Market DynamicsStrong Phosphate Markets Supportive of Improved Results: MOS noted fundamentals for phosphate remain constructive, as inventories in Brazil and India are well below 5-year averages, with strong demand expected to drive imports higher.
Market StabilityMOS views the global phosphate market as stable in the near-term given limited supply additions on the horizon and supportive affordability dynamics.
Operational ImprovementsMOS noted solid progress in ramping to its 7.8-8.2MM tonne annual run rate target, with 2 of 4 key plants currently at 90% of targeted run rate, expected to reach target run rate by the end of 2024.