Fertiliser Markets

This week's fertiliser market was driven less by simple supply–demand changes and more by execution risk. The Middle East situation has become more complex, with Hormuz and Bab el- Mandeb risks feeding directly into freight, insurance and cargo-execution costs. A sharp decline in Hormuz transits and weaker shipowner confidence are reported, and alternative routes can add around a month at sea while materially raising voyage costs. For fertiliser markets, freight is now one of the fastest-moving indicators — especially for sulphur, ammonia, urea and downstream phosphates.