Potentially with a delay. The fertilizer producers need Rock...

Potentially with a delay.

The fertilizer producers need Rock Phosphate to make their products. They may have some stockpiles, they may not. Hard to say.

But we do know they have had a hard time getting rock phosphate for a few years now because of Russia / China / US keeping and not exporting their own.

It's a fair assumption that high grade rock phosphate is likely still hard to get in some parts of the world. The old major exporters, from what I can see, certainly haven't turned the tap back on so I'm going to assume pricing will remain steady until this happens.

We have no idea how much stockpiling of product has been happening by fert producers, but I doubt they have replenished old stockpiles they may have had before Covid. They would have used stockpiles during 2020/2021 as world was closed and shipping costs were too high, and are now probably replenishing these stockpiles.

Who knows but I'm glad pricing has remained steady. Looking forward to CXM sending some larger shipments over the coming months.