Belarussian Potash Co. (BPC), a trader for Belaruskali and Russian potash producer Uralkali, agreed Wednesday to ship potash to Indian Potash Ltd., a major fertilizer importer in India, from February 2013 until January 2014, Uralkali said in a statement.

BPC will charge $427 per ton for shipments to Indian Potash, which is $63 less than the previous contract price set in 2011. The previous supply agreement expired at the end of the first quarter of 2012. Shipments continued until August 2012.

India, a large importer of potash, had delayed signing any potash contracts in 2012. China delayed singing any contracts until the end of December. Both China and India’s delays caused supply to stockpile within the industry, pressuring prices.

India’s contract is expected to stabilize the global potash market, according to BPC’s CEO Valery Ivanov.

Analysts expected a slightly lower contract at $420 per ton, according to Businessweek.com.

Potash Corp has still to sign a contract with India, and is “optimistic” it will sign a deal with India within the first quarter of 2013, it has been reported.