Brazilian third-quarter imports of MOP reached a record 4.1mn t in July-September as buyers purchased the last lots for soybean crops in the first half of the quarter before turning their attention to next year's corn crop shortly afterward.
Prices of granular MOP arrivals to Brazil eroded over the three-month period to $280-290/t cfr as of 26 September, from $305-320/t cfr at the start of July, reflecting the seasonal slowdown in demand. The signing of the new Chinese and Indian MOP contracts in early July at $273/t cfr and $279-283/t cfr with 180 days' credit, respectively, also placed some downwards pressure on pricing.
Canada was the top supplier in the third quarter at 36pc, with 1.5mn t, followed closely by Russia with 35pc and 1.4mn t, GTT data show.
Uzbekistan was noted as the third top supplier to Brazil — although this is likely Belarusian product — at 13pc with 557,000t from July-September. Israel took 5pc at 225,000t, while Jordan received 4pc at 169,000t and Germany 3pc at 121,000t.
The five-year average of third-quarter imports to Brazil amounted to 3.7mnt, with potash imports steadily climbing over the period. Volumes declined in 2022 following strong panic buying earlier this year on supply uncertainty resulting from the escalation of the Russia-Ukraine conflict.
Brazilian MOP imports from January-September totalled 11mn t, also a record high. A further 642,000t is slated for arrival in October, according to provisional vessel line-up data, suggesting that total 2024 imports are likely to be close to the record of 13.4mn t recorded last year.
Full Argus data covering Brazilian MOP imports are available here.
