Fertilizer prices today August 5, 2022: Gas crisis is threatening fertilizer prices

fertilizer prices today, August 5, 2022: Demand for the third rice crop in the Southwest is low, so fertilizer transactions are limited. The gas crisis is threatening fertilizer prices While the gas war between Russia and the European Union has not yet ended, the most heavily affected commodity is probably fertilizer. At the end of July, the world’s largest chemical company BASF announced that it had to further cut ammonia production due to the sharp increase in gas prices. The pressure will increasingly weigh on fertilizer businesses, because ammonia is an input material for the production of many key fertilizer products. “Ammonia production is in a difficult situation. Next year, fertilizer availability may decline further. Fertilizer prices will skyrocket” – said Mr. Martin Brudermuller, CEO of BASF. The rising fuel costs are also causing production costs to increase, but the price of finished products is not increasing as fast as the input prices, causing farmers in agricultural countries to gradually lose their motivation to produce. This situation is also happening in Vietnam, farmers are also thinking of abandoning the third crop and reducing their cultivated area. Due to the significant decrease in domestic demand, the domestic price of Urea has cooled down, however, with many unusual fluctuations in the world, the rapid increase in fertilizer products, including Urea, is possible in the future. #fertilizer_price #farmers #western region #fertilizer_price #fertilizer #fertilizer #potassium_price #agriculture #fertilizer #agricultural materials #news #agriculture

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