Commodity
2 September 2026
Grade deflation
In the late 1970s, the average phosphate rock grade was 33% P2O5. By 2024, the largest share of rock production fell under 29.5% P2O5. Phosphate rock grades have therefore been decreasing over time, an issue exacerbated by the recent fall in P2O5 levels in rock concentrate from China, the world’s largest phosphate rock producer.
Underlying the long-term grade decline has been a fall in the production of medium-grade rock globally. At the same time, high-grade rock production – which has fluctuated over time – remains limited.
