Global fertilizer prices provide a revealing insight into the dynamic landscape of the market. In May 2024, the Black Sea Urea Price declined by 11% to US $284.8 per ton, while the US DAP Spot Price (Gulf) saw a 4.2% decrease, reaching US $522 per ton. In contrast, Morocco Rock Phosphate maintained stability at US $152.5 per ton.
Meanwhile, on the energy front, the Henry Hub natural gas price surged by a significant 6%, standing at US $1.78 per million British thermal units (MMBtu). These price movements underscore the complex interplay of supply, demand, and global economic factors that shape fertilizer markets worldwide.
Black Sea Urea Spot Price
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.
US (Gulf) DAP Spot Price
In May 2024, the US DAP Spot Price (Gulf) saw a notable decrease to US $522 per ton, marking a 4.2% decline from April 2024’s price of US $545 per ton. Compared to May 2023’s price of US $510 per ton, this figure represents a 2.35% increase.
The May 2024 US DAP Spot Price (Gulf) underscores the dynamic nature of the fertilizer market, characterized by significant month-on-month and year-on-year fluctuations. These trends highlight the intricate interplay of factors influencing market dynamics and pricing strategies within the industry.
Morocco Rock Phosphate Spot Price
The release of the Morocco Rock Phosphate Price for May 2024, set at US $152.5 per ton, highlights a market maintaining stability, consistent with April 2024 pricing. Importantly, this figure marks a significant 56% decrease compared to May 2023, when prices were US $345 per ton.
The consistent pricing observed from December 2023 through May 2024 indicates a stable Morocco Rock Phosphate market, reflecting ongoing market dynamics and economic stability.
Henry Hub Natural Gas Spot Price
In a noteworthy development, the Henry Hub natural gas price for May 2024 has been unveiled at US $1.78 per million British thermal units (MMBtu). This marks a significant 6% increase from April 2024, when prices stood at US $1.68 per MMBtu. More strikingly, this May’s price represents a dramatic 98% decrease compared to the same period last year (May 2023), when prices were recorded at US $2.1 per MMBtu. This volatility underscores the dynamic nature of the natural gas market, influenced by factors such as supply levels, global economic conditions, and energy demand trends.
Following a prolonged decline over the past five months, the Henry Hub natural gas price saw a reversal in trend during April and May 2024.
