Black Sea Urea Spot Price: June 2024 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.