Fertilizer prices today June 2, 2023: Fertilizer trading slows down in regions

fertilizer prices today, June 2, 2023: Fertilizer transactions slow down in regions. According to a report by the Ministry of Agriculture and Rural Development, fertilizer exports have continuously decreased in both volume and price. Specifically, in March 2023, the average export price of fertilizers reached 453.4 USD/ton, but by May it was only 415 USD/ton, down more than 35% compared to the same period in 2023. According to the 2023 fertilizer industry report of Bao Viet Securities Joint Stock Company, global fertilizer supply is expected to increase slightly this year. Due to increased supply, fertilizer prices such as urea, potassium and DAP could decrease by up to 40% compared to 2022. In 2022, fertilizer supply is tightened as China and Russia both restrict exports. But this year, both fertilizer “powerhouses” have lifted restrictions and increased fertilizer export quotas. Since the end of 2022, Russia has increased its nitrogen fertilizer export quota from 8.3 million tons to nearly 11.8 million tons by May 2023. In addition, a number of new fertilizer factories added in the 2020-2022 period in India, Nigeria, Brunei, 3 factories in Russia and 10 factories in China will come into operation by the end of this year. According to the Vietnam Fertilizer Association, one of the factors affecting current fertilizer prices is the slight decrease in natural gas prices. This allows some nitrogen fertilizer factories that have been shut down in Europe to reopen. #fertilizer_price #farmers #western region #fertilizer_price #fertilizer #fertilizer #potassium_price #agriculture #fertilizer #agricultural materials #news #agriculture

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