In June 2024, the global fertilizer market exhibited diverse pricing trends across different types. urea prices in the Black Sea were around $336 per ton, DAP spot prices in the US Gulf reached $543 per ton, and rock phosphate prices in Morocco held steady at $152.5 per ton, reflecting dynamic market conditions influenced by regional demand, supply dynamics, and economic factors.
Black Sea Urea Spot Price: Trends and Market Dynamics
In June 2024, the Black Sea urea price reached $336 per ton, marking an 18% increase from May 2024, when prices were at $284.8 per ton. Compared to June 2023, which recorded a price of $287.5 per ton, this year’s June price reflects a notable 17% rise.
These price trends illustrate significant shifts in the urea market, influenced by factors such as global supply and demand dynamics, agricultural needs, geopolitical developments, and economic conditions impacting fertilizer pricing.
Analyzing Black Sea urea prices from June 2020 to June 2024 reveals significant volatility, with prices surging from $202 per ton in June 2020 to $690 per ton in June 2022, followed by a sharp decline to $288 per ton in June 2023, and a subsequent increase to $336 per ton in June 2024. These fluctuations highlight the influence of global supply and demand dynamics, geopolitical tensions, and market speculation on urea pricing in the region over the past five years.
US (Gulf) DAP Spot Price: Updates and Analysis
In June 2024, the spot price for US Gulf DAP fertilizer rose to $543 per ton, reflecting a 4% increase from May 2024, when prices were at $522 per ton. This latest figure also marks a notable 19.5% uptick compared to June 2023, when the price stood at $454.5 per ton. This upward trend indicates evolving market conditions influenced by factors such as demand shifts, supply dynamics, and global economic trends impacting the fertilizer industry.
This price reflects current market conditions and plays a crucial role in agricultural markets, influencing decisions related to fertilizer procurement, crop planning, and economic forecasting in the global demand for coming season.
Morocco Rock Phosphate Prices: Trends and Market Dynamics
The June 2024 release of the Morocco Rock Phosphate Price, set at US $152.5 per ton, signals a stable market environment consistent with pricing trends observed since December 2023. This figure represents a substantial 56% decrease compared to June 2023, when prices stood at US $345 per ton.
The significant price adjustment underscores ongoing shifts in supply and demand dynamics within the rock phosphate market, impacting sectors dependent on this crucial mineral resource for agricultural and industrial applications.
Henry Hub Natural Gas Spot Price: Market Trends
The Henry Hub natural gas price for June 2024 has been revealed at $2.42 per million British thermal units (MMBtu). This represents a substantial 36% increase from May 2024, when prices were at $1.78 per MMBtu. Interestingly, June 2024’s price also reflects a significant 10% decrease compared to the same period in the previous year, June 2023, when prices were recorded at $2.68 per MMBtu. This volatility underscores the dynamic nature of the natural gas market, influenced by factors such as supply levels, global economic conditions, and shifts in energy demand trends.
After experiencing a continuous decline from October 2023 over five consecutive months, the Henry Hub natural gas price began to show an upward trend starting in April 2024.
