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Uralkali Signs Deals to Sell 600,000 Tons of Potash to China

29.08.2016
Yulia Fedorinova / Bloomberg (UK)

Uralkali PJSC, the worlds largest potash producer by volumes, signed deals to supply the fertilizer to China, following Belarusian Potash Co. and Israel Chemicals Ltd.

The Russian producer will supply 600,000 metric tons of potash to Sinochem Group, China National Agriculture Means of Production Group Corp., or CNAMPGC, and Cnooc Ltd. starting this month through January, the company said in a statement on its website on Monday. The price will be in line with the market, it said, without elaborating.

The price that China reaches with Belarusian, Russian and North American suppliers has traditionally been the benchmark for sellers and buyers around the world. Belarusian Potash first agreed on the deal with China in July, setting the price at $219 per ton.

Potash prices fell to the lowest level in a decade this year after China and India postponed new contracts to June and July. BPC, as the Minsk, Belarus-based exporter is known, was also the first to sign the deal with India this year. Israel Chemicals also concluded contracts with Chinese clients in July.

Canpotex Ltd., the Canadian joint venture that represents potash-export sales from Potash Corp., Mosaic Co. and Agrium Inc., said in July that it will only sign contracts to supply China and India with the crop nutrient for the remainder of 2016 as it expects prices to rise next year.

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