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Argus, commissioned by the International Fertilizer Association, released the first global review of phosphate rock resources and reserves since 2010. The study estimates technically recoverable supply for about 350 years at current usage rates.
It concludes there is no global shortage of phosphate rock.
The finding undercuts shortage narratives that have supported phosphate rock prices, so it leans bearish for longer-term rock prices. Near-term prices are still driven by current supply and demand.
argusmedia.comApr 25, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
