Company: SQM
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0000909037-25-000020
Chunk: 142

Company: CHEMICAL & MINING CO OF CHILE INC
Filing Date: 2025-04-24
Form: 20-F
Item: Item 5
Chunk 142
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 market grew by 8% in 2024 compared to 2023. This growth was driven by increased demand across nearly all iodine applications, particularly in X-ray contrast media.
Throughout 2024, we observed quarter-over-quarter price increases, and we expect the average sales price in the first quarter of 2025 to be higher than in the fourth quarter of 2024, when our price reached US$69.7 per kilogram.
Potassium
Potassium revenues for the twelve months ended December 31, 2024, totaled US$270.8 million, lower than revenues reported during the twelve months ended December 31, 2023, which totaled US$279.1 million, representing a 3.0% decrease.

(in Th. MT)                           2024              2023       % Change
Potassium chloride                   695.0             543.1            28%
Potassium sales volumes grew by more than 28% in 2024 compared to 2023, driven by strong market demand in key regions such as Brazil, Europe, and India. We estimate that market demand reached approximately 72 million metric tons, supported by lower prices and increased supply from Belarus and Russia. Our potassium sales exceeded expectations due to higher-than-anticipated potassium sulfate sales from third parties.
Industrial Chemicals
Industrial chemicals revenues for the twelve months ended December 31, 2024 reached US$78.2 million, 55.4% lower than US$175.2 million recorded for the twelve months ended December 31, 2023. Set forth below are sales volume data for the specified years by product category:

(in Th. MT)                           2024              2023       % Change
Industrial chemicals                  52.6             180.4          (71)%
Industrial chemicals revenues during the fourth quarter of 2024 were lower compared to revenues reported for the same period last year, as a result of 71% decrease in sales volumes, which more than offset higher sales prices.
Other Products and Services
Revenues from sales of other commodity fertilizers and other income reached US$28.3 million for the twelve months ended December 31, 2024, an increase compared to US$27.0 million for the twelve months ended December 31, 2023, due to increased commercial activity driven by the recovery of the fertilizer industry market.
Cost of Sales
Cost of sales amounted to US$3,201.7 million for the twelve months ended