IOC Pasadena restarts after month-long closure
Major fertilizer producer Interoceanic Corp (IOC) resumed operations nearly a month after Hurricane Beryl rolled through Texas.
The plant restarted earlier this week, allowing the company to reenter the ammonium sulfate market. IOC has offered limited volumes at $335/st fot St Louis, according to market participants.
The Pasadena, Texas, facility had been off line since 8 July because of Hurricane Beryl, which damaged the facility and caused the extended outage. IOC issued a force majeure to its partners in the weeks following the storm.
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Indian July DAP stocks fall on the month to 2mn t
Indian July DAP stocks fall on the month to 2mn t
London, 6 August (Argus) — Indian DAP stocks continued declining in July and fell well below their levels of a year ago, led by a year-on-year drop in imports and domestic output. Stocks at the end of July fell to around 2mn t from 2.3mn t at the end of June, and well below the 3.6mn t a year ago, provisional government data show. DAP offtake was around 1mn t in July compared with 1.26mn t in July last year, but outstripped combined production and imports by around 250,000t. Domestic output totalled 373,000t, lower than the 437,000t in July last year . And imports fell to a three-month low of 377,000t, according to line-up data, well below the 571,000t imported last year. So far this year, monthly DAP imports have consistently remained below their 2023 equivalent. India has struggled to import DAP because the maximum retail price and nutrient-based subsidy mean current cfr prices — last done at $590s/t last week for Saudi product — equate to a substantial loss for importers. Even with the potential introduction of a special additional subsidy for DAP , the breakeven price for imported DAP would only be raised to the mid-high $540s/t cfr. Major Indian importers are currently negotiating a purchase of 300,000-500,000t of DAP with Morocco's OCP for arrival until the end of December. But these volumes alone would not be sufficient to push up stocks in the coming months if other imports and domestic output stagnate. Offtake typically exceeds 1mn t/month over September-November. By Adrien Seewald Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Indian urea stocks slide in July, monsoon rains rise
Indian urea stocks slide in July, monsoon rains rise
Amsterdam, 6 August (Argus) — Indian urea sales rose to 4.65mn t last month and monsoon rains have accelerated, supporting domestic consumption, with inventories pressured lower. Indian domestic urea sales rose to 4.65mn t in July from 4.53mn t in the same month last year, the latest provisional data show. Production was also higher, rising to 2.65mn t from 2.48mn t in July last year. The rise in domestic consumption resulted in a further drop in countrywide stocks, to 8.7mn t at the end of the month. Inventories had stood at around 10mn t in mid July, down from 11mn t at the end of June and 11.3mn t at the end of May. Domestic urea demand is expected to remain supported in August, with monsoon rains accelerating to 533.3mm by 6 August since the start of June, up by 6.6pc on the long-term average. The country's meteorological department forecast last week that rainfall for the remainder of the monsoon season in August-September will be "above normal", or higher than 106pc of the long-term mean. By Harry Minihan Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Chile 1H24 sulacid imports fall to three-year low
Chile 1H24 sulacid imports fall to three-year low
London, 6 August (Argus) — Chile's imports of sulphuric acid totalled 1.62mn t in January-June, down by 14pc on the year, representing the lowest level for the past three years, GTT data show. The decline reflects logistic and discharge issues at the key Mejillones port, which suffered the worst heavy swell period since records began, and a lack of fresh demand towards the end of the third quarter. This season's heavy swells period started in early December last year, a month earlier than expected, and lasted until the end of April this year. This resulted in a bulging import line-up and demurrage costs for endusers, which dissuaded them from entering the spot market. Peru shipped 539,000t in January-June, down by 21pc on the year, as logistical issues stemming from congestion at Mejillones and some unplanned output issues affected overall shipments to date. Imports from Asian countries recovered sharply from last year's drop in shipments, reflecting already-contracted cargoes covering annual commitments in Chile. China's shipments to Chile jumped 151pc on the year, with 492,000t shipped in January-June. South Korea's exports rose by 8pc to 247,000t during the period, while Japan-origin acid imports totalled 205,000t in January-June, up by 41pc on the year. The decline in shipments was most notable in June, with imports dropping 30pc on the month to 168,000t — the lowest monthly value since January 2021 due to ample inventories at the port and a lack of fresh import demand. Chilean buyers refused to enter the spot market owing to market length and rising Chinese fobs prices, which gained nearly 50pc during June as OCP entered the Asian market to secure acid cargoes for third quarter delivery. By Lili Minton Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Hurricane Debby halts traffic at southeast US ports
Hurricane Debby halts traffic at southeast US ports
Houston, 5 August (Argus) — Major ports in the southeast US are closed to vessel traffic as Hurricane Debby made landfall today as a category 1 storm in northern Florida. Seaport Manatee and the port of Tampa Bay in Florida closed waterways on 3 August, with Seaport Manatee issuing port condition Zulu — where gale force winds are anticipated within 12 hours and port operations are suspended. Port Tampa Bay closed its shipping lanes on 3 August. Combined DAP and MAP exports from the port of Tampa reached 245,000 metric tonnes (t) between January and May — comprising nearly 91pc of year-to-date offshore export volumes — according to US Census Bureau data. Nearly two-thirds of US ammonium phosphate production capacity is consolidated in central Florida with Mosaic, according to The Fertilizer Institute (TFI) data. The Port of Savannah, in Georgia, will close today at 3:00pm ET and will remain closed on Tuesday before reopening on Wednesday, according to the Georgia Ports Authority. No vessel activity will be allowed during the closure. By Meghan Yoyotte Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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