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Asian fertiliser buyers turn away from key exporter China amid growing curbs | Hellenic Shipping News Worldwide hellenicshippingnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hellenicshippingnews.com Daily Mail and Mail on Sunday newspapers.
Asian fertiliser buyers are seeking alternatives to Chinese supplies on concerns the world's top exporter has become an increasingly unreliable supplier after curbs on shipments to protect its domestic market, buyers and analysts said. China is the world's biggest exporter of phosphate and a major supplier of urea, but since 2021 it has imposed measures including export quotas and lengthy inspection requirements on the fertiliser ingredients to cool domestic prices. Urea exports plunged 24% to 2.8 million metric tons in 2022 from the year before and though higher this year, remain below the previous years' average level. ....
Key crops, from Brazilian corn to Malaysian durians, are at risk after tight supplies and blistering prices of fertilizer have caused farmers to scrimp on vital crop nutrients, adding to global food security and inflation fears. Fertilizer costs soared this year amid rising demand and lower supply as record natural gas and coal prices triggered output cuts in the energy-intensive fertilizer sector. Urea prices have nearly doubled. With global food prices at their highest in more than a decade, rising fertilizer costs would only add to pressures on food affordability, especially in import-reliant economies, while stretched budgets leave little room for government ....