Potash producers plunge in overseas trading after Russian potash producer Uralkali (URALL.PK) says it is leaving its JV with Belaruskali, accusing Belaruskali of violating the terms of their agreement. Uralkali will now export deliveries via its own Swiss-based Uralkali Trading. (statement)
On a conference call, CEO Vladislav Baumgertner said the move could trigger a drop in global potash prices to below $300/tonne in H2, from a current $400/tonne.
Uralkali and Belaruskali's JV, Belarus Potash Company (BPC), accounts for 43% of the global potash export market.