16 April 2008 15:51 [Source: ICIS news]
LONDON (ICIS news)--Major potash exporter Belarusian Potash Co (BPC) has reached a supply agreement with Chinese buyers at a $400/tonne (€252/tonne) increase over 2007 on strong global demand, Russian supplier Uralkali announced on Wednesday.
The agreement, which is reported to have taken six months to reach, will see 1m tonnes of muriate of potash (MOP) supplied to Sinofert and China National Agricultural Means of Production Group Corp for the remainder of 2008.
A final price was not announced but the $400/tonne increase will take prices towards $700/tonne CFR (cost and freight) ?xml:namespace>
“The volume of shipment was decreased due to the late contract settlement and further tightening of supply and continuous strong demand in global market,” said Uralkali.
In 2007, around 2.7m tonnes was supplied by BPC to
BPC, which exports MOP on behalf of Russian potash supplier Uralkali and Belarusian producer Belaruskali, was reportedly the first potash exporter to agree the 2008 contracts with
Strong demand and tight supply has seen global potash prices rise rapidly in 2008.
($1 = €0.63)
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