Russians hike potash prices for India 32% one day after Canpotex inks deal
Russia's Uralkali, who together with Belaruskali and North-American producers represented by Canpotex, control almost 60% of world production, said on Thursday its trading company raised prices for India by 32%.
Uralkali's export arm will supply 1.2 million tonnes to India at $490/tonne (up from $370/tonne) through the end of March 2012. On Wednesday arduous negotiations between Canpotex and India ended in a two-step deal that increases the export price to $470/tonne for the fourth quarter and adding another $60/tonne next year.
India has some 55 million small farmers and is the world's number one importer at over 6 million tonnes per year.