The Canpotex fertilizer marketing partnership has agreed to sell 350,000 tonnes of Canadian potash to China's Sinofert.
The fertilizer ingredient was sold at “competitive prices” on the spot market and is to be shipped before the end of March.
Canpotex didn't disclose what price Sinofert paid for the potash.
According to a report issued two weeks ago by Scotiabank, spot potash prices at the Port of Vancouver fell to about $345 (U.S.) per tonne at mid-January, but appeared to have hit their cyclical bottom.
Canpotex is owned by three companies: Potash Corp. POT-T , Agrium Inc. AGU-T and Mosaic Corp. MOS-N .
With the spot sale to Sinofert, all of the production marketed by Canpotex has been fully committed through the first quarter of 2010.
Canpotex said it plans to announce second-quarter pricing in early March “after thoroughly reviewing the changing and much-improved overseas potash market conditions.”
