Uralkali looking to start new-contract talks with India next spring
MOSCOW. Dec 19 (Interfax) - Russian potash-producer Uralkali is looking to begin negotiations with India over a new contract to supply the product in April or May of next year, the company's director for marketing and sales, Oleg Petrov, said during a conference call.
Petrov predicted that India will import 3.5-4 million tonnes of potash in 2014 versus 3-3.2 million tonnes in 2013.
Uralkali plans to secure a contract with China before this year ends or early next year. "As soon as we conclude the contract with China, markets will rapidly reset," he said.
Expectations are that warehouse inventory in China will be down to 3.5 million tonnes by the end of this year.
The average FCA export price for a tonne of potash was $272 at the end of last quarter.
Acting General Director Viktor Belyakov said that the company figures to produce and sell at least three million tonnes of potash this quarter, taking it to ten million tonnes for the year.
