Belarusian Potash Company sold potash to Brazilian and Asian customers at $1,000 per tonne.
Belarusian Potash Company (BPC), which exports potash fertilizers produced by local producer RUE PA Belaruskali and Russian company JSC Uralkali, has set a new benchmark with the sale of potash to customers in Brazil and Asia at a price of $1,000 per tonne.
The new benchmark will clearly be good news for Israel Chemicals Ltd. (TASE: ICL), whose share has soared 34% since the beginning of the month, and whose target price has been repeatedly raised by the investment houses covering it. Yesterday, Psagot Investment House Ltd. raised its target price for Israel Chemicals to NIS 79, and on Monday Clal Finance Batucha Ltd. raised its target price to NIS 80.
Only yesterday, Limor Gruber, sell side research manager at Psagot predicted that "we appear to be approaching the $1,000 per tonne price tag for Potash", but it is doubtful whether she knew her forecast would materialize so quickly.
Published by Globes [online], Israel business news - www.globes-online.com - on April 23, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008