Soaring Fertilizer Demand Shoot Up the Price of Potassium Chloride in India
Fertilizer demand in India has been soaring since prolong time, supporting the steep hike in imports as well in price trend for several fertilizers including Potassium Chloride/Muriate of Potash (MOP). As per ChemAnalyst data, MOP prices has been rising since the month of September in the domestic market due to crippling availability amid high demand fundamentals from the downstream agriculture sector. Potassium Chloride (92% purity) in India was assessed at around INR 43580/MT during November, more than 40% higher than past few months. The Indian government has been trying to enhance imports of all the major fertilizers to protect farmers profitability and control food inflation in the country. Therefore, several protective measures have been taken, like improving imports and injecting more subsidies to the agriculture sector. However, production cuts in China and anticipated high demand for Rabi crops eventually depleted the inventories of domestic manufacturers and traders. Further...