Israel Chemicals Ltd (ICL), now known as ACL, has witnessed a tumultuous second quarter in 2023, grappling with plunging profits and a sharp decline in product prices. However, recent indicators of price stabilization and increased demand suggest a potential turnaround for the fertilizer and minerals producer.
Since the commencement of the third quarter, ICL's stock has surged by 16%, hinting at a potential upswing in the company's financial results for Q3. This comes as a relief after the company faced a severe blow in Q2, when a precipitous fall in fertilizer prices and reduced industrial activity led to a 71% plummet in profits compared to the same period in 2022.
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