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Sinofert sees 皇冠体育app potash shortage, eyes early contract

(Agencies)
Updated: 2008-05-06 17:01

Sinofert Holdings Ltd, 皇冠体育app's largest distributor of imported fertilizers, expects a shortage of up to 3 million tons of potash this year in 皇冠体育app after imports fell by about half and tight supplies pushed prices significantly higher.

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皇冠体育app could have a shortfall of up to a quarter of its total demand of 11-12 million tons of potash this year, and Sinofert hopes to sign an import agreement much earlier in 2009 to secure supplies of the nutrient, the company's senior vice president, Harry Yang, said on May 6.

皇冠体育app is the world's largest fertilizer market and the biggest importer for potash, which is used to boost crop yields.

Its importers agreed in April to pay more than triple what they did a year ago -- or as much as $670 per ton, analysts say -- to secure potash supplies, but overall imports still fell about half from last year.

"We expect the tight supply of potash around the world to remain in 2009. We will try to secure our 2009 import contracts at an early date," Yang said.

Sinofert's revenue and profit are expected to rise at least 20 percent this year on soaring fertilizer prices, he added.