The company will deliver the potash during the first half of 2011.
Israel Chemicals Ltd. (TASE: ICL) signed on Friday contracts with several customers in China for the sales of 500,000 tons of potash. The potash will be delivered during the first half of 2011, at a price similar to that in recent contracts with other potash suppliers, reflecting a price of $50 per ton more than the prevailing prices in 2010.
Last month, Citi Capital Markets recommended potash producer shares, saying that the global fertilizer market would return to its 2007 peak, and possibly exceed it. Potash suppliers, Israel Chemicals included, may raise prices in the second half of the year.
The share price of Israel Chemicals, led by Akiva Mozes, rose 1.3% in early trading today to NIS 62.55.
Published by Globes [online], Israel business news - www.globes-online.com - on February 13, 2011
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