Guosen Securities: Tight supply and demand of potassium chloride worldwide, demand and prices expected to exceed expectations by 2026.

Guosen Securities released a research report stating that recently, domestic potassium fertilizer prices have risen by 50-100 yuan/ton compared to the beginning of the year. Currently, domestic 60% white potassium is priced at 3,300 yuan/ton, border trade 62% white potassium at 3,400 yuan/ton, and port 62% white potassium at 3,500 yuan/ton. The global supply and demand of potassium fertilizer is tight, and the industry is expected to be in a high boom in the next 2-3 years. The bank believes that potassium chloride demand is expected to further replace nitrogen/phosphorus fertilizers on the basis of 2%-3%. Since 2024, demand for potassium fertilizer in China, India, and Brazil has been strong, and current stocks are low, indicating that there is still a great room for global potassium fertilizer prices to rise.