Market News & Headlines >> Ian Disrupts Mosaic Phosphate Operations
Fertilizer maker Mosaic Co. said on Tuesday it expects lower production and delayed shipments after Hurricane Ian caused "modest damage" to its phosphate operations in Florida.
The company, which mines phosphate rock in the state and produces 75% of North America's phosphate fertilizers, said it expects its phosphates output to be down by about 200,000 to 250,000 metric tons, split roughly evenly between the third and the fourth quarters.
Tampa-based Mosaic also expects its phosphates sales volumes in the third quarter to be in the range of 1.60 to 1.65 million metric tons, down from the 1.7 to 2.0 million it had forecast in August, as port and rail closures delay its late third quarter shipments to October. Repairs are expected to be completed over the next one to two weeks, it added.