ICL signs 3.4 mn tonne potash agreements with its Chinese customers

ICL signs 3.4 mn tonne potash agreements with its Chinese customers

10:10 AM, 5th January 2016
ICL signs 3.4 mn tonne potash agreements with its Chinese customers

TEL AVIV, ISRAEL: Israel Chemicals Ltd (ICL) said that it has signed framework agreements with its customers in China to supply an aggregate 3.4 million tonne of potash (including options) over the next three years.

According to the terms of the agreements, the selling prices will be established in line with prevailing market prices in China.

The scale and term of these framework agreements demonstrate the strong and stable relationships between ICL Fertilizers and its customers in China. The agreements, which represent a 3 percent increase over ICL's previous three-year framework agreements with its Chinese customers, call for the delivery of 1.1 million tonne of potash in 2016, 1.14 million tonne in 2017 and 1.16 million tonne in 2018. Previous framework agreement quantities of 3.3 million tonne (including options) were supplied in full.

The new agreements reinforce ICL’s position as one of the world’s main suppliers of potash to China, a strategic, large and growing potash market.

“Our new multi-year framework agreements with customers in China for 2016-2018 demonstrate once again ICL Fertilizers’ major role in helping to increase food supplies in China. The quantities and multi-year terms of the agreements also reflect our strong and stable relationships in the Chinese market, as well as our successful efforts to maintain - and even increase - our position in the market. We are grateful for the trust placed in ICL by our customers in China and pledge to continue meeting their needs in the future,” said Nissim Adar, president of ICL Fertilizers.

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