For Potash, India goes Bargain Hunting
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Canpotex, the marketing conglomerate for North American Potash Producers signed a deal earlier this month to sell 600,000 tonnes of potash to India for $370 per tonne. That potash will last roughly through June, and for future contracts India will seek to lower prices due to a growing national deficit.
That potash will last roughly through June, and for future contracts India will seek to lower prices due to a growing national deficit.
India has returned to the bargaining table, seeking to secure potash supplies for the remainder of the year. Rumour has it that India will offer a maximum of $350 per metric tonne for the year starting April 1. Earlier this year, China settled a contract with Belarusian Potash for $350 per tonne, a far cry from the $1,000 per tonne potash was selling for in 2008.
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