As the saying goes: when it rains, it pours. This is certainly true of the potash market at present, which appears to be reaching equilibrium following the decision by Canada’s Potash Corp. of Saskatchewan Inc., the world’s largest potash producer, to reduce its prices.
After remaining bullish throughout 2009, the potash leader has somewhat symbolically slashed its potash prices across the board to $390/tonne Ð rising to $420/tonne in March 2010.
This is a significant move by the fertiliser giant and an acknowledgement of present market conditions, but it has been a long time coming.
Russia’s OAO Silvinit kick-started the price adjustments...