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Israel’s ICL Group (NYSE & TASE: ICL), a manufacturer of products based on specialty minerals in the agriculture, food and engineered materials markets, signed agreements to supply its customers in China with an aggregate 1.1 million metric tons of potash during 2015.
The agreements include options for an additional 100, 000 metric tons. According to the terms of the agreements, the potash selling price for the first half of the year will be in line with the prevailing market price in China (an increase of $10 per metric ton).
According to the contracts, which are part of three-year framework agreements between ICL and its Chinese customers, most of the quantities that are undeliverable during the first half of 2015 as a result of the strike at ICL Dead Sea will be delivered to the Chinese customers during the second half of the year.
The new contracts demonstrate the strong relationships that ICL has developed with its customers in China, and are an expression of their support of, and trust in ICL notwithstanding potential supply problems as a result of the strike, the company said.
The company stated that the contracts reinforce ICL’s standing as one of the world’s main suppliers of potash to China, a rapidly growing potash market.
Commenting on the news, Mr. Nissim Adar, CEO of ICL Fertilizers, said, “The agreements we have signed with our customers in China for 2015 confirm ICL’s strategy to reinforce our position in the Chinese market by marketing and selling directly to potash manufacturers and distributors. We are grateful for the trust and confidence they have placed in ICL over the years – and especially during this period – and we will continue to work diligently to strengthen their trust.”
