OREANDA-NEWS. November 03, 2009. The Economy Ministry of Belarus has suspended until June 1, 2010 minimum export prices for potash by its resolution #167.

The ministry has suspended minimum export prices for milk, casein and raw hide twice in 2009 and for white sugar also twice this year.

The decision to suspend potash price limits was due to the situation on the global market and reductions in world potash prices.

Belarusian potash exports amounted to 1.024 million tonnes in January-August 2009, down 64.5% year-on-year.

Belarusian Potash Company in late July agreed to supply around 675,000 tonnes of potash to India’s largest buyer Indian Potash Ltd. at a new benchmark price of USD 460 per tonne. Potash will be supplied in the period July 2009 through March 2010.

Belarusian Potash Company hopes to sign a contract with China for potash deliveries in 2010 in October or November 2009.

Belarus started negotiating 2009 potash supplies to China in late 2008. Belarusian Potash Company had planned to increase its prices for China at least by USD 200 per tonne before the crisis.