FP/wire say Agrium, rivals hear ICL CEO warn on prices
2015-10-23 08:57 ET - In the News
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From In the News (C:AGU) Agrium Inc
The Financial Post reports in its Friday, Oct. 23, edition that Chinese and Indian buyers of the crop fertilizer potash are seeking a cut of $10 (U.S.) to $20 (U.S.) per tonne in their next contracts with global suppliers, the chief executive officer of ICL Israel Chemicals said on Thursday. A Reuters dispatch to the Post reports that potash prices have fallen in the past year due in part to excessive mining capacity, dry weather in India that limited crop production and a new tax in china. Contracts with China and India set a floor for sales to Brazil and the United States, which are on a spot basis. Suppliers are likely to push back on requests for bargains. ICL is the world's sixth-largest potash producer. Chinese buyers including Sinofert Holdings and Indian importers most recently agreed to pay $315 (U.S.) and $332 (U.S.) per tonne, says ICL CEO Stefan Borgas. Along with ICL, suppliers to China and India include North America's Canpotex, which represents Potash Corporation of Saskatchewan, Mosaic and Agrium, Uralkaliy, Belaruskali, K+S and Arab Potash Company. |
