Global Urea Prices Surge as Some Mideast Producers Halt Output
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 fertilizers at consulting firm CRU Group.
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