# CRU: FX depreciations cause phosphate rock costs to tumble

> CRU estimates that phosphate rock production costs fell in 2020, with the largest declines in Russia and Brazil. The drop is driven by sharp currency depreciation against the US dollar and lower hydrocarbon fuel prices. Currencies in Russia, South Africa and Brazil fell sharply, while India and China moved less.

- Date: 2020-09-07 · published 2020-09-07T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/51420-cru-fx-depreciations-cause-phosphate-rock-costs-to-tumble
- Commodities: [Phosphate Rock](https://feedsoft.ai/c/PHOSROCK.md), [DAP](https://feedsoft.ai/c/DAP.md), [Brazilian Real (BRL per USD)](https://feedsoft.ai/c/USDBRL.md)

## Why it matters

Lower producer costs in Russia and Brazil can weigh on phosphate rock and downstream fertiliser prices over time, though the effect may be offset by tight supply. Brazil's weaker real also makes imported inputs cheaper for Brazilian buyers.

## Read by commodity

- USDBRL: bullish ▲
- PHOSROCK: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DAP | 2026-03-17 | [Morocco phosphate sector remains stable as global fertilizer costs rise](https://feedsoft.ai/events/20476-morocco-phosphate-sector-remains-stable-as-global-fertilizer-costs-rise.md) | +1.4% | +14.3% |
| DAP | 2024-01-30 | [Fitch Sees Higher Prices for Ammonia, Urea, Phosphate Rock -- Commodity Comment - MarketWatch](https://feedsoft.ai/events/32438-fitch-sees-higher-prices-for-ammonia-urea-phosphate-rock-commodity-comment.md) | -1.7% | -1.3% |
| DAP | 2019-11-20 | [China’s potash and phosphate industries face an early mid... - CRU Group](https://feedsoft.ai/events/55989-china-s-potash-and-phosphate-industries-face-an-early-mid-cru-group.md) | -0.5% | -3.8% |
| DAP | 2022-01-06 | [High feedstock cost pushes Urea Demand to reach a sky-high Value in the USA](https://feedsoft.ai/events/7643-high-feedstock-cost-pushes-urea-demand-to-reach-a-sky-high-value-in-the-usa.md) | -1.4% | -2.1% |
| DAP | 2023-01-09 | [Looking to a turn in the commodity price cycle - CRU Group](https://feedsoft.ai/events/10450-looking-to-a-turn-in-the-commodity-price-cycle-cru-group.md) | 0.0% | +2.0% |
| USDBRL | 2024-08-05 | [Brazilian real depreciation stirs economic concerns](https://feedsoft.ai/events/11941-brazilian-real-depreciation-stirs-economic-concerns.md) | -3.9% | -2.0% |
| USDBRL | 2021-02-23 | [USD/BRL: Brazilian real set to depreciate modestly versus the dollar over the next year – Capital Economics — Octa](https://feedsoft.ai/events/48849-usd-brl-brazilian-real-set-to-depreciate-modestly-versus-the-dollar-over-the.md) | +1.7% | +1.0% |
| USDBRL | 2020-03-18 | [Brazil central bank FX, bond intervention fails to prevent market rout](https://feedsoft.ai/events/6393-brazil-central-bank-fx-bond-intervention-fails-to-prevent-market-rout.md) | +1.1% | +3.8% |

## Sources

- prnewswire.com: https://www.prnewswire.com/news-releases/cru-fx-depreciations-cause-phosphate-rock-costs-to-tumble-301124495.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.