Northvolt CEO steps down after bankruptcy filing
Peter Carlsson, co-founder and leader of Northvolt since 2016, will remain as advisor as he quit a day after the firm filed for bankruptcy.
The value of stock in Potash Corp. of Saskatchewan, the world’s largest miner of the soil nutrient, are down more than 13% or $6 billion since Tuesday after losing 2.8% in afternoon trade on Monday on the back of plummeting corn prices in the US.
The price per bushel of the largest US crop has declined 25% since June and farmers are now hard-pressed to slash input costs which means cutting back on fertilizer. Globally there is a similar trend and in India, the world’s largest importer of potash, sales were down more than 50% over the monsoon planting season.
Potash Corp. of Saskatchewan (TSE:POT) was trading at $44.24, down 2.77%, in afternoon trade on Monday giving it a value of some $38 billion. Last week Tuesday the counter changed hands at more than $51. Number two and three producers Mosaic (NYSE:MOS) and Agrium (NYSE:AGU) have also suffered double digit losses over the last five trading days as high potash prices curb demand.
Drovers CattleNetwork reports the larger than expected US stockpiles announced on Friday which is behind the recent slide in the price reflects decreased demand, particularly from overseas buyers, as corn rallied to all-time highs near $8 a bushel in recent months, analysts said.
MINING.com reported two weeks ago disproportionate price increases of fertilizers are playing out in India, with sales of muriate of potash (MOP) plunging 58% during the kharif (monsoon) planting season.
The more than 50 million small farmers in India that depend on the soil nutrient have also had to contend with a weak rupee that caused domestic MOP prices to rise by as much as 91%.
India imports some 6 million tonnes of potash a year with current pricing around the $500/tonne level. Chinese and Indian consumption drove the potash price from $100/tonne in 2004 to almost $900/tonne in the run up to the 2008 recession when the boom went bust and prices rapidly fell back to $350/tonne.
2 Comments
rubberman
A temporary blip. The worlds need for fertilizer to grow food and feed it’s exploding population will far outlast the temporary surplus.
Upstart73
I think the top people at Potash need to look at the direction they are going its not good. Dietz and Reagon are missed.