Fertilizer prices today February 7, 2023: Will fertilizer prices cool down in 2023?

fertilizer prices today, February 7, 2023: Will fertilizer prices cool down in 2023? Forecasting the Fertilizer market in 2023, Mr. Phung Ha, Vice Chairman and General Secretary of the Vietnam Fertilizer Association, commented: fertilizer prices in 2021-2022 have increased rapidly in the past 50 years. However, in recent months, fertilizer prices have shown signs of cooling down as China began to open its market and no longer restrict the export of 29 types of fertilizers. This has led to the supply of fertilizers in the world market no longer being in a state of local scarcity. However, Mr. Phung Ha also said that currently, fertilizer production is still largely dependent on gas and gasoline prices. In which, gas prices account for about 80-90% of the cost of ammonia production – an important input for the production of urea and DAP fertilizers, so fertilizer prices are unlikely to cool down this year. Although in recent months, fertilizer prices have shown signs of decreasing. However, Mr. Ha also said that, according to the predictions of many fertilizer and financial experts, in the coming time, fertilizer prices will likely remain high and depend largely on gas prices and especially world oil prices, given the complicated developments of the Russia-Ukraine war. Regarding the supply for the 2022-2023 Winter-Spring crop, Mr. Phung Ha said that with the current domestic fertilizer production capacity, supply is no longer a problem. Specifically, the current urea production capacity of 4 factories under the Vietnam Oil and Gas Group (PVN) and the Vietnam Chemical Group (Vinachem) has reached 2.5 million tons/year while domestic urea consumption demand is only at 1.6-1.8 million tons/year. For phosphate fertilizers and NPK synthetic fertilizers, domestic production capacity also far exceeds demand. However, with DAP fertilizer, Vietnam still has to import about 40% and all of the potassium fertilizer to meet domestic demand. #fertilizer_price #farmers #western region #fertilizer_price #fertilizer #fertilizer #potassium_price #agriculture #fertilizer #agricultural materials #news #agriculture

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