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Reuters reports that Asian fertiliser buyers are shifting away from China as Beijing's export quotas and lengthy inspections, in place since 2021, continue. China is the world's largest phosphate exporter, and its urea exports fell 24% in 2022 to 2.8 million tons.
Phosphate exports have been throttled back in recent months.
Reduced Chinese phosphate and urea exports tighten global supply and buyer diversification adds demand elsewhere, which supports fertilizer prices into early 2024.
reuters.comMei Mei ChuDec 18, 2023After 151 past bullish policy events, DAP moved a median +0.0% over 5 sessions (50% higher; middle half -0.6% to +0.9%), and +1.9% over 20.
Not enough comparable past events yet for a historical read.
After 129 past bullish policy events, Urea moved a median -0.1% over 5 sessions (47% higher; middle half -1.3% to +2.3%), and +1.4% over 20.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
