Bloomberg News

Phosagro Cuts Fertilizer Prices for India After Rupee Declines

November 24, 2011

Nov. 24 (Bloomberg) -- OAO Phosagro, Russia’s largest producer of phosphate fertilizers, said it agreed to provide India’s IPL/IFFCO a discount on current contract prices after the 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 today.

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.

To contact the reporter on this story: Yuliya Fedorinova in Moscow at yfedorinova@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net


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