Chile 1H24 sulacid imports fall to three-year low

Spanish Market: Fertilizers
06/08/24

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

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