STXNEWS LATAM-Chile's SQM plummets, trading halted after potash shakeup

Tue Jul 30, 2013 10:34am EDT

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Shares in Chilean potash producer SQM plummetted on Tuesday, leading the Santiago Stock Exchange to halt trading in the company, after Russia's Uralkali dismantles the world's largest potash cartel in a move that it expects to slash prices by 25 percent.

SQM's shares fell 15.5 percent before being halted.

The move in Russia will likely reshape the industry and has pummeled shares of companies that produce the key fertilizer ingredient.

Santiago's blue-chip IPSA stock index is down 0.99 percent.

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