Canpotex-India Contract Affirms Our View for a Tightening Potash Market and Higher Prices in 2025
Commodity data firm ICIS reported that Canpotex (Nutrien and Mosaic's potash export joint venture) agreed to a potash contract with India importers at a price of $283 per metric ton. This price is higher than both contracts signed last week. It is $4 per metric ton above the contract signed between India and potash producer Belaruskali and $10 per metric ton above the contract signed between China and Russian potash producer Uralkali. The $283 price is nearly at the midpoint of our potash contract forecast range for Canpotex of $270-$300 per metric ton.