Canpotex Ltd and Belarusian Potash Co. (BPC), agreed potash contracts with Chinese fertiliser companies at steep discounts of of $400/tonne, reflecting the end of a negotiating stalemate caused by China and India's "potash holiday," which saw buyers in the Asian nations hold off buying potash owing to high prices, however demand remains lower.
Following the initial panic and plunging shares caused by Uralkali's announcement, some analysts and potash producers hit back against claims that potash prices could fall to below $300/tonne.
Uralkali's CEO, Vladislav Baumgertner, was arrested after being invited to speak with the Belarusian Prime Minister. Uralkali refuted any allegation of wrongdoing on the part of Baumgertner or any other manager of Uralkali.
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