHLY REVIEW – JANUARY 2014 18
• 25,000 tonnes to Germany at $425/tonne FOB Klaipeda
Export price targets are now at $435/tonne FOB for January shipments. Meanwhile, in Terneuzen at the Verbrugge Terminal all bids at $450/tonne FCA/FOT were rejected by EuroChem and prices have been increased to $460/tonne FCA/FOT.
MAP Phosphorit
• 25,000 tonnes to South Africa at $400/tonne FOB Sillamae
Price ideas for sales to Europe have been increased to
$410/tonne FOB.
MAP\NPKs Belorechensk
Price targets for MAP are at $410/tonne FOB Tuapse, while for NPKS 20-20-0-8 price targets are $310/tonne FOB Tuapse.
EuroChem reported 14 sales for December, ranging from 3,000 tonnes to 40,000 tonnes, with reported prices from $300/tonne to $405/tonne.
PhosAgro is understood to be sold out for January, with two MAP cargoes for Latin America, NPKs/NPs for the domestic market, Latin America, Africa and southeast Asia and DAP to Europe.
The producer is expected to produce 20,000-30,000 tonnes of DAP in January.
ASIA
In China, small volume DAP sales are heard to Thailand reflecting around $400-405/tonne FOB, but no other business has been heard.
The new export tax policy for 2014 came into effect on 1 January, but producers do not have any plans to export at present unless international prices increase closer to $500/tonne FOB.
The low export tax window for 2014 for DAP/MAP remains the same, but there are no benchmark prices next year.
Chinese export tariffs for 2014
Off season Peak season
DAP/MAP 16 May to 15
Oct: CNY 50/tonne
1 Jan to 15 May, 16 Oct to 31 Dec:
15% plus CNY 50/tonne
TSP 5%
NPKs 30%
NPs 16 May to 15
Oct: CNY 50/tonne
1 Jan to 15 May, 16 Oct to 31 Dec:
15% plus CNY 50/tonne
PKs 5%
There are estimates that 200,000 tonnes of DAP are in the bonded warehouses.
In the domestic market, winter storage is ongoing. Most demand at present is in northeast China, but most bulk orders have already been signed thereby limiting new business. As a result, there are expectations that producers will not ramp up operating rates further unless the international market starts to pick up. Average operating rates are heard around 70% at present and there is talk that YUC and Kailin will undergo rolling maintenance turnarounds at their units.
Feedstock ammonia and sulphur prices remain at high levels, but ample DAP supply is limiting any potential increases in DAP prices. Prices for 64% DAP were at CNY 2,250-2,350/tonne.
Domestic MAP prices were heard at CNY 1,900-1,950/tonne for 55% powdered MAP in central China and at around CNY 2,100/tonne for 58% powdered MAP. MAP producers expect prices to rise in the near term, given higher feedstock sulphur prices, and so are limiting sales at present. Overall operating rates at domestic plants were at around 50% due to domestic overcapacity.
According to China Customs, exports of DAP in November totalled 361,825 tonnes, down from 629,000 tonnes in October and 19% lower than the 447,703 tonnes exported in the same month last year. January-November exports were 3.29m tonnes, down by 9% from the 3.61m tonnes shipped in the same period of 2012.
Meanwhile, MAP exports were 89,064 tonnes in November, up from 59,527 tonnes in October and 40% higher than the 63,254 tonnes shipped in November 2012. In the first eleven months of the year, MAP exports totalled 654,857 tonnes, up 25% from the 522,901 tonnes shipped in the same period last year. The main destination was Brazil with 418,670 tonnes.
CHINA: PHOSPHATE EXPORTS (’000 tonnes)
Jan-Nov 2012
Jan-Nov 2013
Nov 12
Nov 13
DAP Vietnam 277 429 51 16 India 2,519 1,853 283 141 Pakistan 118 324 - 101 Other 701 680 114 104
TOTAL 3,615 3,286 448 362
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WORLD MONTHLY REVIEW – JANUARY 2014 19
MARKETS
LATIN AMERICA
In Brazil, the market is quiet with no new business reported. Last MAP deals were heard around $440/tonne CFR and current offers of Russian material are heard at the same level. There are no offers of DAP in the market a present, but price are talked in the mid-$430s/tonne CFR.
According to data from the Foreign Trade Secretariat, Brazil imported 168,920 tonnes of MAP in November 2013, down from 193,601 tonnes in October 2013 and 13% higher than in the same month last year. During the first eleven months of this year, MAP imports were 2.33m tonnes, up by nearly 41% on the same period of last year.
