OAO Phosagro, Russia’s largest producer of phosphate fertilizers, offered its Indian customers a discount after the rupee’s slump pushed up costs.
Phosagro cut current contract prices for India Potash Ltd. and Indian Farmers Fertilizers Cooperative Ltd. In return, IPL and IFFCO, as the Indian companies are known, committed to buying additional volumes, with Phosagro holding a seller’s option over those supplies.
