Drop in Q4 P2O5 sales leads to build up in stocks

摘要

The latest ANDA data for December show a 6% drop in Brazilian December P2O5 consumption compared with the same month a year earlier. Overall consumption for the calendar year went up by 2% year on year. The decline in Q4 contributed to the higher stock level at the end of the year (see below). The year started very buoyantly with a 10% increase in Q1 versus 2013, however by the end of June this increase had fallen to just 3%.