In October 2023, the Department of Fertilizers, Ministry of Fertilizers and Chemicals in India provided insights into the global fertilizer market trends.
Urea (FOB) experienced a significant downturn, witnessing a 39.4% decrease from USD 665/MT in October 2022 to USD 403/MT in October 2023.
DAP (CFR) also saw a notable decline, with its price dropping by approximately 17.59% from USD 722/MT in October 2022 to USD 595/MT in October 2023.
MOP (CFR) faced a more substantial reduction, plummeting from USD 590/MT in October 2022 to USD 319/MT in October 2023, marking a substantial 45.93% decrease.
Phosphoric acid (CFR) experienced a notable drop in price, decreasing from USD 1355/MT in October 2022 to USD 985/MT in October 2023, reflecting a decline of around 27.31%. Similarly, rock phosphate (CFR) witnessed a decrease of approximately 29.18%, falling from USD 305/MT in October 2022 to USD 216/MT in October 2023.
Ammonia (CFR) demonstrated a significant price decline, going from USD 1175/MT in October 2022 to USD 575/MT in October 2023, reflecting a substantial 51.06% drop.
Sulfur (CFR) experienced a more modest decrease, with its price falling from USD 149/MT in October 2022 to USD 131/MT in October 2023, representing a decline of around 12.08%.
