© Reuters. An inside view of the storage warehouse is seen at Nutrien’s Cory potash mine close to Saskatoon, Saskatchewan, Canada August 12, 2019. REUTERS/Nayan Sthankiya
(Reuters) – Canada’s Nutrien (NYSE:) Ltd, the world’s largest fertilizer producer, stated on Wednesday it plans to extend potash output by almost 1 million tonnes this yr to about 15 million tonnes in response to the uncertainty of provide from Japanese Europe.
Potash is a key enter required for producing nitrogen-containing fertilizers, and Russia and Belarus are the world’s second- and third-largest producers of the commodity after Canada.
Potash costs have soared since financial sanctions have been imposed in opposition to Russia after its invasion of Ukraine. Belarus, Russia’s ally, has additionally been topic to European and U.S. sanctions which have restricted its potash exports.
Nutrien stated the extra quantity of potash is anticipated to be produced within the second half of the yr.
In the meantime, Canadian Pacific (NYSE:) Railway, which strikes potash fertilizer into america, has despatched a lock-out discover to its workers after talks with a union on wages and different points failed, a transfer that would disrupt the provision of the commodity.
A lockdown on the rail-road firm might have “critical implications” for potash transport to ports for cargo to offshore consumers, Natashia Stinka, a spokeswoman for Canpotex Ltd, an organization owned by Nutrien and Mosaic Co (NYSE:), had stated earlier.
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