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Potash sees possible early 2014 bounce in its market

Dec. 04, 2013 3:52 PM ETNutrien Ltd. (NTR) Stock, NTR:CA StockMOS, NTRBy: Carl Surran, SA News Editor1 Comment
  • A bounce in potash markets is possible next year, assuming China steps back into the market and Russia and Belarus paper over differences that have disrupted the market, Potash Corp. (POT +1.4%) says at the Citi basic materials conference.
  • A supply contract in Q1 2014 between China and Canpotex - the export arm of Potash, Mosaic (MOS +3.3%) and Agrium (AGU +2.5%) - would set a price floor, then Indian buyers might lock in prices with Canpotex, followed by deals in other markets, setting up a chance for a "nice bounce" in H1 of next year, POT CFO Wayne Brownlee says.
  • POT says its decision to cut its workforce by ~18% will lead to cost reductions across the board; it anticipates a one-time cash charge in Q4 of ~$70M.

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