Israel Chemicals (TASE: ICL: NYSE: ICL) (ICL) announced today that it has signed a contract with Indian Potash Limited (IPL), India's largest importer of potash. ICL will supply an aggregate 410,000 metric tons of potash, with mutual options for an additional 30,000 metric tons, to be supplied through December 2020.
The selling price in the contract is $50 per ton, below the previous contract and but 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.
ICL Potash division president Noam Goldstein, "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."
He added, "Favorable 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."
Published by Globes, Israel business news - en.globes.co.il - on May 18, 2020
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