Fertilizer prices have slumped after spiking to record levels following Russia's invasion of Ukraine.
with plans to expand to as much as two million tonnes by the end of next year, the company said in a statement. It was restarted in August 2021 after being idled for two years due to slumping demand.We deliver the local news you need in these turbulent times on weekdays at 3 p.m.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails.
Potash in Brazil has fallen by more than half since hitting a high of over $1,200 per metric ton earlier this year, according to Bloomberg’s fertilizer publication Green Markets. The latest weekly prices fell nearly three per cent on Nov. 2 to $515 per metric ton.. Last week, Nutrien chief executive officer Ken Seitz warned of looming shortages in coming years, with supplies from Russia and Belarus constrained. Nutrien plans to ramp up its capacity 40 per cent by 2025.
Cutting production could reduce Mosaic’s first quarter 2023 potash sales by 325,000 metric tons and cost the company $140 million in revenue, Bloomberg Intelligence analyst Alexis Maxwell said in a note.
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