Meanwhile, DAP imports in November were 6,597 tonnes, down slightly from 11,990 tonnes in October and 81% lower than in the same month last year. In the first eleven months of the year, DAP imports totaled 774,771 tonnes, up by 41% on the same period last year. The main suppliers were the US and Morocco, with 517,112 tonnes and 227,413 tonnes respectively.
BRAZIL: DAP/MAP IMPORTS (’000 tonnes)
Jan-Oct 2012
Jan-Oct 2013
Oct 12
Oct 13
DAP
US 392 518 22 7 Morocco 135 227 13 - Russia - - - - Others - - - -
TOTAL DAP 527 745 35 7
MAP Morocco 873 1,070 94 55 Russia 459 634 44 57 US 289 273 10 8 Others 30 350 1 49
TOTAL MAP 1,651 2,327 149 169
DAP & MAP 2,178 3,072 184 176
ASIA
In India, no new DAP purchases are heard, with arrivals continuing under previously agreed deals. There are reports of enquiries for Saudi cargoes, but SABIC has sent regrets given strong commitments to other markets for January/February.
Sources say just five DAP vessels arrived in India in December. It is understood that 3.552m tonnes of DAP has been received at Indian ports since the start of April 2013 until the end of December 2013. The total includes 272,000 tonnes from PhosChem/Mosaic for IPL, and another 350,000 tonnes from Mosaic for its own systems. Imports from SABIC totalled 803,500 tonnes.
Traders estimate that stock levels will be at 1.5m-1.7m tonnes in April, compared to 4m tonnes in April 2013. Consumption is expected to reach 9m tonnes. The amount of imports in 2014 remains unclear, but there are estimates of 5m tonnes.
Attention is on first quarter phosphoric acid contracts at present, with talks expected to take place with OCP next week. OCP is expected to ask for an increase of $40-50/tonne from the current $609/tonne CFR based on higher sulphur costs, but buyers are expected to ask for decreases.
There is some talk that an eventual settlement might be at a rollover to slight increase.
Phosphate rock prices for Q1 are linked to acid and will therefore be agreed once the acid contract has been finalised.
The government has granted Rs 10,000 crore ($1.6bn) under a special banking arrangement (SBA) as sought by the Department of Fertilizer to help the industry meet its fund requirements until the cash subsidy is released by the Finance Ministry.
Earlier this month, an additional Rs 2,000 crore ($324m) was approved to provide additional cash subsidy for indigenous fertilizers. Rs 29,326.88 crore was allocated for phosphates and potash fertilizers and the provision will finish by late December after making payments until September.
In Pakistan, Fatima is understood to have purchased a 25,000-tonne Saudi DAP cargo from SABIC for January in the $405-410/tonne CFR range.
MAP
Australia 42 7 24 5 India 210 35 31 13 Arg/Brazil 184 461 - 45 Other 86 152 8 26
TOTAL 522 655 63 89
COMBINED DAP & MAP
4,137 3,941 511 451
BRAZIL: ANDA FERTILIZER STATISTICS (’000 tonnes)
Nov 2012 Nov 2013 Production 880 743
Imports 1,733 1,734 Exports 52 51 Sales 2,789 2,849
Stock change
-228 -423 Sa
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WORLD MONTHLY REVIEW – JANUARY 2014 20
No other buyers are heard to be in the market at present, although low offers might pique some interest from certain buyers. January is expected to remain quiet, before people start looking towards importing ahead of the kharif season.
Domestic DAP offtake was good through December, but has now tapered off as the rabi season is over and is not expected to pick up again until March/April ahead of kharif.
In Sri Lanka, the Ministry of Agriculture has made an award under its 18 December purchase tender to Valency for 10,600 tonnes (+/-5%) of TSP (6,000 tonnes for CFC and 4,600 tonnes for CCF) at $356.69/tonne CFR (CFC) and 357.28/tonne CFR (CCF) with 270 days’ credit, for delivery in March 2014.
In Thailand, a Saudi dark DAP cargo is heard to have been sold at a price above $420/tonne CFR.
Thailand imported 1,579 tonnes in November 2013, down from 2,052 tonnes in October, and down 88% year on year.
In Vietnam, demand was expected to pick up in late December to coincide with planting. Chinese brown DAP is around VND 9,600-9,700/kg ($450/tonne), Chinese dark DAP is at VND 10,000/kg ($470/tonne) and Honghe DAP is at VND 12,000-12,100/kg ($590/tonne).
