Urea Fertilizer Prices Drop in the First Half of 2023, Reaching Their Lowest Point Since the Beginning of the Year

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Adi Ahdiat 10/07/2023 16:10 WIB

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According to World Bank data, in June 2023 the average price of urea fertilizer reached USD 287.5 per ton, the lowest since the beginning of the year.

Global Average Monthly Urea Fertilizer Prices (January 2020-June 2023)

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Global Average Monthly Urea Fertilizer Prices (January 2020-June 2023)

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Based on World Bank data, global urea fertilizer prices fell significantly during the first half of 2023.

In June 2023, the average benchmark price of urea fertilizer in the global market reached USD 287.5 per ton.

This price is down 12.7% compared to May 2023 (month-on-month/mom), down 35.2% compared to January 2023 (year-to-date/ytd), and down 58.3% compared to a year ago (year-on-year/yoy).

Previously, urea fertilizer prices had surged starting in the third quarter of 2021, becoming even more expensive after the Russia-Ukraine war broke out at the end of February 2022.

However, since May 2022, prices have begun to soften, reaching their lowest level at the end of the first half of this year.

In its April 2023 edition of the Commodity Markets Outlook report, the World Bank also projects that global urea fertilizer prices will continue to fall until next year.

Prices are predicted to fall from an average of USD 800 per ton in 2022 to USD 750 per ton in 2023, and USD 600 per ton in 2024.

"Urea fertilizer prices are projected to soften in 2023, as new fertilizer production from Brunei, Nigeria, and India comes online," said the World Bank.

"However, fertilizer prices will likely remain historically expensive as long as coal and natural gas prices remain high," it continued.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."