RTTNews | Apr 5, 2021 02:04AM EDT

02:03 Monday, April 5, 2021 (RTTNews.com) - ICL (ICL) said it signed a contract with Indian Potash Ltd. (IPL), India's largest importer of potash, to supply an aggregate 600,000 metric tons of potash, with mutual options for an additional 50,000 metric tons, to be supplied through December 2021.

The company noted that the agreed selling price in the contract is $280 per ton CIFFO Indian ports, $50 per tonne above the previous contract. The contract is part of the five-year supply agreement signed in 2018 between ICL and IPL.

ICL's EVP Chief Commercial Officer, Eli Amon, said, "The contract we have signed in India, one of ICL's strategic markets, is part of the five-year supply agreement we signed in 2018 with IPL. This contract further testifies to the leading position ICL has in this market and reflects the growing positive momentum in the fertilizer market globally. Favorable weather conditions, an increase in planted areas, and tight supply are contributing to solid global demand for potash."

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