16 October 2013 10:58 [Source: ICIS news]
LONDON (ICIS)--PhosAgro’s sales volumes rose by 9.8% year on year in the first nine months of 2013 with production up 8.6%, the Russian fertilizer producer said on Wednesday.
Phosphate fertilizer sales were up 7.7% at 3.48m tonnes and nitrogen fertilizer sales up 18.1% at 930,600 tonnes, it added.
Capacity utilisation over the period was close to 100%, the company said.
New urea capacity which came on-stream in the second half of 2012 helped lift nitrogen-based fertilizer sales year on year.
“As a low cost producer, we were able to achieve significant volume growth despite substantial price pressures that have led to reduced capacity utilisation in the global industry,” PhosAgro CEO Andrey Guryev said.
Phosphate fertilizer prices have fallen significantly through 2013 and are well below 2010 highs.
“In addition to a continued commitment to production flexibility, we are now concentrating on fast-growing markets, with the primary focus on our domestic market where we increased fertilizer sales to 1.1 million tonnes in 9M 2013,” Guryev said.
Phos Agro is the largest phosphate-based fertilizer producer in Europe, the largest producer of high-grade phosphate rock worldwide and the second largest producer of monoammonium phosphate/diammonium phosphate (MAP/DAP) outside China according to estimates.
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