Importers’ demand for phosphates started to decline in Brazil. EuroChem’s latest sales of MAP 12:52 were made at $500-510/t C&F for August-September shipments. Prices for MAP 11:52, which were of interest to consumers, rose this week to $515/t C&F. Indian state-owned companies GSFC and RCF each purchased 50,000 t of Moroccan DAP at $445-447/t…… Read more »
Corn prices have decreased in the United States amid improved crop conditions and forecasts of favorable weather. Additional pressure on corn prices was put by weak demand from U.S. ethanol producers. In addition, private exporters reported selling a total of 251,460 t of corn to Mexico.
Export quotes for soybeans have dropped in the United States amid improved crop conditions and forecasts of favorable weather. New crop oilseeds are offered at $527-528/t FOB Gulf of Mexico for shipments in October. Private exporters reported selling a total of 383,000 t of soybeans to China.
Turkish importers of steel scrap refrain from active negotiations, pinning hopes that prices will keep going down further. Meanwhile, foreign scrap traders are sitting on the fence waiting for more favorable market environment. As a result, both parties are slow to enter into new deals.
Iron ore quotes have fallen to a two-month low in China after July 31. Iron ore demand has weakened due to floods caused by aftermaths of typhoon in the northern regions of the country, as well as due to further decline on the steel market.
Trade has decreased to a minimum on the West European market for imported thermal coal. Quotes have sagged to $106-116/t CIF ARA, and players took a wait-and-see stance.
Prices for phosphate fertilizers were mostly growing on the global market as demand from major consumers remained strong. Quotes surged after GSFC and RCF purchased Moroccan DAF for shipments in August and 1H September at $445-448/ton C&F India.
In Egypt, producers stopped offering urea as European buyers do not hurry to contract large volumes. Like all global market players, they are waiting for the results of the Indian tender. Only two offers of granular urea have been seen this week at $475/t and $490/t FOB.
Soybean prices decreased in the United States due to favorable weather conditions. Additional pressure on soybean quotes came from a softening of the soybean meal market, although soybean demand is healthy these days.
In Australia, wheat prices have fallen due to inactive trade. Exporters are buying little grain on the domestic market as importers’ demand is now focused on grain from the Northern Hemisphere and producers remain focused on weather and reluctant to sell.