North American potash stocks swell 7 pct in October

Tue Nov 20, 2012 8:08pm IST

Related Topics

Stocks

   

* Inventories 43 pct above 5-year average

* Contract delays with China, India cause supplies to grow

Nov 20 (Reuters) - North American potash inventories at the producer level, a key indicator of market sentiment, climbed i n October, according to the world's top producer of the crop nutrient, Potash Corp, highlighting slumping demand in top offshore markets.

Stockpiles of potassium chloride, the crop nutrient more commonly known as potash, swelled 7.2 percent to 2.5 million tonnes, according to data posted on Potash Corp's website.

Inventories of the crop nutrient at the producer level now stand 43 percent above the previous five-year average.

Spot potash prices eased to roughly $470 per tonne.

Potash supplies have swollen as top global consumers China and India delay signing new supply contracts with Canpotex, the offshore marketing company owned by Potash Corp, Agrium Inc and Mosaic Co.

Last Wednesday, Potash Corp said it would shut two of its Canadian mines for eight weeks each between December and February, to match supply closer to demand.

The vast majority of the potash produced in North America is mined in the Western Canadian province of Saskatchewan, where Potash Corp is headquartered.

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Markets

REUTERS SHOWCASE

Segway in India

Segway in India

Segway’s India business pegs hope on tech-savvy Modi  Full Article 

Power Outage

Power Outage

Mumbai hit by power cuts  Full Article 

Commodities

Commodities

Gold imports, premiums to jump on festive demand - top refiner  Full Article 

Economic Worries

Economic Worries

Pakistan's promises to IMF in doubt as protests sap economy   Full Article 

Islamic Finance

Islamic Finance

Basel III deposit challenge looms over Islamic banks   Full Article 

Antitrust Probes

Antitrust Probes

U.S. business lobby says concerned China antitrust probes unfair.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage