Page 38 - BELRptSept18

raising the price to $290 per tonne from $230 per tonne in the previous contract.
On August 24, the BPC inked a new contract for the supply of potash to the Indian market from September 2018 until June 2019. The deal was signed at $290 CFR with a 180-day grace period. Belarus accounted for some 26% of India’s potash imports in 2016.
The contract was inked with Indian Potash Limited (IPL), the BPC's long-term strategic partner in India. "The volumes are comparable with the same period of the previous contract year," the BPC's statement reads.
In 2017, a special memorandum was signed during a visit of Belarusian President Alexander Lukashenko to India. According to the document, Belarusian potash exports will be increasing to India from 2018 to 2023. Meanwhile, local media reported last year that Belarus intends to supply about 4.5mn tonnes of potash in the period.
Kudryavets added that the price will go higher if the signing of the contract with China is delayed. While the price of China’s potash contracts is usually $10 to $15 lower than Indian contracts, it is time to change that because the situation is very favourable for suppliers, according to the BPC.
"Spot prices are rising for a long time[...] and this growth will continue," Reuters quoted Kudryavets as saying. "We are sure the market will be growing in general. It is also important for us to maintain the demand for potash."
38 BELARUS Country Report September 2018 www.intellinews.com