In addition to many other suppliers, Potash Corporation of Saskatchewan Inc., has announced a temporarily cut in production at two mines, shutting them down for 8 to 10 weeks. Potash Corp is the world’s biggest supplier of potash, and this move is reported to likely help strengthen global prices.
According to PotashCorp, the demand for potash is expected to be 62 million-65 million tons in 2017, which will be up from approximately 60 million tons in 2016. It’s reported 95% of potash is used as fertilizer in agriculture.
The production reductions are seen to likely add momentum to a market that will continue to grow in 2018.