Last week, potash prices were still on the rise despite the weekly decline in nitrogen and phosphate fertilizers, which we discussed in the earlier parts of this series. Companies (XLB) such as Nutrien (NTR), Mosaic (MOS), and Israel Chemicals (ICL), which are active in the potash fertilizer market, had something to be happy about last week.
Last week, potash prices in the NOLA (New Orleans) region of the US rose ~1.8% week-over-week to $264 per metric ton from $259 per metric ton. In the Cornbelt region of the US, prices rose 1.6% week-over-week to $288 per metric ton from $284 per metric ton over the same period. Similarly, in the South East Asia region, potash prices rose 1.7% week-over-week to $304 per metric ton. In contrast to these locations, potash prices in Brazil remained flat week-over-week to $359 per metric ton.
Year-over-year, potash prices at each of the above four locations remained in the positive territory. For example, in NOLA, prices rose by 30.5% from $202 per metric ton, while prices in the Cornbelt region rose by 24% from $232 per metric ton. In the Southeast Asia region, prices rose by 15% year-over-year from $264 per metric ton. In Brazil, potash prices rose by 30% year-over-year from $276 per metric ton.
Next, we will look at fertilizer affordability.