Potash

In 2009, the world potash market deteriorated as world demand, trade and sales fell dramatically. After potash prices reached record high levels in 2008, many consumers and dealers delayed purchases until the price dropped. Potash prices did not recede as quickly as other fertilizer commodities, which led to further increases in potash stocks. In 2009, high stocks and lower demand contributed to a drop in world production of more than 30 percent from 2008. Nearly all major producers reported lower production in 2009, as many mines were idle in the first half of the year and world production was at 50 percent of capacity. Consumption of both fertilizers and industrial uses dropped significantly in 2009.