Fertilizer prices today February 11, 2023: World urea prices may decrease slightly

fertilizer prices today, February 11, 2023: World urea prices may decrease slightly. Abundant supply in the context of many countries restricting imports is the reason why the world urea price level has cooled down in recent days. According to recent records, countries around the world are paying close attention to reducing fertilizer imports. Typically, the demand for urea imports from India is showing a downward trend as this country increases domestic production, reducing dependence on imports. In 2022, the amount of urea imports recorded a decrease of about 17% compared to 2021. Meanwhile, urea supply in 2023 is expected to increase again when China loosens fertilizer exports. Although China announced that it will continue to apply measures to restrict urea exports until the end of May 2023 (customs clearance time from 15 to 90 days), these measures have been less strict compared to early 2022. Therefore, the world’s urea supply is expected to be abundant because China will increase urea exports in 2023. According to BSC, the current world urea price has decreased by 35 – 50% compared to the level at the beginning of 2022.

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