Record Fertilizer Exports via Strait
Shipments of fertilizers through the Strait of Hormuz have experienced a significant recovery after a period of stagnation, with 16 ships loaded with agricultural nutrients departing. The shipments reached approximately 530,000 tons weekly before June 21, with most heading to Asian markets, especially India, China, and Sri Lanka. This rebound has helped ease the pressures on the global supply of urea, leading to a decrease in its prices to around $350 per ton and alleviating concerns over rising food costs. The resumption of shipping is expected to support market stability and the prices of agricultural commodities worldwide.
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