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You can unsubscribe from these updates at any time. We manage your personal data in accordance with our privacy policy.Indian importer Coromandel has agreed a price of $1,700/t P2O5 cfr India with 30 days credit for third-quarter phosphoric acid deliveries with Jordanian producer JPMC.
The price is up by $340/t P2O5 from the second quarter, largely driven by firm sulphur prices. Prices for dry bulk sulphur to India rose by 49pc over the second quarter.
Updates with lower house's vote to begin impeachment process. Sao Paulo, 5 November (Argus) — Paraguay is in the grips of its worst political crisis in years, with President Santiago Pena submitting his resignation on Thursday following a banking scandal. Pena said in a recording that he was resigning, "with the stability of our country, social peace, and the need to preserve our democratic institutions in mind". The resignation, however, might be trumped by impeachment. Congress, including the long-ruling Colorado Party, have turned against Pena. Shortly after Pena resigned, the lower house voted 78-0 to start an impeachment process. Paraguay's constitution allows the chamber to reject a resignation. The impeachment would have to be approved by the senate, where Pena's party has a slim majority, with 23 of the 45 seats. In a separate motion, the lower house voted 30-48 to reject an impeachment motion against vice-president Pedro Alliana, who will replace Pena. Regardless of the decision on Pena, the vote in favor of Alliana means that he is in line to serve out the five-year term. The next general elections are in April 2028. The crisis could undermine Paraguay's image as a stable economic bet in the region, with the country trying to court investment in energy and mining, including critical minerals. In late October, it joined the US-led US Pax Silica program to secure supply chains that include critical minerals. In August, it began talks with the US to sign an agreement on nuclear energy. The government has also been working to attract the first private investment in power, with a 140MW tender for solar power scheduled for the first quarter of 2027. The crisis, months in the making, exploded on 2 November when the central bank said that it would intervene in digital bank Ueno. The bank had 2.94mn clients, equivalent to 63pc of Paraguay's adult population. Pena has been closely linked to the bank since the previous decade, when he was finance minister. After his election to a five-year term in 2023, he named Ueno chief executive Carlos Carvallo to head the central bank. The president tried to distance himself from the bank, but the scandal only deepened. He called for Carvallo's resignation and submitted emergency legislation to the legislature to ensure deposits were honored. Adding to the problem, the government under Pena moved a large amount of the state's pension funds to Ueno. At the time of the intervention, Ueno held 11pc of pension funds, one point above the legal limit. The Ueno scandal is not the only international looming in Paraguay. It faces arbitration from UK-listed Atome after the government reneged on a power purchase agreement (PPA). Atome secured more than $600mn in financing earlier this year for a 260,000 metric tonnes/yr project to produce calcium ammonium nitrate fertilizer. It was contingent on a 145MW PPA agreed to with the state-owned power utility Ande, but Pena in June repealed decrees that allowed Atome to sign a contract. Atome arbitration claim states that Paraguay violated its bilateral investment treaty with the UK. Markets pause Paraguay's fuel importers, distributors and traders have adopted a wait-and-see approach following Pena's resignation, suspending new negotiations for both fossil fuels and biofuels. Market participants said it is too early to assess the crisis' impact, especially on the foreign exchange rate. One importer said the sharp decline in Nymex heating oil and RBOB futures contracts currently more than offsets the effect of the weaker Paraguayan currency. Paraguay has no domestic crude production or refining capacity and relies entirely on imports to meet its fuel demand. Ethanol market participants expect the situation to prompt pricing increases on both corn and sugarcane-based volumes. Producers are closely monitoring any blending policy changes promoted by the new administration. By Lucien Chauvin, Flavia Alemi and Pedro Consoli Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Sao Paulo, 5 November (Argus) — Paraguay is in the grips of its worst political crisis in years, with President Santiago Pena submitting his resignation on Thursday following a banking scandal. Pena said in a recording that he was resigning, "with the stability of our country, social peace, and the need to preserve our democratic institutions in mind". The crisis could undermine Paraguay's image as a stable economic bet in the region, with the country trying to court investment in energy and mining, including critical minerals. In late October, it joined the US-led US Pax Silica program to secure supply chains that include critical minerals. In August, it began talks with the US to sign an agreement on nuclear energy. The government has also been working to attract the first private investment in power, with a 140MW tender for solar power scheduled for the first quarter of 2027. The crisis, months in the making, exploded on 2 November when the central bank said that it would intervene in digital bank Ueno. The bank had 2.94mn clients, equivalent to 63pc of Paraguay's adult population. Pena has