Russia's Uralkali forecasts potash rebound in 2013

Thu Dec 20, 2012 6:06am EST
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MOSCOW Dec 20 (Reuters) - Russia's Uralkali said high stocks, poor weather and economic volatility around the world will cause a 13 percent fall in global deliveries of potash this year, but forecasts a rebound in demand in 2013.

The company, controlled by businessman Suleiman Kerimov, said third quarter revenue fell 12 percent to $1.06 billion. For nine months, revenue rose 4 percent to $3.29 billion.

It expects global potash deliveries this year will total 48-49 million tonnes, around 13 percent down from the last year, due to record deliveries in 2011 which created significant stocks, continued macroeconomic volatility and unfavourable weather conditions in many regions of the world.

"We hope that positive crop dynamics that we are observing now will provide for a significant rebound in the potash demand next year," said CEO Vladislav Baumgertner.