India to import 2.5m tons urea after Middle East conflict
India is gearing up to import 2.5 million tons of urea fertilizer, and it's coming at almost double the usual price, thanks to ongoing conflict in the Middle East that's shaken up global supply.
Indian Potash Ltd. will handle this big purchase, which is especially important now as farmers get ready for the monsoon planting season for crops like rice and corn.
Urea prices jump to $935-$959
The cost per ton has jumped from about $490 before the conflict to $935 to $959 now, depending on where it lands in India.
With nearly 45% of global urea supply moving through the Persian Gulf, supply disruptions have hit hard.
To keep things moving, Indian officials are talking directly with top producers (more than two dozen companies have already put in bids) to make sure farmers get what they need on time.