Fertilizer prices surge after China imposes export ban

fertilizer-1000x675-1.webp

Urea prices have risen by 10% in September and 30% since July after China banned the export of the fertilizer to keep domestic prices under control.

Petrovietnam Camau Fertilizer raised urea prices by 10% this month to VND11,200 per kilogram.

Petrovietnam Fertilizer and Chemicals Corp hiked prices by 4.8% to VND11,000.

Other chemical producers also effected similar hikes. Some such as HCMC-based Viet Au have raised prices to VND12,500.

Urea provides plants with nitrogen to stimulate leaf growth.

Phung Ha, deputy chairman of the Vietnam Fertilizer Association, said China, the biggest producer and consumer of urea globally, ordered some manufacturers earlier this month to stop exports and this caused prices of the key fertilizer to surge globally including in Vietnam.

Vietnamese farmers are buying fertilizers for their winter-spring crops, and the rising demand is exacerbating the rise in prices.

In the first eight months of the year, Vietnam imported nearly 2.5 million tons of fertilizers worth US$833 million, up 13% in volume but down 19% in value year-on-year.

Nearly half of the imports came from China.


About Retail News Asia

Retail News Asia is committed to providing local and global retailers with the latest news from the Asian retail market on a daily basis.

We have resources for everyone from independently owned business owners to online-only retailers and major chains expanding their reach throughout the Asian market. Retail News is “the news source” with over 50 weekly posts and 13,6 million readers.


CONTACT US

CALL US ANYTIME

Most read



Retail updates

Stay up to date of the lates updates and retail news from Asia.








X