Russian officials say there will be no rise in fertilizer prices

The Ministry of Agriculture of Russia doesn’t expect a sharp rise in prices for mineral fertilizers in the domestic market at least until May, and now there is even their decline.

“Compared to December 2021, we can even note a price decline for almost all types of mineral fertilizers. We consider the prices have stabilized at the level of the middle 2021,” said Maxim Titov, Head of the Department for regulation of agro-industrial markets at the Ministry of Agriculture of Russia.

Maxim Titov also recalled that major mineral fertilizer producers froze prices for their products for domestic farmers in the last year. According to his statement, due to this and other measures like the export limitation and agreements between regions and producers, the situation is under control.

“We are regularly reviewing the plan of supplies and do not expect the rise in fertilizer prices. There are also issues with logistics since the cost of transportation has increased in some regions. Nevertheless, the sharp increase in fertilizer prices in the domestic market is not forecasted,” said Maxim Titov.

Source: Prime