Urea prices up 1.6% to exceed $610
The price of urea rose by 1.58% on Wednesday, exceeding $610 threshold for the first time since October 2022, amid closure of the Hormuz Strait, Anadolu reported.
Urea price, at $610.5 per ton as of 1720GMT, also increased by 35.07% on a monthly basis and more than 57.96% from the beginning of the year.
Around 44% of sulfur, 31% of urea, 18% of ammonia and 15% of phosphates - all key fertilizer components - transit the Hormuz region.
Sulfur prices also rose by 0.73% on Wednesday.
The Strait of Hormuz is one of the world's most critical transit way, particularly for energy field, with around 20 million barrels of oil passing through it daily.
Iran's Islamic Revolutionary Guard Corps had previously announced the closure of the strait to transit following the start of the US-Israeli attacks on Iran on Feb. 28.
Last week, the US agriculture secretary said the US would move to lower urea prices, and on Tuesday.
On Tuesday, White House National Economic Council Director Kevin Hassett said that the country can minimize the problem but cannot eliminate it.