Fertilizer prices are expected to remain elevated, especially if renewed fighting near the Strait of Hormuz restricts global fertilizer supply chains, according to Fitch Solutions unit BMI, as reported by BusinessWorld.
In a report, BMI noted that while Urea prices eased 4.6% in June to over $600 per ton, they remain elevated compared with a year earlier. The slight decline does not signal a sustained downward trend, as geopolitical tensions pose ongoing risks to supply chains.
The Strait of Hormuz is a critical chokepoint for global energy and fertilizer shipments. Any escalation could drive costs higher, affecting farmers and food prices in import-dependent countries like the Philippines.