Potash

The potassium fertilizer, mined in Canada and Russia, food security in mineral form.

Overview

Muriate of potash, the standard 60 percent K2O product, ships in tonnes from Saskatchewan, which holds giant evaporite deposits and produces at low cost, with Belarus and Russia next. Sanctions on Belarus from 2021 cut roughly a sixth of world supply and spiked prices. Brazil and the US farm belt import heavily, and India and China negotiate annual contracts that set benchmark tone. Demand is inelastic, since potassium has no substitute in plant physiology and farmers cut application only under duress. Two western producers dominate supply, pricing is contract based and oligopolistic, and price reporting agencies have only recently built indices.