Benzinga | Apr 5, 2021 05:25AM EDT

ICL Signed Contract to Supply 600,000 Metric Tons of Potash to India During 2021

ICL (NYSE:ICL) (TASE: ICL) announced today it has signed a contract with Indian Potash Limited (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 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.

"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," said ICL's EVP Chief Commercial Officer, Eli Amon.