Greece will still be in focus today: default is nearly inevitable on the debt of Greece to IMC – 1.54 bn USD are to be paid today. The way things develop is hard to tell now, possibly despite the fact that default and further Grexit is an expected scenario, the very fact of default might shock the stock markets. In addition, we should not forget the talks on Iranian nuclear program: despite the previous signals that the agreement would not be signed in time (meaning tomorrow), there is a great chance that some news comes out tomorrow explaining the future prospects of the sanctions’ cancellation.
Main events
Uralkaliy announced the key estimates for 1Q 2015.
For 1Q 2015, the volume of production by Uralkaliy reduced 8% down to 2.7 mn tons of potassium chloride, the volume of selling dropped 17% down to 2.53 mn tons. Reduction of the production volume has been provided by suspension of Solikamsk-2 mine. Production volume drop turned out to be not as serious as expected earlier, resulting from that, the company has upgraded its output plan for the current year from the previously announced 10.2 mn tons to 10.4-10.8 mn tons. Growth of export prices by 19% vs 1Q 2014 and 9.9% vs the weighted average for 2014 was also positive. The volume of delivery to the market in the 2H 2015 might rise due to adding volumes to the warehouse supplies.
Contributed by Veles Capital
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