Factors include reduced supplies from Russia and Belarus, China export ban and Canadian rail strike
The ban was largely symbolic, however, since most of the country’s fertiliser exports move through ports disrupted by the conflict in Ukraine.
“There’s a sheer logistical problem of how to get it out of Baltic and the Black Sea ports, it’s difficult to find buyers because people don’t want to engage with Russian companies,” sai Mike Nash at the commodity market analyst Argus. Last year, China tightened its controls on exports of fertilisers, primarily nitrogen and phosphate, effectively shutting off the supply to the global market through to June this year to try to limit a rise in domestic food prices.Beijing’s move exacerbated a shortage of global supplies and helped contribute to a surge in prices across international markets. According to Nash, the likelihood of China lifting restrictions in June is remote.
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