LONDON — Uralkali is ready to cut production to prevent potash prices from falling after Potash Corporation of Saskatchewan announced reductions this year.
"Our strategy is that price is much more important than volumes," chief financial officer Viktor Belyakov said Tuesday. "It's a strategy for most of the big players on the market."
Suppliers are seeking to protect a 45 percent recovery in benchmark U.S. Midwest potash prices since July 2010. Uralkali pared its 2012 production target by about 8 percent to between 10.5 million and 10.8 million tons, Belyakov said, after record 2011 output of 10.8 million tons. Belyakov forecast global demand for fertilizers to be similar to last year's 58 million tons.
(Bloomberg)
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