ICL Group Ltd [NYSE: ICL] has made an announcement on Monday that it has entered into a supply agreement with Potash Limited (IPL). As per the agreement, ICL will provide a total of 600,000 metric tons of potash. It has been disclosed that the order to be shipped through December 2021. ICL has also provided the option to the firm that will also order the extra 50,000 metric tons.
Financial Details of the Contract
Both the firms have agreed that the selling price in the pact is $280 per ton CIFFO Indian ports, $50 per tonne higher than the earlier deal. The agreement is part of the five-year supply agreement inked in 2018 between ICL and IPL. India is one of the largest strategic markets of ICL.
The firm disclosed that this agreement further attests to the leading role of ICL in the Indian market and indicates the increasing positive energy in the fertilizer market internationally. ICL has revealed the factor which contributes to the increasing demands of Potash. These factors include strong supply, good weather conditions, and improved planted areas.
ICL Group Ltd. [NYSE: ICL] has gained recognition as the prominent global specialty minerals and chemicals firm that generates impactful solutions for the environmental sustainability problems of mankind in global food, agriculture, and industrial markets.