Belarusian Potash Company has announced agreement to a new annual contract with Indian Potash Limited to supply 800,000 metric tons of potash to India at a price of US$247/MT CFR. This would be significantly below current market levels for potash in key offshore markets and a complete disconnect from the strong fundamentals currently being seen for major agricultural commodities in numerous growing regions throughout the world.
Canpotex is committed to the competitive supply of all of our valued customers and we will independently do so at levels appropriate to the market fundamentals that we see. Canpotex is fully committed on volumes for potash sales through April 2021 even without a new contract settlement with our customers in India. Record potash shipments were made in 2020, and we anticipate further export market demand growth in 2021.