China Chemical Fertilizer Holdings Co., Ltd., a subsidiary of China National Chemical Corporation, announced on the 21st that it has signed an agreement with Potash Corp. (POT), a Canadian potash company, and two other potash producers.
According to the agreement, the three Canadian potash producers will supply 1 million tons of potash fertilizer to Sinofert in 2011; the minimum supply of 1.05 million tons of potash fertilizer in 2012; the minimum supply of 1.1 million tons of potash fertilizer in 2013; or 3 years to Sinofert The supply of potash fertilizer is not less than 33.33% of China's overseas imports of potash fertilizer.
Sinofert said that the company will exclusively purchase potash from the above three companies, and the three companies will not sell the relevant potash fertilizer to any other Chinese company. However, the parties to the purchase price will also be specifically agreed. In the proposed supply agreement mentioned above for the three years ending December 31, 2013, the supply price limit was US$600 million, US$730 million, and US$870 million, respectively.
Sinofert said that the reason for signing the above agreement was that domestic potash fertilizer production in China could not meet domestic demand, and pointed out that the agreement would ensure that the company would obtain a stable potash supply from Canada through Potash, one of the world's largest potash fertilizer suppliers. Sinofert said that in the first nine months of this year, the company’s import volume of potash from the above three companies was HK$1.606 billion.
"This agreement is of great significance and is beneficial to China," said the person in charge of the Potassium Salt Branch of the China Inorganic Salt Association in an interview with the "Daily Economic News". "Not only is it beneficial to China's potash import negotiations next year, but it can also protect the future." ~5 years of potash fertilizer demand in China."
China is the world's largest potash fertilizer demanding country, with an external dependence of nearly 70%. At the end of 2005, under the unified organization of the Minmetals Chemicals Import and Export Chamber of Commerce, China's major fertilizer companies established a potash import negotiation mechanism. From the beginning of 2006 to the end of 2007, the import price of potassium chloride rose from 2,130 yuan to 2,340 yuan per ton, an increase of less than 10%. However, the negotiations on potash fertilizer in 2008 were not satisfactory and the price rose to RMB 4,850/t.
As the international monopoly giant insisted on implementing the high price policy of “not sacrificing production without sacrificing price” in China in the past two years, the negotiations on potash fertilizer price in 2009 had no results.
“In the past, the negotiations were negotiated once a year and once a year,” said the person in charge. “The agreement was changed into a three-year, one-year deal, pricing in the first half of the year, and the agreement was very serious. There was no breach of contract.”
In 2010, China and BPC (Belarus Potash Corp.) set a price of 350 U.S. dollars per ton, and the negotiation price fell for the first time. However, Canadian potash and other foreign companies have not followed this price.
It is reported that Sinochem International (Holdings) Co., Ltd., a subsidiary of Sinochem Group, previously hired HSBC Holdings Co., Ltd. as a consultant to help study options for the acquisition of Potash. However, it has already decided to abandon the acquisition.
"The signing of this agreement, together with the continuous increase in domestic production capacity, has made it unnecessary for China to fear BHP Billiton's acquisition of Potash." The aforementioned officials believe that even if Sinochem abandons the acquisition, China will not have to worry about it. Because the current domestic potash production capacity is more than 5 million tons per year, and the agreement imports more than 1 million tons each year, it will be able to meet the annual minimum requirement of about 6 million tons of agricultural demand in the next three years, while agriculture has weak demand for potash fertilizer demand. Sexual, very flexible. In addition, domestic independent production capacity will continue to grow within three years.
According to Wei Chengguang, former president of the Potassium Salt Industry Branch of the Inorganic Salt Industry Association, China hopes to achieve potash self-sufficiency before 2019 or earlier to break foreign dominance in supply.

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