At the beginning of 2008, potash prices started a meteoric climb from less than US$200 a tonne to a high of US$875 in February 2009. These subsequently dropped dramatically to an April 2010 low of US$310 level, before recovering in 2011–12, and relapsing again in 2013. For reference, prices in November 2011 were about US$470 per tonne, but as of May 2013 were stable at US$393. After the surprise breakup of the world's largest potash cartel at the end of July 2013, potash prices were poised to drop some 20 percent. At the end of Dec 2015, potash traded for US$295 a tonne. In April 2016 its price was US$269. In May 2017, prices had stabilised at around US$216 a tonne down 18% from the previous year. By January 2018, prices have been recovering to around US$225 a tonne. World potash demand tends to be price inelastic in the short-run and even in the long run.