The merger of UralKali and Silvinit, approved by the companies’ directors on Monday, would not only reshape Russia’s fertiliser industry, but also create a great force in potash export markets that will further reduce the influence of China in global pricing.
For decades, the world’s top fertiliser companies have exported their potash through two marketing organisations – in effect legal cartels – which negotiated secretive annual contracts with importing nations. China is the top importer, followed by India and Brazil.
The potash cartels regulate production to match demand in order to keep prices high, much in the way that Opec, the oil cartel, does in the oil market.
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