TORONTO (miningweekly.com) – Fertiliser companies Potash Corp and Mosaic on Thursday said they agreed with two Indian customers to raise the price of diammonium phosphate by about 10% to $677/t, owing to “strong market conditions”.
The agreement is for around one-million tons of the crop nutrient, and is part of a three-year accord.
The deal was reached between PhosChem, Potash Corp and Mosaic’s phosphate marketing arm, and two large unnamed Indian customers for sales through March 2012. It represents a $65/t increase over first half shipments.
“This agreement demonstrates our commitment to serving the growing demand for phosphates in India,” PhosChem president Gordon McKenzie said in a statement.
In August, Canpotex, the marketing cartel of Canada’s biggest three potash producers, Potash Corp, Mosaic and Agrium, agreed with Indian customers to hike potash prices to an average $500/t for the last quarter of 2011 and the first three months of next year.
Edited by: Creamer Media Reporter