Column: Electric dreams turn into a nightmare for battery metals
A sector that was once racing to build new supply has been closing mines and deferring projects as low prices bite into the cost curve.
Mosaic Co on Wednesday became the latest fertilizer maker to miss fourth-quarter profit estimates amid lower demand for potash and other crop fertilizers.
Although prices of fertilizers such as phosphates and potash decreased towards the end of last year, it did not boost demand as farmers waited for pricing trends to stabilize. Higher prices had curbed demand in early second half of 2022.
Mosaic, the world’s largest producer of finished phosphate products, saw a 11% fall in sales volume for the fertilizer.
Excluding items, the Tampa, Florida-based company reported earnings of $1.74 per share for the three months ended Dec. 31, compared with the average analyst estimate of $2.26 per share, according to Refinitiv data.
(By Arshreet Singh; Editing by Krishna Chandra Eluri and Shinjini Ganguli)
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