UPDATE 1-Belarus may revive potash cooperation with Uralkali

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MINSK/MUMBAI, June 23 (Reuters) - Belarus is considering
cooperating with Russian potash producer Uralkali URKA.MM , it
said on Thursday, the first sign the two sides might work
together again since Uralkali broke off a potash alliance in
2013, triggering a fall in global prices.
Uralkali is the world's biggest producer of potash, a widely
used nutrient for crops, while state-controlled Belaruskali is
the second largest.
"New Uralkali shareholders are coming to me every month
saying: 'accept us'. We are not against it - let's unite, on our
conditions," Belarus President Alexander Lukashenko said at an
event in Minsk.
"Let's resume work and agree how much we will produce."
Lukashenko did not disclose his conditions. The previous
joint venture was based in Minsk, that time a crucial condition
for Belarus and the main concern for Uralkali.
Uralkali declined to comment. Its major shareholder,
Uralchem, was not available for comment.
The collapse of Uralkali's joint venture with Belaruskali
triggered a fall in global prices as competition between
producers intensified. Prices have not yet fully recovered.
Lukashenko also said Minsk signed a new potash supply
contract with India on Wednesday, although Belarussian Potash
Company (BPC), a trading arm of Belaruskali, later said it was
still finalising the deal.
"I think it's a wonderful contract, taking into account the
current prices," Lukashenko said, without disclosing the price
or volume to be supplied.
BPC said in its statement it expected to sign the contract
in June.
A major Indian customer, who asked not to be named, told
Reuters both sides were close to signing the deal.
In 2015, Uralkali was the first major producer to sign a
one-year contract with India to supply 800,000 tonnes of potash
at $332 per tonne.
Apart from Belaruskali and Uralkali, Canada's Potash Corp of
Saskatchewan POT.TO POT.N and Agrium Inc AGU.TO ,
U.S.-based Mosaic Co MOS.N and Germany's K+S AG SDFGn.DE
supply the crop nutrient to India.
India and China, the world's biggest fertiliser consumers,
usually sign contracts for potash earlier in the year. This
year, deals were delayed by high stocks built up by farmers.
India's deal, if signed, will be a rare instance of that
country signing a potash supply contract with a major producer
before China. Contracts with China usually set a price floor and
benchmark for other markets.