ICL, a multinational fertilizer and specialty chemicals company, today announced that its ICL Fertilizers segment will supply its Chinese customers with 500,000 tons of potash in the first half of 2011, within the framework of its existing supply agreements with its Chinese customers.
The price per ton is similar to recent prices concluded by other potash overseas suppliers to the Chinese market. This price is approximately $50 a ton higher than 2010 prices.
The new agreements signed by ICL Fertilizers strengthen its growing relationship with its Chinese customers. They also testify to ICL’s logistical advantage as a potash exporter to Southeast Asian markets. ICL Fertilizers mines potash in the U.K. and Spain, but its primary source of potash is from the Dead Sea which is in closer proximity to Asian markets than most potash producers. ICL continues to strengthen and solidify its market position as an important provider of fertilizers to the large Chinese market, which is similar to its role in providing fertilizers to the Indian market.