Phosagro Sees Phosphate Market Ready for Recovery on Brazil
- Brazil may buy 6.7 million tons this year, CEO Guryev says
- Phosphate price will probably gain 5% this year to $380 a ton
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Phosagro OJSC, the world’s third-largest phosphate fertilizer maker, sees the market overcoming a “scary” start to the year as Brazilian farmers use improving profits to buy more soil nutrients.
Average prices of diammonium phosphate, a benchmark, will probably rise to $380 a metric ton in Tampa, Florida, according to the company’s Chief Executive Officer Andrey Guryev. That would be up from about $360 now. James O’Rourke, CEO of rival Mosaic Co., earlier this month said phosphate demand will reach a record this year.