Ann: Company Update & Future Outlook, page-48

The basic economics is that phosphate is a commodity sold by many other suppliers. It's B2B with no emotional component.

Something like a latest iPhone has one supplier controlling the market through supply chain and emotional attachment so there are no discounts.

Both examples are basic economics.

Something that is perceived not to be discounted may actually be discounted and you just don't see it.

If Samsung were to buy from us and then onsell they may report US320, but their structure is to take commission.

If you order and iphone with free shipping to anywhere, and the other buyer picked it up from the shop, neither transaction was discounted but what the shop got in the first scenario is less than in the second scenario.

It's called the cost of doing business