Fertilizer prices in the Egyptian open market have increased by around 54% month on month (MoM) in June to up to EGP 20,000 per ton, compared to EGP 13,000 per ton, a government official and six sources in the know told Asharq Business.

The country's fertilizer prices rose because the decrease in locally produced natural gas has significantly impacted factory operations, resulting in the inability to meet the increased demand for fertilizers for summer crops, four heads of fertilizers production firms said.

Meanwhile, the government official attributed the increase in fertilizers prices to the country having to import liquefied natural gas (LNG) to run fertilizer plants,.

This came in light of the increase in the exchange rate of the US dollar against the Egyptian pound, resulting in an increase in the costs of production inputs, he added.

On June 25th, Abu Qir Fertilizers and Chemicals Industries Company (ABUK) suspended operations at its three factories due to a cut in natural gas supplies.

 

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