After a steady increase in 2011, phosphate rock prices are expected to drop during 2012 to $175/tonne in H1 and to $150/tonne in H2 as a result of new capacity coming from the Middle East and on the “price pullback in downstream phosphate products,” analysts at Credit Suisse forecast.
This would represent a drop of 12.5% and 25% respectively for the first and second halves compare to the average $200/tonnes FOB reported in Q4 2011 for Moroccan raw material.
After a weak Q4 2011 and a slow January 2012, Credit Suisse believes that all three nutrients...