Fertilizer Prices Rise 44 Percent Since Start of Iran Conflict
Global fertilizer prices have increased 44 percent since the start of the Iran conflict and reached the highest level since 2022. The rise coincides with the effective closure of the Strait of Hormuz, a route used by roughly one-third of globally traded fertilizer.
rnz.co.nzMarket commentator The Kobeissi Letter stated on Thursday that global fertilizer prices have surged 44 percent since the start of the Iran conflict, reaching the highest level since 2022. The account said the increase comes as the Strait of Hormuz remains effectively closed. Roughly one-third of globally traded fertilizer passes through the strait.
The Kobeissi Letter noted that the disruption affects 23 percent of global ammonia trade, 34 percent of urea supply, and nearly 20 percent of phosphate supply. The account added that these routes carry key inputs for crop production worldwide.
The Kobeissi Letter said food is set to become even more expensive. It stated that a new wave of global food inflation is imminent. The Bloomberg Agriculture Subindex, which tracks futures prices for wheat, corn, soybeans, sugar, coffee, and cotton, was referenced in the commentary.
Key Facts
Potential Impact
- 01
Higher fertilizer costs could raise expenses for crop production.
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