Global urea prices surge as some mideast producers halt output
Bloomberg
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Global prices of key fertilizer ingredient urea have surged alongside escalating violence in the Middle East, which threatens to choke supplies of the crop nutrient from a significant producing and exporting region.Nearly half of world's urea exports are sourced from manufacturing facilities on the Persian Gulf, according to Bloomberg Intelligence, with recent strikes putting those supplies at risk. Egypt and Iran have already curtailed production, which alone were responsible for almost 20% of global urea trade last year, according to Chris Lawson, head of fertilisers at consulting firm CRU Group.Urea, the world's most commonly used nitrogen fertiliser, provides one of the essential nutrients that underpin global food production. US Gulf urea spot prices, a global benchmark, surged about 16% in the past week, according to Green Markets data, and prices in the Middle East also rallied 11%.In Egypt, fertiliser producers have halted operations since June 13 due to a suspension of flows from major Israeli gas fields, according to people familiar with the matter, who asked not to be identified as the matter isn't public.The resumption of natural gas supplies to fertiliser factories has been postponed for another week following US strikes on Iran, said the people.Iran, meanwhile, has shut all seven of its ammonia and urea production facilities, according to Lawson, the CRU analyst, who said he learned about the events from local contacts.Prices are likely to continue rising this week and the crisis has already disrupted global trade flow, Lawson added. While India has failed to fill a recent tender and Europe has pulled back bids, buyers of Iranian products including Brazil and Turkey might have to look elsewhere over the coming weeks if production remains subdued, he said.
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