been closely linked to the bank since the previous decade, when he was finance minister. After his election to a five-year term in 2023, he named Ueno chief executive Carlos Carvallo to head the central bank. The president tried to distance himself from the bank, but the scandal only deepened. He called for Carvallo's resignation and submitted emergency legislation to the legislature to ensure deposits were honored. Adding to the problem, the government under Pena moved a large amount of the state's pension funds to Ueno. At the time of the intervention, Ueno held 11pc of pension funds, one point above the legal limit. Opposition lawmakers threatened to impeach him and might still try, with senator Esperanza Martinez calling on colleagues to reject Pena's resignation and hold impeachment hearings for him and vice-president Pedro Alliana. It is a long shot, with Pena's Colorado party holding 48 of the 80 seats in the lower house and 23 of 45 seats in the senate. Alliana will serve out the term through the next elections in 2028. The Ueno scandal is not the only international issue Alliana would inherit. It faces arbitration from UK-listed Atome after the government reneged on a power purchase agreement (PPA). Atome secured more than $600mn in financing earlier this year for a 260,000 metric tonnes/yr project to produce calcium ammonium nitrate fertilizer. It was contingent on a 145MW PPA agreed to with the state-owned power utility Ande, but Pena in June repealed decrees that allowed Atome to sign a contract. Atome arbitration claim states that Paraguay violated its bilateral investment treaty with the UK. Markets pause Paraguay's fuel importers, distributors and traders have adopted a wait-and-see approach following Pena's resignation, suspending new negotiations for both fossil fuels and biofuels. Market participants said it is too early to assess the crisis' impact, especially on the foreign exchange rate. One importer said the sharp decline in Nymex heating oil and RBOB futures contracts currently more than offsets the effect of the weaker Paraguayan currency. Paraguay has no domestic crude production or refining capacity and relies entirely on imports to meet its fuel demand. Ethanol market participants expect the situation to prompt pricing increases on both corn and sugarcane-based volumes. Producers are closely monitoring any blending policy changes promoted by the new administration. By Lucien Chauvin, Flavia Alemi and Pedro Consoli Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
London, 5 November (Argus) — Prices in Turkish refiner Tupras' November domestic sulphur tender have dropped, with the midpoint down by $62.50/t month on month. Domestic bids are lower likely due to wider Mediterranean market pricing coming off. Tupras awarded its November e-tender for various lot sizes in full across 4-5 November at $753-858/t fca, compared with its previous tender at $818-918/t fca for October and despite higher floor prices. November awards were as follows: From Izmit — 9,000t in various lots for 150-1,200t at $803-828/t fca against October prices at $912-918/t fca. A floor price of $800/t fca was set for Izmit lots compared with $675/t fca in October. From Izmir — 3,200t in various lots for 150-800t at $825-858/t fca against October prices of $863-872/t fca. A floor price of $750/t fca was set for Izmir lots compared with $710/t fca in October. From Kirikkale — 2,900t in various lots for 450-750t at $753-798/t fca against October prices of $818-836/t fca. A floor price of $750/t fca was set for Kirikkale lots compared with $710/t fca in October. By Fenella Rhodes Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Houston, 3 November (Argus) — The US Department of Commerce continues to recommend maintaining countervailing duties on Moroccan phosphate imports, according to its sunset review final results released today, even as US president Donald Trump has temporarily suspended the levies. Following stakeholder responses, Commerce upheld its preliminary July recommendation , determining that the Moroccan government provides a 20.04pc subsidy to state-owned OCP's phosphate production. As a result, Commerce is recommending that the the International Trade Commission (ITC) implement a 20.04pc import duty on Moroccan imports. Commerce in June released its final countervailing duty recommendation in the sunset review for Russian phosphate fertilizer imports, noting the process was expedited because interest from domestic parties Mosaic and Simplot was adequate, while Russia did not respond or participate in proceedings. ITC is now handling the remainder of the five-year reviews for Morocco and Russia, determining if material injury to the domestic phosphate industry would occur if the duties were removed. If Commerce determines the duties should remain, but ITC says that injury is not likely, then the duties would be revoked. But if both agencies agree that the duties should remain and that material injury is still possible, then the duties would not be revoked. ITC is expected to vote on the issue on 5 May 2027, with a case determination date listed for 26 May 2027, according to the ITC website. In June, Trump temporarily suspended countervailing duties on certain phosphate fertilizer imports from Morocco for eight months or until the order is terminated, citing a "supply emergency" for US farmers. Various shipments of Moroccan DAP, MAP and TSP have returned to the US over the course of the summer and fall. By Taylor Zavala Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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