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Report: Israel Chemicals agrees to sell potash to India at decade-low price

Two sourcestold Reuters that IsraelChemicals Ltd. has agreed to sell 600,000 tonnes of potash toIndian Potash Ltd. atUS$227 per tonne, the same decade-low price that the Indian firm was able tonegotiate withJSC Belarusian PotashCo., the newswire wrote July 11.

IsraelChemicals confirmed the same day that it signed the first agreement to sellpotash to India, but did not disclose further details about the deal.  The company said it expects to signadditional agreements in the coming days, with the total amount to be reportedonce finalized.

Accordingto Reuters, Indian officials have said US$227 was the new benchmark price forpotash and with two producers agreeing to the price, other producers such asPJSC Uralkali,Mosaic Co.,Agrium Inc. andPotash Corp. of SaskatchewanInc.'s CanpotexLtd. could be pressured to offer the commodity at the same price.

BelarusianPotash agreed to sell 700,000 tonnes of potash to Indian Potash at US$227 pertonne in June.