Uralkali signs contract to supply potassium chloride to India for $422/tonne at discount of nearly 30% YoY

MOSCOW. April 5 (Interfax) - Uralkali has signed a contract with Indian Potash Limited (IPL), India's largest importer of mineral fertilizer, to supply potassium chloride at a price of $422 per tonne under CFR terms and conditions, Uralkali said in a statement.

The agreement is valid through September 30, 2023, and the volume of the contract has not been disclosed.

Last year's contract price for India was $590 per tonne under CFR, thus the price discount is 28%.

Canpotex, a North American fertilizer trader, was the first to sign contracts with India and China last year, with the price for China coinciding with the price for India, and the agreements were valid until the end of 2022.

Contracts concluded with India and China on an annual basis traditionally set the minimum price level on the potash market.