Mosaic announces phosphate production curtailments – Alert
In response to current crop nutrient market conditions, The Mosaic Company announced on Feb. 3 that it will reduce production in its Phosphates business. The company intends to reduce production by up to 400,000 mt, with rotating plant shutdowns in the first quarter of 2016.
"With the recent price volatility and decline in raw material costs, buyers appear to be delaying purchases. This is lengthening the seasonal period of weak demand," said Rick McLellan, Senior Vice President, Commercial. "Today’s crop nutrient prices, including phosphates, are attractive to farmers globally and we expect a strong demand response after this seasonally slow period."
"The long-term positive outlook for phosphates has not changed, but we are adjusting our production levels to match immediate demand and manage our margins," said Joc O’Rourke, Mosaic President and CEO.