MUMBAI May 14 India, one of the world's
leading importers of potash, has secured contracts for about
4.7 million tonnes of the soil nutrient at $370 per tonne for
FY11, nearly 20 percent discount to its purchase price last
year, and has an option to buy more, the head of a top
fertilizer company said.
The country, which also imports most of its diammonium
phosphate (DAP) requirement, has tied up for 7 million tonnes
of the soil nutrient at $500 a tonne, U.S. Awasthi, managing
director of Indian Farmers Fertiliser Co-operative Ltd, or
IFFCO, told Reuters late on Thursday.
"This year the fertilizer demand is likely to rise by 3-3.5
percent. Monsoon is a one of the determining factor, but it is
not the sole factor. Other things also impact on demand," he
A good monsoon allows the farmers to spend more on
fertilizers, as other input costs such procuring underground
water, comes down, he added.
(Reporting by Ashutosh Joshi & Rajendra Jadhav; Editing by