May. 21, 2020
ICL Group has signed a contract with Indian Potash Ltd. (IPL), India's largest importer of potash, to supply an aggregate 410 000 t of potash, with mutual options for an additional 30 000 t, to be supplied through December 2020.
The selling price stipulated in the contract is US$50/t below the previous contract and are in line with the recent contract prices in India. The contract is part of the five-year supply agreements signed in 2018 between ICL and IPL.
Noam Goldstein, President of the ICL Potash division, commented: "The contract that we have signed in India, one of ICL's strategic markets, is part of the five-year supply agreement we signed in 2018 with IPL, India's largest potash importer, and solidifies the leading position ICL has in this market."
"Favourable weather conditions and an increase in planted areas in several Ag-intensive regions, are contributing to a solid global demand for potash, as reflected by this supply contract, as well as by the contracts we recently signed in China."