The Mosaic Co. on Sept. 12 reported that its Florida phosphate operations, which halted operations due to Hurricane Idalia, resumed production within three days. Daily production was put at approximately 20,000 mt.
In addition, an unexpected local utility power interruption in Louisiana at the end of August damaged Uncle Sam’s largest sulfuric acid plant. Repairs to the complex, which operates at a production rate of 15,000 mt/week of finished product, are anticipated to be completed by the end of October.
In the meantime, the company reported that July-August volumes were up from year-ago levels for all three major segments – Potash, Phosphates, and Mosaic Fertilizantes – while revenues were down.
Potash revenues took the biggest dive, falling 49.4% to $489 million from the year-ago $967 million. Volumes were up at 1.483 billion from 1.427 billion. Mosaic expects third-quarter potash sales volumes to be near the high end of previous guidance of 2.1-2.3 million mt, reflecting the impact of ongoing strong demand in North America. Potash price guidance remains unchanged at $250-$300/mt.
Phosphate revenues were off 33.5%, to $642 million from $966 million, while volumes were 1.081 million mt from 979,000 mt. Mosaic expects third-quarter volumes lifted to 1.081 million mt. As noted above, shipments were impacted by Hurricane Idalia and a power interruption. Third-quarter realized DAP prices on an FOB basis are expected to be in the previous guidance range of $475-$525/mt.
Mosaic Fertilizante’s revenues were off 35.7% for the two-month period, to $1.15 billion from the year-ago $1.788 billion, while sales volumes were up at 2.016 million mt from 1.891 million mt.