Reuters reported that Russian potash producer Uralkali (LSE:URKA) has reduced its 2012 production target due to a drop in global demand.
As quoted in the market news:
“Sales volumes by potash producers will be lower than last year … at the start of the year inventories were quite high,” Chief Executive Vladislav Baumgertner told reporters on Wednesday.
He added that Uralkali expected to produce 10.2 million to 10.3 million tonnes of potash this year, slightly below an earlier forecast of 10.5 million. The company mined 10.8 million tonnes of the soil nutrient in 2011.