Intrepid Announces $20 Increase to Trio® PriceIntrepid Announces $20 Increase to Trio® Price
March 15, 2021 16:15 ET | Source: Intrepid Potash, Inc
Denver, CO, March 15, 2021 (GLOBE NEWSWIRE) -- Intrepid Potash Inc. (NYSE:IPI) (“Intrepid”) today announced the following increase to its Trio® price.
·Effective March 15, 2021, Intrepid increased its Trio® price by $20 per ton on all product grades. Trio® price is now posted at $80 per ton above the 2020 summer-fill price.
“The strong fertilizer season continues as solidly profitable farm economics support robust application across virtually all markets.” said Bob Jornayvaz, Intrepid's Executive Chairman, President, and CEO. “We are seeing strong commodity markets around the world as evidenced by rising prices across a suite of farm commodities such as soybeans, corn, cotton, sugar, cocoa, palm oil, forage crops, fruits, and vegetables and also rising prices in industrial commodities such as copper and oil, traditional harbingers of improving global economics and growth. We have a strong book of sales through the second quarter and expect customers will continue to replenish warehouses as the season continues. We expect to achieve this higher pricing on spot tons in the second quarter.”
About Intrepid:
Intrepid is a diversified mineral company that delivers potassium, magnesium, sulfur, salt, and water products essential for customer success in agriculture, animal feed, and the oil and gas industry. Intrepid is the only U.S. producer of muriate of potash, which is applied as an essential nutrient for healthy crop development, utilized in several industrial applications, and used as an ingredient in animal feed. In addition, Intrepid produces a specialty fertilizer, Trio®, which delivers three key nutrients, potassium, magnesium, and sulfate, in a single particle. Intrepid also provides water, magnesium chloride, brine, and various oilfield products and services.
Intrepid serves diverse customers in markets where a logistical advantage exists and is a leader in the use of solar evaporation for potash production, resulting in lower cost and more environmentally friendly production. Intrepid's mineral production comes from three solar solution potash facilities and one conventional underground Trio® mine.