According to assessment data released by market research agency DTN, the global average market price of urea experienced a significant decline of 12% from June 8 to June 12, 202X, with the price per ton dropping by 100 USD.
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The rapid decline in urea prices in this round closely aligns with the growing market expectations that the Strait of Hormuz will soon reopen to navigation. The reopening of the Strait of Hormuz is one of the key terms in the agreement that the United States and Iran are preparing to sign to end the current conflict. As one of the world's main urea-producing regions, the Middle East holds a significant share in global urea exports. Urea itself is currently the most widely used synthetic nitrogen fertilizer in agriculture, and the stability of its supply is directly related to the security of fertilizer for global agricultural production.
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