 "Indian Potash to procure 7 lakh tonne potash from Belarus")
Indian Potash Ltd (IPL) will procure 700,000 metric tonne (mt) of potash from Belarusian Potash Company, Belarus. The potash supply contract to the Indian market in 2016-2017 fiscal year was signed at $ 227 per tonne on a cost and freight (CFR) basis with 180 days credit. As per the agreement, signed yesterday by the two companies, Belarusian Potash will begin the shipment of the product at a new price from July 1, 2016.
“Signing this contract will promote the stability of the Indian market, which is an important strategic area to us. The contract reflects interests of producers and importers, as well as end-users of potash fertilisers - Indian farmers that make a significant contribution to the development of global agriculture,” commented Elena Kudryavets, director general, JSC Belarusian Potash Company.
The price of the new contract reflects current market conditions of the global potash market. The conclusion of an agreement with Indian Potash will undoubtedly be one of the main drivers for the industry’s development; it will positively affect the global potash market in the near future, add more certainty to all stakeholders and boost demand for potash fertilisers.
“Signing this contract will promote the stability of the Indian market, which is an important strategic area to us. The contract reflects interests of producers and importers, as well as end-users of potash fertilisers - Indian farmers that make a significant contribution to the development of global agriculture,” commented Elena Kudryavets, director general, JSC Belarusian Potash Company.
The price of the new contract reflects current market conditions of the global potash market. The conclusion of an agreement with Indian Potash will undoubtedly be one of the main drivers for the industry’s development; it will positively affect the global potash market in the near future, add more certainty to all stakeholders and boost demand for potash fertilisers.