April 2024 Insights: Black Sea Urea Spot Price Updates and Analysis

April 2024 reveals the Black Sea Urea Price at US $320 per ton, signaling a noteworthy 3% decrease from March 2024’s US $330 per ton. While this decline may indicate shifts in market dynamics or alterations in production and distribution factors, it’s worth noting the modest 2.1% increase compared to April 2023’s US $313.4 per ton.

The fluctuation in Urea prices from March to April 2024 underscores the dynamic nature of the fertilizer market.

Over the past two years, urea imports have experienced a notable decline, plummeting by 23% from 91 million tons to 7 million tons. Concurrently, urea production within the country has surged by 25%, escalating from 251 million tons to 314 million tons. These remarkable shifts underscore India’s strides towards self-reliance in urea production, a feat spearheaded by the Ministry of Fertilisers, Government of India. The ministry’s concerted efforts have been instrumental in achieving such significant milestones, shaping the trajectory of India’s fertilizer sector and enhancing its position within the global market.