Phosagro, Russia's largest producer of phosphate fertilizers, said it agreed to provide India Potash and Indian Farmers Fertilizers Cooperative a discount on current contract prices after a drop in the value of the rupee.
The slump in the Indian currency has caused "a dramatic increase in fertilizer prices for India's domestic market," Phosagro said in a statement Thursday.
Its Indian customer has committed to buying additional volumes from Phosagro, with the Russian company holding a seller's option over these supplies, Phosagro said.
(Bloomberg)
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