Urea Fertilizer Prices Increase in February 2024

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Adi Ahdiat 06/03/2024 19:11 WIB

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According to World Bank data, the average price of urea fertilizer on the global market increased in February 2024.

Average Monthly Price of Urea Fertilizer in the Global Market (January 2020-February 2024)

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Urea Fertilizer Prices Increase in February 2024

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Average Monthly Price of Urea Fertilizer in the Global Market (January 2020-February 2024)

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According to World Bank data, the average global price of urea fertilizer in February 2024 reached US$351.25 per ton.

The price increased by 4.7% compared to January 2024 (month-on-month), but remained 1.7% lower than in February of the previous year (year-on-year).

Despite price fluctuations, the World Bank predicts that urea fertilizer prices this year will generally be cheaper than in 2023.

"Urea prices are expected to fall by 13 percent in 2024 as production recovers," the World Bank stated in its October 2023 Commodity Markets Outlook report.

However, the World Bank notes several risks, including a rise in the price of natural gas, a key raw material for fertilizer production.

"Major risks to the fertilizer price outlook include a shortfall in new production capacity, continued trade restrictions, particularly from China, a surge in natural gas prices due to escalating conflict in the Middle East, and sanctions against Russian fertilizer companies," the World Bank stated.

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."