India signs first potash deal for $427 per ton
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.
- DuPont Crop Protection to sell certain assets to Bayer
- New research study shows the value of neonicotinoids
- Alltech Crop Science acquires South African distributor
- Monsanto invests to transform plant breeding
- Fungicide-resistant soybean diseases spreading
- Most crop futures are starting Thursday on a strong note
- ValueAct buys stake in fertilizer dealer Agrium
- Critics of Dow herbicide sue U.S. EPA over approval
- Six tips to help professionals take leaps of faith
- Nitrogen fertilization rates for corn production
- Landmark Services Co-op, Curry Seeds sign agreement
- No-till may not bring boost in global crop yields
- Los Angeles City Council votes to explore ban on GMO plants
- ASA issues statement on EPA’s neonicotinoid study
- Economist: Taxing P could reduce risk of algal blooms
- Commentary: Government wants farmers to quit farming
- Resistant weeds not controlled by fall residuals
- First responders need to prepare for agroterrorism