Global fertilizer prices are up 22.57% since before the Middle East war began on February 28—building on an initial 7.5% rise through early March—according to Bloomberg's Green Markets index. The Strait of Hormuz closure disrupts 45% of world fertilizer trade. Colombia's farmers face escalating costs, prompting a government subsidy.
Bloomberg's Green Markets Fertilizer Price Index has risen 22.57% from US$753.26 per ton on February 27 to US$923.29 on March 23, following an initial 7.5% increase through March 6. Urea prices have surged 36.9% to US$630 per ton since pre-war levels, after a 24% jump to US$570 earlier.
The war's closure of the Strait of Hormuz affects 45% of global fertilizer trade, 22% of urea, and 45% of sulfur—critical inputs. Colombia, importing around two million tons yearly (a key factor in 12-30% of crop costs), relies heavily on these amid broader supply strains despite main urea sources in Trinidad and Tobago and the US.
Top suppliers include Yara (365,000 tons, 18.2% share), Precisagro (285,000 tons, 14.2%), and Monómeros with Ecofértil (248,000 tons, 12.4%), followed by Nitrofert, Nutrición de Plantas, and C.I. Acepalma.
President Gustavo Petro announced subsidies to mitigate impacts. Markets eased Monday after Donald Trump suspended attacks on Iran's power grid for five days, with Brent oil falling to US$96 per barrel.
