15 November 2012 10:22 [Source: ICIS news]
LONDON (ICIS)--A lack of recovery in demand for potash in major markets has forced Canadian fertilizer producer, Potash Corporation of ?xml:namespace>
The producer has announced that it will shut its Allan and
The Allan mine has an operational capacity of 1.6m tonnes, while
Allan will lose about 245,000 tonnes and
The producer cited its practice of “matching supply with demand” as the reason for the shutdowns.
Demand for the crop nutrient has been hit this year as two of the world’s biggest importers,
Importers in both countries have expressed their unwillingness to sign contracts until prices are lowered. In the first half of 2012,
PotashCorp has undertaken several shutdowns during the year to cut down production as it hopes to keep prices stable.
Last month, PotashCorp said it would be shutting the Lanigan from 18 November until 12 January while the Rocanville mine will close on 2 December and is due to reopen on 26 January.
The slowdown in demand in the world's biggest markets has impacted other potash producers as well.
On 13 November,
Mosaic reduced its forecast for potash sales by 400,000 tonnes for the second quarter to 1.3-1.4m tonnes.($1 = €0.78)
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