Canada's Canpotex inks pact with Indian customers to supply potash

The Canada-based potash exporting company Canpotex Limited has announced that it has finalised annual potash supply contracts, totalling approximately 1.3 million tonnes, with its long-term customers in India. The company has not disclosed the names of the Indian firms. Pricing was confirmed with its customers at a $ 10.00 MT price increase, bringing the new contract price to $ 332.00 MT CFR, said Canpotex in a press release. This price will remain in effect until March 31, 2016.
 
This potash supply contract follows the last week’s announcement of Indian Potash Ltd of signing a pact with Russia’s Uralkali to procure 80,000 tonne of potash from Russia between May 2015 and March 2016.
 
Steve Dechka, president and chief executive officer, Canpotex, stated these new agreements demonstrate once again the importance Canpotex places on the Indian market and on supporting its loyal and long-term customer base in India.

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“We are very pleased to conclude these new supply contracts with our long-term Indian customers, and continue our role as a leading potash supplier to this growing and important market,” stated Dechka.
 
Dechka also confirmed that Canpotex intends to expand its Indian market development programs in 2015 to help Indian farmers improve yields through balanced fertilisation and best management practices. “We look forward to lending further support to Indian agriculture in collaboration with our Indian partners,” stated Dechka.
 
In November 2014, Canpotex had signed separate sales agreements with Coromandel International Ltd and Tata Chemicals Limited for supplying Saskatchewan potash to India over the next few years.
 
Canpotex, one of the world’s leading potash exporter, is an offshore marketing and logistics company owned by Saskatchewan potash producers: Agrium Inc, The Mosaic Company through its wholly-owned subsidiary, Mosaic Canada Crop Nutrition LP, and Potash Corporation of Saskatchewan Inc.