In May 2024, the Black Sea Urea Price stands at US $284.8 per ton, marking a significant 11% decrease from April 2024’s price of US $320 per ton. This decline may reflect shifts in market dynamics or adjustments in production and distribution factors. Importantly, it also represents a modest 13.5% decrease compared to May 2023’s price of US $329.3 per ton.
This price movement highlights the dynamic nature of the urea market, influenced by various factors impacting supply and demand.
The fluctuation in urea prices, marked by a significant decrease from October 2023 to May 2024, highlights the dynamic nature of the fertilizer market.
During the past two years, India has witnessed notable shifts in urea imports and domestic production. Imports have seen a substantial decline of 23%, dropping from 91 million tons to 7 million tons. In contrast, domestic urea production has surged by 25%, rising from 251 million tons to 314 million tons. These remarkable changes underscore India’s progress towards self-reliance in urea production, a milestone driven by the Ministry of Fertilisers, Government of India. The ministry’s focused initiatives have played a crucial role in achieving these significant advancements, reshaping India’s fertilizer sector and strengthening its global market position.
