Canpotex, Coromandel settle new Indian MOP contract

Canadian potash distributor Canpotex and Indian fertilizer importer Coromandel International (CIL) have settled a new Indian standard MOP contract price at $283/t cfr with 180 days of credit for deliveries until 31 December 2024.

Volumes are undisclosed but CIL imported around 416,000t of MOP during the 2023-24 fertilizer year, according to Argus data. Imports under the new contract will likely be around this figure.

The contract price is $4/t higher than the contract price signed last week by India's IPL at $279/t cfr with 180 days' credit and $36/t below last year's headline price of $319/t cfr with 180 days' credit.

Canpotex and CIL's contract price is also $10/t higher than the contract price settled in China last week at $273/t cfr between Russia's Uralkali and the Chinese buying consortium.

This latest contract price is broadly in line with standard MOP prices in southeast Asia, which Argus currently assesses at $275-305/t cfr.

By Julia Campbell