In the Philippines, market participants maintain the Philphos plant will remain offline for some time, despite recent talk of buying interest from the company.
There is talk that Philphos is in the market for raw materials. However, the company was unavailable to confirm this and the plant is not expected to be operational for a number of months, with the island of Leyte still without power.
In Australia, total imports of phosphate rock were at 58,000 tonnes in the third quarter of 2013, down from 177,000 tonnes in Q3 2012, according to the Resources and Energy Quarterly–December Quarter 2013, released on 18 December by the Bureau of Resources and Energy Economics (BREE).
EUROPE
In Benelux, EuroChem is targeting $460/tonne FCA/FOT for January DAP barges, noting that bids of $450/tonne FCA have been rejected.
In Italy, discussions for January DAP cargoes from Tunisia are expected to get underway next week. Buyers are still waiting for offers for January loading.
In Turkey, Agrium is heard shipping a 30,000-tonne cargo of PhosAgro NPK 15:15:15 in January.
In Greece, Teofert is understood to have bought 4,000 tonnes of Turkish NP 20.20.0 for December loading and 9,000 tonnes of PhosAgro 16.20.0 at around $335/tonne CFR for October-December loading.
THAILAND DAP IMPORTS (’000 tonnes)
Jan-Nov 2012
Jan-Nov 2013
Nov 12
Nov 13
China 177 111 13 1 Russia 54 136 - - Mexico 44 - - - Saudi Arabia 17 96 - - Lithuania 5 - - - Australia - 15 - - US - 82 - - Others - 32 - 1
TOTAL 297 471 13 2
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WORLD MONTHLY REVIEW – JANUARY 2014 21
Plants and Projects
SULPHUR In Indonesia, Petrokimia Gresik plans to open a new phosphoric acid plant in East Java in the second quarter of 2014. The plant will require 200,000 tonnes/year of sulphur to accommodate its production requirements.
Principal Technology Inc is supplying the small capacity sulphur recovery unit (SRU) for Dakota Prairie Refining, LLC refinery in southwestern North Dakota. The construction deadline imposed to complete the refinery is by the end of 2014. The $300m Dakota Prairie Refinery will process 20,000 barrels per day (bpd) of oil and produce 7,000 bpd of diesel fuel.
SULPHURIC ACID
First Quantum Minerals (FQM) will design and build an expansion to the 1.2m tonne/year copper smelter currently under construction to cushion the declining mineral smelting capacity in Zambia.
Without expanding the smelter, there would have been insufficient capacity to process all the concentrate which will be produced from FQM’s Sentinel and Kansanshi mines in Solwezi, the company said.
FQM chief executive officer Philip Pascall said the move to expand its smelting capacity was necessitated by the high cost of exporting copper concentrate.
Construction works at the $690m copper smelter are approaching peak levels and commissioning is intended for mid-2014.
The facility is expected to operate at 80% of its design capacity by mid-2015 and achieve 100% in early 2016.
The smelter is intended to process a combination of concentrate from both Kansanshi and the new Sentinel Mine, currently under construction, bringing production estimates at more than 300,000 tonnes of copper and 1m tonnes of sulphuric acid annually.
In Indonesia, Petrokimia Gresik plans to open its new phosphoric acid joint venture plant in East Java in the second quarter of 2014. The plant is expected to produce 200,000 tonnes/year of acid and will require some 770,000 tonnes/year of phosphate rock and 200,000 tonnes/year of sulphur.
Petrokimia Gresik also plans to spend $160m revamping is pre-existing plant so that it too can produce 200,000 tonnes/year of phosphoric acid per year, and to expand the plant’s industrial compound to include a sulphuric acid plant with a capacity of 600,000 tonnes/year.
Chile’s Codelco plans to invest more than $1bn over the next five years to modernize its four smelters: Chuquicamata, Potrerillos, Ventanas and Caletones, according to media reports.
The investment is part of the company's efforts to reduce its environmental impact and comply with new emissions standards, and will enable Codelco to reduce its annual emissions of sulfur dioxide and arsenic by roughly 100,000 tonnes and 1,300 tonnes, respectively, the reports said.
PHOSPHATES
In the US, Mosaic’s phosphate plant in Riverview, Florida is understood to be undergoing a scheduled turnaround, during which the DAP plant will also have the capacity to produce gMAP. The plant is expected to restart production at the end of Q1.
