Mosaic to Decrease Phosphate Production
The slowing crop nutrient market has led The Mosaic Company to decrease production in its phosphates business. The company intends to reduce production by up to 400,000 tonnes 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, President and CEO.