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Russia's Uralkali hopes to sign new supply deal with India in June

Polina Devitt / Reuters (UK)

Russias Uralkali, the worlds largest potash producer, hopes to sign a new supply contract with India by the end of this month, its head of sales said on Wednesday.

The deal, if reached, would be a rare instance of India signing a potash supply contract with a major producer before China. Contracts with China usually set a price floor and benchmark for other markets.

There is a good chance that India will be the first to sign ... We are in talks with China, there is no contract yet, Uralkali head of sales Vladislav Lyan told a conference call, organised for analysts after the company posted its first-quarter sales.

Both China and India, the worlds biggest fertiliser consumers, usually sign their contracts for potash purchases earlier in the year. This year, deals were delayed by high stocks built up by farmers and by drought in India.

Major suppliers to India also include Belarus Potash company, Potash Corp of Saskatchewan POT.N, Agrium Inc AGU.TO, Mosaic MOS.N and K+S SDFGn.DE.

Uralkalis previous contract with India was signed in May 2015 for twelve months and set potash supplies at 800,000 tonnes at $332 per tonne. (Full Story)

Uralkali also told the call on Wednesday it expected 2016 production between 10.8 million and 11.2 million tonnes and capital expenditure at 22 billion roubles ($342 million).

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