China institutes fertilizer export restrictions in effort to control prices
China has moved to curb fertilizer exports in an effort to shore up domestic supplies and stabilize prices, Bloomberg reported on Friday.
According to the publication, the China Nitrogen Fertilizer Industry Association, which is run by the civil affairs ministry, called on members to recall shipped cargoes and limit further exports.
The organization also requested that manufacturers lower their sale prices if their profit margins are high.
China in September caused market turmoil when it instructed a number of urea exporters to suspend shipments of the critical fertilizer following a price surge. Prices, however, began creeping up again last month.