Mosaic, Ma'aden and Nutrien face feedstock squeeze

Three of the world’s major phosphate producers used their second-quarter 2026 results to lay out how far a global sulphur and sulphuric acid squeeze is now cutting into their phosphate businesses. Phosphate fertilizer producers need sulphuric acid as their essential feedstock. Some make it on site from raw sulphur; others import it. Both sulphur and sulphuric acid are now in short supply, following the effective closure of the Strait of Hormuz to commercial shipping in late February and a Chinese sulphuric acid export ban from May.

Mosaic reported a $104 million operating loss in its phosphate segment, Saudi Arabia’s Ma’aden cut its 2026 DAP guidance to 6.0–6.5 million tonnes on a 28% Q2 drop in DAP output, and Canada’s Nutrien saw its phosphate manufactured product gross margin turn negative at $31 per tonne.