India to buy potash from Belarus Potash at $427/T

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Press Trust of India: New Delhi, Feb 07 2013, 02:16 IST

Belarusian Potash Company has signed a contract to supply 1 million tonne of muriate of potash to Indian Potash at a price of $427 per tonne from this month. Belarusian Potash Company, a joint venture trader of global potash major Uralkali and Belaruskali, will supply potash to the Indian company from February 2013 to January 2014.

“The delivery price of potash fertiliser for India has been set at $427 per tonne on a CFR basis. BPC's shipments under the contract with IPL will total 1 million tonne of KCl,” BPC said in a statement.

India is fully dependent on imports to meet the demand for potash and usually imports 4-5 million tonne of the crop nutrient annually. The country had last time contracted the key soil nutrient from Canada-based Canpotex, BPC at an average price of $490 per tonne.

“We strongly believe that the agreement is bringing us one step forward in restoring potash demand will influence positively both the domestic and global potash market,” BPC CEO Valery Ivanov said.

Indian fertiliser companies had not been contracting fertilisers like DAP and MoP due to demand destruction in the domestic market following delayed rains and rising prices of these soil nutrients forcing farmers to look at other cheaper alternatives in the just ended kharif (summer) season.

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