UAN - Russian fertilizer export ban in context

It was reported by IFX Friday that "Russia recommends fertilizer makers to halt exports." Russia accounts for 23% of ammonia production globally, as well as 14% of urea and 21% of potash production, suggesting that a fertilizer export ban would further exacerbate already sky high fertilizer prices. However, the full statement from the Russian trade ministry said, "the ministry had to recommend Russian producers temporarily suspend export shipments of Russian fertilizers until carriers resume rhythmic work and provide guarantees that Russian fertilizer exports will be completed in full." The market may not be willing to take the Ministry's word at face value; however, the comments come on the back of major shipping groups suspending operations to and from Russia. Importantly, Russia had already banned ammonium nitrate exports in an announcement February 2nd, whereby trade was to be postponed until April 2022. European energy prices have pushed commodity feedstock costs higher, lifting

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Russian fertilizer export ban in context