The move seeks to ease an undersupply related to sanctions against Russia and Belarus, the second-and third-largest fertilizers producers after Canada.
“We have been prudent about expanding capacity, pacing it with the market,” Seitz said. “We continue to believe the supply-side challenges are real and there’s going to be a home for our volumes in the market.”
Fertilizer prices have soared after Russia’s invasion of Ukraine in February, which caused Nutrien’s sales in North America and Brazil, its top two potash markets, to drop in the September-quarter.
Nutrient is bullish on the underlying demand drivers for potash. It notes global fertilizer supply challenges persist, which creates a supportive environment for Nutrien into 2023.
“We expect potash supply from Eastern Europe will continue to be constrained in 2023, with shipments from Belarus projected to be down 40 to 60% and Russia down 15 to 30% compared with…