In Saudi Arabia, Saudi Arabian Mining Company (Ma'aden) has awarded three contracts worth a combined Saudi riyal (SR) 8.46bn ($2.26bn) to Canadian and Asian companies to build its new phosphate mining and production project.
The project in Waad al-Shimal City in the north of the country is a joint venture between Ma'aden, Saudi Basic Industries Corp (Sabic) and Mosaic. Ma’aden owns 60%, Mosaic 25% and SABIC 15% in the project.
“Ma’aden has awarded three EPC contracts... the contract for building a sulphuric acid plant and a power generation facility, valued at SR2.87m ($764m), the contract for building a phosphoric acid plant valued at SR3.51bn ($935m) and the contract for building an ore beneficiation plant valued at SR2.09bn ($557m),” Ma’aden said in a statement issued to Saudi stock exchange.
Canada's SNC Lavalin and China's Sinopec Engineering Group have won a SR2.86bn contract to build a power plant and a sulphuric acid plant which has a production capacity of 4.9m tonnes/year, it added.
South Korea's Hanwha Engineering & Construction Co won a contract to build a phosphoric acid plant worth SR3.5bn. The plant will have a production capacity of 1.5m tonnes/year.
China Huanqiu Contracting & Engineering Corp Co won a contract to build an ore beneficiation plant worth SR2.08bn with a production capacity of 5.3m tonnes/year.
Ma’aden also received initial approval of Saudi riyal (SR) 15.75bn ($4.2bn) from banks and financial
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WORLD MONTHLY REVIEW – JANUARY 2014 22
institutions to fund a phosphate project of Waad Al Shamal, Ma’aden said 1 January.
“It [the company] has received financing commitment letters from local, regional and international banks and financial institutions for up to SR15.75bn, $4.2bn. This is to fund the development and construction of Ma’aden’s Waad Al Shamal Phosphate Project,” the company said in a statement issued to Saudi stock exchange.
“The loans will be for a period of 17 years and will be repaid in half yearly installments starting from 31 December 2018,’ it added.
Meanwhile, Ma’aden’s phosphate rock unloading belt at the Ras Al Khair facility, which was damaged in September by a fire, has been repaired and restarted on 29 December.
Malaysia's Cahya Mata Sarawak Berhad's (CMSB) wholly-owned subsidiary Samalaju Industries Sdn Bhd (SISB) has entered into a shareholders' agreement with several joint venture partners for the development of southeast Asia's first integrated phosphate complex, the company announced 31 December.
Construction of the Malaysian ringgit (MYR) 1.04bn ($317m) plant is scheduled to get underway in the first quarter of 2014 and will become operational in phases from first quarter 2016 and fully operational from second quarter 2018, CMSB said in a statement.
The complex, which will employ around 1,000 workers, will boast an annual production capacity of 500,000 tonnes of phosphates like phosphoric acid and related products such as ammonia. In addition, some of the plant's production will be used as feedstock to a proposed nitrogen, phosphorous and potassium (NPK) plant next to the facility.
Situated on approximately 350 acres of land at Samalaju Industrial Park (SIP), in Malaysia's Sarawak state, the project will be situated close to the new Samalaju deep water port and will benefit from "competitively priced long term supply prices and supporting infrastructure" in the Sarawak Corridor of Renewable Energy (SCORE), CMSB added.
Malaysian Phosphate Venture Sdn Bhd (MPVSB) and Malaysian Phosphate Additives (Sarawak) Sdn Bhd (MPASSB) will each own a 40% share in the venture and Arif Enigma Sdn Bhd (AESB) the remaining 20% stake. The project will be funding by a combination of shareholders' equity and long term bank funded debt that is currently being arranged.
Chatham Rock Phosphate Ltd (CRP) has received a 20-year permit to extract phosphate nodules from an 820sq km area of the mineral-rich zone of Chatham Rise, near New Zealand's South Island, the company said on Friday.
The project is expected to cut New Zealand’s dependency on Moroccan imports of phosphate rock and create an export market.
It has the potential to add $900m to the country's economy and generate $250m/year in exports and import substitution.
New Zealand currently imports around $91m of rock phosphate a year from Office Cherifien des Phosphates (OCP) in Morocco.
CRP still requires a marine consent from the Environmental Protection Authority under new law governing New Zealand’s 200 nautical mile exclusive economic zone, which the company plans to apply for early next year.
Discovered in the 1950s, recent geological surveys indicate Chatham Rise holds around 100m tonnes of rock phosphate about 350-450m below the surface. CRP expects to extract up to 1.5m tonnes/year from the site.
