To cope with the decline in potash prices caused by declining demand in major markets such as China and India, the global potash fertilizer giant is planning to proactively reduce production to ensure that revenue is not affected.
OAO Uralkali, Russia’s largest potash fertilizer producer, recently stated that it intends to reduce its production in 2012 by 8% to 10.5 million tons. The company believes that prices are more important than production. Canada Potash Corp., the world’s number one potash producer in Saskatchewan, Canada, also announced that it will reduce production in some of the mines. The potash supply of the above two giant companies accounted for 37% of the global supply.
The global price of potash had rushed to a record high of nearly US$1,000/ton in 2008, but it plunged to US$300/ton due to the impact of the financial crisis several months later. At present, the price of potash fertilizer is basically maintained at the level of 550 US dollars / ton.
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