IFA 2024: A Glimmer of Hope

The recent IFA fertilizer conference in Singapore offered a welcome change from the past two years of declining fertilizer prices. There was a positive and upbeat mood among attendees, suggesting a potential turning point for the industry.

Here are some key takeaways:

• Prices for Potash (MOP) may have reached their bottom, with new contracts in India and China potentially setting a floor.

• While demand remains sluggish, there are early signs of a pick-up, particularly in Southeast Asia where good rains are anticipated.

• Uncertainty surrounding China's export policies remains a concern.

• The issue of freight costs continues to be a challenge, with port congestion, high fees, and unpredictable cancellations adding to difficulties.

Despite these uncertainties, prices have firmed across the board since the conference.  Urea is up $30 per ton, DAP $15 per ton, Ammonium Sulphate $10 per ton and MOP has been mostly stable to flat. 

This cautious optimism suggests a possible recovery in the latter half of 2024.

Trusted Brands

Chewachem and Rio Tinto Minerals were happy to support the Thai Fertilizer Producer and Trade Association’s (TFPTA) annual golf day.  TFPTA plays a key role in working with the government, agricultural universities and the private sector to support Thai agriculture.  The tournament raised 500,000 Baht in support of the Agriculture Faculty at Kasetsart University.  

For high quality Boron fertilizers -- think 20 Mule Team Borax™.  For longer drives, greater accuracy on approaches and superior feel around the greens -- think Titleist.