April 17th, 2024

Nutrien sees potash demand recovering on lower prices

By The Canadian Press on February 22, 2024.

Fertilizer giant Nutrien Inc. says it sees encouraging sings of increased demand for potash in the year ahead. Work continues on Nutrien Tower in Saskatoon, Sask., Friday, June 25, 2021. THE CANADIAN PRESS/Liam Richards

SASKATOON – Fertilizer giant Nutrien Ltd. says it sees promising signs of increased demand for potash in the year ahead.

The Saskatoon-based company says it expects full-year potash shipments of between 68 million to 71 million tonnes, up from the 67 million to 68 million it estimates went out in 2023.

Speaking on a conference call Thursday, company chief executive Ken Seitz says he was encouraged by the increased market stability in the second half of 2023.

He says prices have declined from historically elevated levels in 2022, but that the lower prices have resulted in improved demand in North America.

The company late Wednesday reported earnings of US$176 million for the fourth quarter of 2023, down 84 per cent from US$1.12 billion in the same period of 2022.

The company says its lower 2023 earnings reflect lower selling prices across all of its business segments, including potash prices that were down 55 per cent from a year earlier.

This report by The Canadian Press was first published Feb. 22, 2024.

Companies in this story: (TSX:NTR)

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