Based on World Bank data, the average global price of urea fertilizer in December 2024 reached US$352 per ton.
The price decreased by 0.09% compared to November 2024 (month-on-month), and was 0.56% lower than in December 2023 (year-on-year).
According to the World Bank, urea fertilizer prices in 2024 are trending downward due to the decline in natural gas prices, a key raw material in its production.
They also assess that price trends will be fairly stable this year, with expected improvements in production capacity.
"Urea fertilizer production is expected to grow, with most of the new production capacity projected to come from East Asia and the Middle East. A recovery in urea production is also expected in Europe, where production was hampered by the surge in natural gas prices in 2022," stated the World Bank in its October 2024 Commodity Markets Outlook report.
However, the World Bank mentions the risk of price increases if production capacity does not meet expectations, if trade restrictions are imposed by major producers such as China, or if natural gas prices rise.