Indian fertilizer importers Zuari and MCFL have both raised the maximum retail price of MOP fertilizers to Rs18 980/t (US$262/t).
Argus Media Group states "the hike is Rs4 580/t (US$63/t) higher than the previous MRP of Rs14 400/t. The recent depreciation of the rupee against the US dollar and the settlement of annual potash contracts $50/t higher against last year have driven the increase. Indian buyers settled the 2018-19 annual contracts at US$290/t cfr with 180 days' credit.
The rupee has fallen from Rs66.92 to the US dollar on 1 June to Rs72.48 today. In mid-August, Indian importer IPL raised the MRP from Rs14,000/t to Rs14,400/t to counter the effects of the depreciating rupee.