Crop Nutrition

Mosaic comments on phosphate countervailing duties rulings

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03 November 2023, Florida: Yesterday and today, the U.S. Department of Commerce (Commerce) announced the final results of the first annual administrative reviews of the countervailing duty orders on phosphate fertilizers from Russia and Morocco. Commerce increased the CVD rate for Russian producer PhosAgro from 9.19% to 28.50% and decreased the CVD rate for Moroccan producer OCP from 19.97% to 2.12%. The Mosaic Company (NYSE:MOS) provided the following comments:

“We are disappointed by the ruling on Moroccan imports to the U.S. and we are considering our next steps,” said Mosaic CEO Joc O’Rourke. “We at Mosaic expect and welcome fair competition all around the world, and we are confident that Mosaic can compete on a level playing field. We will continue to seek remedies when we see unfair practices.”

“Our Moroccan competitor continues to enjoy the subsidies that led to the duties, and those subsidies provide substantial unfair advantage,” O’Rourke said. “That said, we expect today’s ruling could impact trade flows, but it should have little impact on global phosphate fertilizer supply and demand dynamics.”

“The countervailing duties have been effective as many new entrants shipped phosphate to the U.S. and helped create a fair and competitive market here, and prices in the U.S. returned to parity with global benchmarks.”

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(For Latest Agriculture News & Updates, follow Krishak Jagat on Google News)

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