Russia becomes India’s top fertilizer supplier – Reuters – RT Business News
Big discounts reportedly helped Moscow grab more than a fifth of the country’s market share
Russia has become India’s largest fertilizer supplier for the first time ever, Reuters reported on Monday, citing a government official who said Russian exporters were offering “reasonable prices.”
Russian exporters reportedly captured a 21% share of India’s fertilizer market in the first half of the 2022/23 financial year, overtaking China, India’s former biggest supplier.
Russian exports reportedly jumped 371% to a record 2.15 million tonnes from April to October. In monetary terms, India’s imports over this period increased by 765%, to $1.6 billion.
“India was struggling to get fertilizer at reasonable prices after the escalation of the conflict between Russia and Ukraine. Russian supplies were timely and reasonably priced. This helped us avoid a possible shortage,” the source told the agency.
The unnamed official said India sometimes gets discounts of more than $70 a ton below world prices. He added that Russia had found a big buyer who could replace European nations struggling to cut off Russian supplies.
Russia’s share of India’s fertilizer imports hovered around 6% in the last fiscal year, while China’s was 24%. In the first half of 2022/23, China’s exports to India halved to 1.78 million tonnes amid growing Russian supplies.
Global fertilizer prices jumped in March after the United States, EU and allied states introduced sanctions against fertilizer supplies from Russia and Belarus. While Western countries have since reversed the ban, Russia has found new markets, mainly in Asia, for its exports.
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