Israel Chemicals sells potash to India at decade-low price (Reuters)
Israel Chemicals (ICL) will ship potash to India at the same decade-low price agreed by another big seller last month, two industry sources said, at a time when global supply of the crop nutrient is exceeding demand.
ICL's decision could pressure other key producers such as Russia's Uralkali and North American trading group Canpotex, owned by Potash Corp of Saskatchewan, Mosaic Co and Agrium Inc, to consider offering potash at similar prices.
Indian Potash Ltd (IPL), one of that country's biggest fertilizer importers, is buying around 600,000t of potash at $227/t on a cost and freight (CFR) basis with a credit period of 180 days, said the industry sources. The price is a third lower than last year.
Uralkali has said the price agreed by Belarus was too low and that it was not yet ready to sign a potash supply contract with India.