The phosphate market is cyclical, having suffered three major troughs in the past 12 years. Since the last depression - in April 1993 -- phosphate demand outside the FSU has rebounded. But what of prospects for 1997 and in the longer term? Michael Rahm, Senior Economist at Cargill Inc., Minneapolis, USA, here reviews the current situation and short-term outlook for phosphates before focusing on the industry's longer term prospects to 2005.
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