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Sinofert sees China potash shortage, eyes early contract
(Agencies)
Updated: 2008-05-06 17:01 Sinofert Holdings Ltd, China's largest distributor of imported fertilizers, expects a shortage of up to 3 million tons of potash this year in China after imports fell by about half and tight supplies pushed prices significantly higher.
China is the world's largest fertilizer market and the biggest importer for potash, which is used to boost crop yields. Its importers agreed in April to pay more than triple what they did a year ago -- or as much as $670 per ton, analysts say -- to secure potash supplies, but overall imports still fell about half from last year. "We expect the tight supply of potash around the world to remain in 2009. We will try to secure our 2009 import contracts at an early date," Yang said. Sinofert's revenue and profit are expected to rise at least 20 percent this year on soaring fertilizer prices, he added. (For more biz stories, please visit Industries)
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