Israel Chemicals Ltd. (ICL), Tel Aviv, announced it has signed an agreement on Oct. 30 with Indian Potash Ltd. (IPL) to “update the price by $10 less per tonne, for all its potash shipments to the buyer from October 2019 to March 2020”. The supplier did not disclose if delivery volumes had been agreed. However, ICL last December inked a five-year supply agreement with IPL, under which it said it expected to supply the Indian importer with 600,000 mt per year in 2019 and 2020.
The Israeli company is the third supplier to announce a new contract for the sale of potash to IPL, and follows Uralkali Trading, the first supplier to reach a deal with the Indian buyer, and Belarus Potash Co. (BPC), all agreeing new supply contracts at $280/mt CFR with 180 days’ credit, and at a $10 discount to the 2018/19 contract price.