TEL AVIV (Reuters) – Israel’s ICL Group said on Monday it signed a contract with Indian Potash Limited (IPL), India’s largest importer of potash, to supply 410,000 metric tonnes of potash through December 2020.

ICL, the world’s sixth-largest producer of potash with exclusive rights in Israel to extract minerals from the Dead Sea, said there was a mutual option for an additional 30,000 metric tonnes.

The selling price is $50 per tonne below the previous contract and is in line with the recent contract prices in India, ICL said in a U.S. Securities and Exchange Commission filing, adding the deal is part of the five-year supply agreements signed in December 2018 between ICL and IPL.

The India deal follows a contract earlier in May for the sale of 910,000 tonnes of potash, a key ingredient in fertilisers, to customers in China.

Last week, ICL reported a drop in first-quarter earnings amid lower potash and phosphates prices and as a delay in the signing of the contract in China depressed sales.

(Reporting by Steven Scheer; Editing by Tova Cohen)