The Black Sea sunflower oil market is showing a price increase. Sellers are offering the product at $880/t CIF Mersin for shipments in January-February, while buyers’ ideas are hovering within $855-860/t CIF Mersin.
The phosphate market has been stable in Brazil. MAP 11:52/12:52 is still offered at $560/t C&F. One of market participants reports that fertilizer purchases made by customers last year have created large carryover stocks, which does not contribute to the growth of MAP prices.
Global urea market players have once again focused on the information on the tender in India. This week, NFL has published the prices of the tender held on January 4, when 2.7 million t of the fertilizer were purchased: levels were within $316.8-359.3/t C&F.
Turkish steel mills continue purchasing imported steel scrap to provide operations in February. Despite quite active negotiations in the second half of the week, the number of fresh deals has been not that significant as many traders expected.
Iron ore quotes have dropped to a five-week low due to muted buying activity in China. Concerns about a potential shortage of the raw material, which had been roiling the market for several consecutive weeks, eased amid abundant stockpiles at China’s ports.
Quotes for imported steam coal have grown on the West European market following the stock exchange indices. At the same time, trade is moderate.
The U.S. soybean market has been under pressure from forecasts of favorable weather in Brazil. Relevant export quotes have dropped significantly.
Brazilian corn prices have inched up despite the start of harvesting of the first crop in MY 2023-24. According to Conab, as of December 30, farmers processed 0.9% of the planned areas (0.2% as of the same date last year).
U.S. wheat export quotes have dropped, so demand has increased.
Trade has perked up in the Black Sea region in early January, driven by demand from Turkey and India. Offers are voiced at $865-870/t CIF Mersin and $860/t CIF Izmir with fast shipments, but bids do not exceed $850/t CIF Mersin.