Phosphate fertilizer price trends have been mixed this week. Market participants expect that demand for phosphates will grow in Brazil ahead of the application season for corn planting. As of now, 11,000 t of Russian MAP 12:52 have been reportedly sold at $565/t C&F.
Urea export quotes have been mostly decreasing this week. According to unconfirmed reports, traders from Egypt have sold about 5,000 t of granular fertilizer to Turkey at $345/t FOB Egypt. No offers of prilled fertilizer have been reported.
Quotes for imported scrap steel continue to strengthen in Turkey, although sales of finished steel products still leave much to be desired there. Local mills continue accepting higher prices as they need scrap with urgent shipments.
Prices for imported iron ore are sliding down amid pressure from China’s National Development and Reform Commission (NDRC).
Export quotes for Russian grains have grown due to steady importers’ demand and a possible decline in exports. The country’s Ministry of Agriculture may consider banning grain exports if the country’s stocks fall to a critical level of 10 million t.
In the U.S., soybean export quotes are under pressure of the global trend caused by improving weather conditions in Brazil. According to USDA, the U.S. soybean harvesting was complete as of November 19, which also affects pricing.
Export quotes for corn are generally flat in Brazil. Market participants continue to keep a close eye on weather conditions impacting production prospects and thus prices.
The US grain market has been inactive this week due to the Thanksgiving holiday. Wheat prices are sliding down amid high competition on export markets and low demand. However, this week private exporters have reported selling 110,000 t of SRW wheat to China for shipments during MY 2023-24.
Quotes for imported thermal coal continue sliding down on the West European market amid insufficient pace of trade. Prices have dropped also in ARA ports.
Trade has strengthened somewhat on the Turkish steel scrap market, although most importers still refrain from active purchases amid sluggish sales and rather low prices of finished steel products.