MOSCOW, July 29 (Reuters) - Russia’s Uralkali, the world’s largest potash producer, may increase the price for a new supply contract with China by 10 percent, Oleg Petrov, Uralkali head of sales, said.
Negotiations over the new contract are expected to end by January 2015, he told Reuters. China is the world’s largest potash consumer whose contracts are seen as a benchmark by the bulk of market participants.
Currently, Uralkali has a contract to supply China with 700,000 tonnes of the soil nutrient at $305 per tonne on a cost and freight (CFR) basis.
Uralkali also said it expected global potash deliveries to reach 60 million tonnes in 2015, up 2 million tonnes from 2014. (Reporting by Polina Devitt; Editing by Elizabeth Piper)