India’s Fertilisers And Chemicals Travancore is negotiating a three-year contract to buy 250,000 metric tons of rock phosphate annually from Togo’s Societe Nouvelle des Phosphates du Togo. The move aims to combat price volatility and supply shortages. India’s imports of rock phosphate from Togo are rising significantly, up 30% from last year, totalling 1.1 million tons by March 2024.
India’s Fertilisers And Chemicals Travancore (FACT) is reportedly negotiating a three-year agreement to procure rock phosphate from Togo. This would signify an Indian company’s inaugural long-term fertiliser contract with Togo, aiming to purchase 250,000 metric tons annually from Societe Nouvelle des Phosphates du Togo (SNPT).
The contracts aim to broaden supply chains as Indian corporations seek stability amid fluctuating fertiliser prices and potential shortages that could impact the country’s substantial agricultural sector, constituting 15% of a $2.7 trillion economy. FACT previously established a non-binding agreement with SNPT to obtain rock phosphate last month.
Specifics, other than pricing, have been agreed upon, with the contract including a clause for quarterly price discussions. India’s rock phosphate imports from Togo have consistently increased over the last few years, moving largely on a spot basis. The total imports for the fiscal year ending March 31, 2024, are projected to reach 1.1 million tons, demonstrating a 30% rise from the previous year, according to data from the Fertiliser Association of India.
India’s Fertilisers And Chemicals Travancore aims to secure a long-term supply of rock phosphate from Togo through a three-year contract with Societe Nouvelle des Phosphates du Togo. This initiative reflects the Indian firms’ strategy to counteract the volatility in fertiliser prices and improve supply resilience for the agricultural sector. With a significant rise in imports from Togo, this deal highlights the growing economic collaboration between Indian and Togolese companies in the fertiliser domain.
Original Source: theprint.in
