Company: SQM
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0000909037-25-000020
Chunk: 54

Company: CHEMICAL & MINING CO OF CHILE INC
Filing Date: 2025-04-24
Form: 20-F
Item: Item 4
Chunk 54
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 potassium nitrate for agricultural purposes. Our potassium nitrate faces indirect competition from both specialty and commodity substitutes, which some customers may opt for depending on the soil type and crops involved.
In 2024, our sales represented approximately 41% of the global agricultural potassium nitrate market by volume. In the 100% soluble potassium nitrate segment, our main competitor is Haifa Chemicals Ltd. ("Haifa") of Israel. We estimate that Haifa's sales accounted for around 22% of global agricultural potassium nitrate sales in 2024 (excluding sales by Chinese producers within the domestic Chinese market).
Kemapco, a Jordanian producer owned by Arab Potash, operates a production facility near the Port of Aqaba, Jordan. We estimate that Kemapco's sales comprised roughly 13% of global agricultural potassium nitrate sales in 2024.
ACF, another Chilean producer primarily focused on iodine production, has produced potassium nitrate from caliche ore since 2005. Additionally, several potassium nitrate manufacturers operate in China, with most of their production consumed domestically within China.
Iodine and its Derivatives
We believe that we are the world’s largest producer of iodine. In 2024, our revenues from iodine and iodine derivatives amounted to US$968.3 million, representing 21.4% of our total revenues in that year and an increase from US$892.2 million in 2023. This increase was mainly attributable to higher sales volumes than in 2023. Average iodine prices were approximately 2.3% lower in 2024 than in 2023. Our sales volumes increased approximately 11.1% in 2024. We estimate that our sales accounted for approximately 37% of global iodine sales by volume in 2024. 
The following table shows our total sales volumes and revenues from iodine and iodine derivatives for 2024, 2023 and 2022:

2024                                                                 2023                   2022
Sales volumes (Th. MT)                                                                          
Iodine and derivatives                        14.5                   13.1                   12.7
Total revenues (in US$millions)          968.3                   892.2                  754.3   
Iodine: Market
Iodine and iodine derivatives are used in a wide range of medical, agricultural and industrial applications as well as in human and animal nutrition products. Iodine and iod