Belarus Not Interested in Cutting Potash Prices

Reuters reported that although Uralkali’s (MCX:URKA) withdrawal from its joint venture with Belarus “could push potash prices down 25 percent,” a top Belarussian official has said the country is not willing to lower its prices for the fertilizer.

As quoted in the market news:

‘(We) are not prepared (to lower prices). Any decrease would mean a loss,’ First Deputy Prime Minister Vladimir Semashko told reporters in Minsk.

Belarus was willing to cooperate with Uralkali in the future ‘in any format’, he said, when asked if the country would consider forming a new joint venture with the Russian firm. ‘Our cooperation (with Uralkali) was a positive experience.’

The statements signal a softening of Belarus’s stance towards Uralkali, whose chief executive Vladislav Baumgertner is currently imprisoned in Minsk and has been charged with abuse of power. If convicted he faces up to 10 years in jail.

Click here to read the full Reuters report.