It was only a matter of time before another deal was done in the potash market.
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This week, Uralkali announced that it has signed a supply contract with China for $305 per metric ton, a 24-percent discount to the previous year.
It’s time to say goodbye to 2013. But before we go, here’s what you should expect from the 2014 potash market.
Reuters reported that Sinochem has extended an agreement to buy potash from Canpotex, North America’s potash marketing arm, by one year
Brazil and Chile are the leading potash producers in South America. Here’s a look at some of the projects in those countries as well as the companies operating them.
Gensource Potash Corp. (TSXV:GSP) announced that it has terminated a binding term sheet with Canada Potash Corp. as a result of “technical challenges, difficult market conditions and a desire by Gensource to resume trading as soon as possible.” The agreement had contemplated a reverse takeover.
Reuters reported that U.S. fertilizer giant, Mosaic Co, cut its outlook for the 2013 global potash shipments citing weaker demand in India and a delay in setting a second-half contract between Canpotex and China’s Sinofert Holdings.
Reuters reported that the world’s largest potash miner by output, Uralkali, is expecting potash prices to rebound in 2014 after reaching a bottom level in terms of supply contracts with top consumer China.
The Economic Times of India reported that India has purchases 160,000 tonnes of diammonium phosphate from China at the lowest price in over six years, marking what could be a price benchmark for other purchasers.
Reuters reported that both India and China are working to take advantage of market upheaval by seeking price cuts of 25 percent or more.