Business

The global price of fertilizer rises 43% to a new record as supplies tighten

blank

Fertilizer prices continue to climb to record levels as Russia’s invasion of Ukraine threatens a massive chunk of the world’s fertilizer supply, adding to concerns about rising global food inflation.

Prices for the nitrogen fertilizer ammonia in Tampa rose 43% to $1,625 a ton on Friday, a record for the 29-year index. Production outages and tight global supply are driving the jump, according to a statement from Bloomberg Intelligence.

The war is driving up the cost of natural gas, the main feedstock for most nitrogen fertilizers, and forcing some producers in Europe to cut production. Markets are also concerned that potential sanctions against Russia, a major low-cost supplier of all major types of crop nutrients, could disrupt global trade. The country accounted for nearly a fifth of fertilizer exports in 2021, according to Bloomberg’s Trade Data Monitor and Green Markets

Russia has urged domestic fertilizer makers to cut exports, further fueling fears of shortages. At the same time, prices for staple foods like wheat, corn and soybeans are rising, and war in one of the world’s grain baskets threatens to starve millions more. Rising costs of agricultural inputs such as fertilizer could push food prices further higher.

Bloomberg

https://www.independent.ie/business/farming/news/farming-news/world-fertiliser-price-surges-43-to-fresh-record-as-supplies-tighten-41495900.html The global price of fertilizer rises 43% to a new record as supplies tighten

Fry Electronics Team

Fry Electronics.com is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@fry-electronics.com. The content will be deleted within 24 hours.

Related Articles

Back to top button