ICL signs 600,000 ton Indian potash contract

Israel Chemicals Photo: Eyal Yizhar
Israel Chemicals Photo: Eyal Yizhar

The agreed selling price in the contract is $280 per ton, $50 per ton above the previous contract.

Israeli global specialty minerals and chemicals company ICL (TASE: ICL: NYSE: ICL) announced today it has signed a supply contract with Indian Potash Limited (IPL), India’s largest importer of potash. ICL will supply an 600,000 metric tons of potash - with mutual options for an additional 50,000 metric tons - to be supplied through December 2021.

The agreed selling price in the contract is $280 per ton CIFFO Indian ports, $50 per ton above the previous contract. The contract is part of the five-year supply agreement signed in 2018 between ICL and IPL.

ICL EVP chief commercial officer Eli Amon said, "The contract 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. This contract further testifies to the leading position ICL has in this market and reflects the growing positive momentum in the fertilizer market globally. Favorable weather conditions, an increase in planted areas, and tight supply are contributing to solid global demand for potash."

ICL's share price was up 6% in premarket trading on the NYSE at $6.21, giving a market cap of $7.5 billion. 

Published by Globes, Israel business news - en.globes.co.il - on April 5, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Israel Chemicals Photo: Eyal Yizhar
Israel Chemicals Photo: Eyal Yizhar
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