In Tanzania, the Ministry of Energy and Minerals is understood to be planning to map the country’s phosphate deposits, which would allow the State Mining Corporation (STAMICO) to apply for the relevant mineral rights. Seven mining companies are heard to be interested in the project with a capital investment of about $5bn.
CHS is planning on building a 26,000 ton fertilizer hub in North Dakota, the largest farmer-owned cooperative in the US confirmed on Wednesday.
Minnesota-based CHS said construction on the facility is expected to commence on 1 May 2014 and will be ready to begin taking in product by Q1 2015, with the facility anticipated to begin serving area farmers by the spring 2015 planting season.
No cost estimates for the new facility were provided by CHS.
CHS said the facility will be operated as part of the CHS Lake Region Grain Unit and will exclusively handle dry fertilizers. It will be supplied by train deliveries from the Burlington Northern rail line.
“This additional fertilizer capacity will help us ensure a seamless supply for our current patrons and at the same time enable us to expand our territory and bring quality inputs to new growers,” said Mark Greicar, Lake Region General Manager. Sam
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WORLD MONTHLY REVIEW – JANUARY 2014 23
PRICES
SULPHUR – Sulphur prices on a CFR China basis are now at their highest level since May 2013. The big question mark and key talking point among market players is whether the recent sharp rise is sustainable. Much of the upward momentum stems for refinery run cuts in the Middle East and a number of outages are slated in Saudi Arabia during the first quarter. In addition, refinery rates are expected to remain low because of poor margins.
SULPHURIC ACID – The US acid market has been quiet, with many participants only just returning from the holidays. In terms of pricing, the value of sulphuric acid is expected to move up on the back of recent rises in the value of sulphur. Prices are still in the $30-40/tonne CFR/ex-terminal range. An expected increase in sulphur may cause a short term rise but the market has questioned if the rise will be sustainable. In Northwest Europe, market commentary was thin, since the majority of participants were not expected to resume normal business operations until 6 January. However, a common talking point among the global sulphuric acid community was the recent sharp rise in the value of sulphur and how this might impact on global acid pricing.
PHOSPHATES – US DAP prices have moved back over $400/tonne FOB in latest business having seemingly found a floor around $350/tonne FOB in November. At the same time, despite a more lenient export tax policy in China for 2014, Chinese DAP producers are not looking to offer product for export until international prices approach levels reflecting $500/tonne FOB.
BASE METALS – Prices have firmed over the last month. Copper moved up to $3.35-3.37/lb from 3.17-3.21/lb, still well below prices a year ago. Zinc moved from $0.84-0.85/lb to $0.94-0.96/lb. Nickel’s range moved from $6.02-6.11/lb to $6.31-6.43/lb.
($1 = €0.73)
World Monthly Review Published by ICIS
Editor: David Tonyan [email protected] Rebecca Clarke [email protected] Customer Support: [email protected] +1-713 525 2613
ICIS PRICE INDICATORS
January 2013
July 2013 January 2014
SULPHUR
US$/tonne Vancouver FOB 180-198 145-155 100-110 Mediterranean CFR 160-165 130-139 80-100
ADNOC Official Selling Price (OSP)
150 140 140
Middle East spot FOB
141-150 85-140 117-140
CFR India (formed) 165-170 118-125 155-159
US$/long ton
Recovered (CFR)
Central Florida 160 155 75
Houston 145 140 60
SULPHURIC ACID
US$/tonne
US Gulf (CFR) 90-95 60-65 30-40
CFR NW Europe 106-145 72-132 79-137
FOB Mediterranean 43-53 5-45 -10-15 CFR Chile (contract) 145-155 88-95 88-95
CFR Chile spot 85-90 65-70 58-62
P2O5 PRODUCTS
DAP
FOB Tampa spot 490-500 475-485 400-410
FOB North Africa spot
540-550 500-520 400-417
MAP
FOB Baltic spot 490-520 470-500 390-425
MGA
Northwest Europe CFR
1110-1135 1000-1030 850-860
CFR India (120 days)
855 740-750 609
Phosphate rock
FOB Morocco (70%) 170-190 135-145 125-130
CFR India (70-72%) 170-200 155-170 100-145
METALS ($/lb)
Copper 3.59-3.69 3.03-3.07 3.35-3.37
Zinc 0.92-0.95 0.82-0.83 0.94-0.96
Nickel 7.75-7.96 6.15-6.29 6.31-6.43
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