PotashCorp says 2012 will be a be a record year for global potash fertilizer consumption, according to a report by Natasha Odendaal in Mining Weekly. The story quotes a PotashCorp statement which said the growth is driven by growth in China, Brazil and South East Asia. The firm said developing markets in Asia and Latin America had posted the highest growth rates in consumption from 2001 to 2011, at 6% and 5% a year respectively. Global consumption grew about 3%, which surpasses growth rates for other primary nutrients, namely nitrogen and phosphate.
The firm said potash shipments rebounded during the quarter and were expected to be strong throughout the year. Shipments are expected to reach between 53-million and 56-million tons of potash for the year, with China and Latin America accounting for more than 10-million tons each in 2012.
PotashCorp currently accounts for 20% of the world's potash capacity. It says it is undertaking a $7.5 billion facility expansion to improve operational capability to 17.1-million tons by 2015.