EARLY in 2012, the world's biggest potash producing countries - Canada, Russia and Belarus - were forced to curtail some production in the absence of significant demand. Part of the problem was that many markets had bought heavily in 2011, and thus held inventory to draw upon rather than embark on fresh purchasing in the March quarter. In addition, India asked for deliveries to be delayed into the June quarter. Chinese buyers returned to the market in the same quarter and Brazilian interest in fresh cargoes resumed, thus potash producers were able to ramp up their operating rates once again.
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