Urea Price Monthly and Annualy

The Price of Urea in International Commodity Markets for April 2024 is 320.00 dollars per metric tonne, as estimated by the World Bank. In comparison to the previous month, March 2024, when Urea was valued at 330.00 dollars per metric tonne, there has been a net change of -10.00 dollars. This represents a percentage decrease of -3.13%. Looking back to April 2023, the Urea price stood at 313.38 dollars per metric tonne. The current data reflects a dynamic market with a modest decrease in Urea prices from April 2023 to December 2023, signaling potential shifts in global economic trends.

Urea Price in Last 12 Months World Bank

Source: World-bank
Last Updated: 25 May 2024
Index Last 12 Months Nominal US Dollars($/mt) Net-Chg Percentage-Chg
13April 2023$ 313.38--
12May 2023$ 329.25 $ 15.874.82 %
11June 2023$ 287.50 $ -41.75-14.52 %
10July 2023$ 334.63 $ 47.1314.08 %
9August 2023$ 385.63 $ 51.0013.23 %
8September 2023$ 380.00 $ -5.63-1.48 %
7October 2023$ 411.38 $ 31.387.63 %
6November 2023$ 385.50 $ -25.88-6.71 %
5December 2023$ 354.00 $ -31.50-8.90 %
4January 2024$ 335.38 $ -18.62-5.55 %
3February 2024$ 351.25 $ 15.874.52 %
2March 2024$ 330.00 $ -21.25-6.44 %
1April 2024$ 320.00 $ -10.00-3.13 %

Urea Price Annual World Bank

The estimated price of urea in 2023 reached 358.00 dollars per metric ton. This figure highlights the cost of this essential agricultural fertilizer, which plays a vital role in enhancing crop yields and maintaining food production.

In the preceding year, 2022, the price of urea stood at 700.020 dollars per metric tonne. The price of urea is subject to various factors, including global supply and demand dynamics, market conditions, and input costs.

In the year 2023, there was a significant net change in the price of urea, with an decrease of -342.02 dollars. This translates to a substantial rise of -95.54% compared to the previous year.

Source: World-bank
Year Price Nominal US Dollars($/mt) Net-ChangePercentage-Change
1960 $ 42.25--
1961 $ 42.25 $ 0.000.00 %
1962 $ 42.25 $ 0.000.00 %
1963 $ 42.25 $ 0.000.00 %
1964 $ 60.50 $ 18.2530.17 %
1965 $ 65.75 $ 5.257.98 %
1966 $ 59.25 $ -6.50-10.97 %
1967 $ 49.25 $ -10.00-20.30 %
1968 $ 35.50 $ -13.75-38.73 %
1969 $ 26.60 $ -8.90-33.46 %
1970 $ 18.25 $ -8.35-45.75 %
1971 $ 16.00 $ -2.25-14.06 %
1972 $ 29.25 $ 13.2545.30 %
1973 $ 64.75 $ 35.5054.83 %
1974 $ 285.75 $ 221.0077.34 %
1975 $ 168.00 $ -117.75-70.09 %
1976 $ 82.00 $ -86.00-104.88 %
1977 $ 120.76 $ 38.7632.10 %
1978 $ 136.04 $ 15.2811.23 %
1979 $ 153.00 $ 16.9611.08 %
1980 $ 200.56 $ 47.5623.71 %
1981 $ 182.50 $ -18.06-9.90 %
1982 $ 123.96 $ -58.54-47.22 %
1983 $ 114.54 $ -9.42-8.22 %
1984 $ 150.17 $ 35.6323.73 %
1985 $ 111.63 $ -38.54-34.52 %
1986 $ 70.75 $ -40.88-57.78 %
1987 $ 82.50 $ 11.7514.24 %
1988 $ 113.54 $ 31.0427.34 %
1989 $ 102.96 $ -10.58-10.28 %
1990 $ 115.65 $ 12.6910.97 %
1991 $ 138.40 $ 22.7516.44 %
1992 $ 117.60 $ -20.80-17.69 %
1993 $ 85.54 $ -32.06-37.48 %
1994 $ 93.89 $ 8.358.89 %
1995 $ 126.86 $ 32.9725.99 %
1996 $ 153.69 $ 26.8317.46 %
1997 $ 117.49 $ -36.20-30.81 %
1998 $ 83.22 $ -34.27-41.18 %
1999 $ 65.94 $ -17.28-26.21 %
2000 $ 100.92 $ 34.9834.66 %
2001 $ 96.45 $ -4.47-4.63 %
2002 $ 94.42 $ -2.03-2.15 %
2003 $ 138.19 $ 43.7731.67 %
2004 $ 174.91 $ 36.7220.99 %
2005 $ 217.35 $ 42.4419.53 %
2006 $ 222.14 $ 4.792.16 %
2007 $ 307.11 $ 84.9727.67 %
2008 $ 514.98 $ 207.8740.36 %
2009 $ 251.08 $ -263.90-105.11 %
2010 $ 288.90 $ 37.8213.09 %
2011 $ 398.92 $ 110.0227.58 %
2012 $ 398.60 $ -0.32-0.08 %
2013 $ 339.61 $ -58.99-17.37 %
2014 $ 308.44 $ -31.17-10.11 %
2015 $ 277.94 $ -30.50-10.97 %
2016 $ 194.13 $ -83.81-43.17 %
2017 $ 213.88 $ 19.759.23 %
2018 $ 249.45 $ 35.5714.26 %
2019 $ 245.28 $ -4.17-1.70 %
2020 $ 229.10 $ -16.18-7.06 %
2021 $ 483.21 $ 254.1152.59 %
2022 $ 700.02 $ 216.8130.97 %
2023 $ 358.00 $ -342.02-95.54 %

Introduction

Urea, a widely used nitrogenous fertilizer, plays a crucial role in enhancing crop productivity. As an essential component in agriculture, understanding the dynamics of urea prices is vital for farmers, agricultural businesses, and stakeholders in the industry. This article aims to provide insights into the factors influencing urea prices and how they impact the agricultural sector.

The Role of Urea in Agriculture

Urea is a highly concentrated nitrogen fertilizer that provides plants with the necessary nutrients for healthy growth. It contains 46% nitrogen, making it a cost-effective option for farmers. When applied to the soil, urea breaks down into ammonia, which plants can readily absorb.

Factors Influencing Urea Prices

 1. Raw Material Costs

The price of urea is closely linked to the cost of raw materials, primarily natural gas, and coal. These raw materials are essential in the production process, and any fluctuations in their prices directly impact urea production costs.

 2. Energy Prices

Energy costs, particularly natural gas prices, significantly affect urea prices. Natural gas is the most common feedstock used in urea production, and variations in energy prices can influence the overall cost of manufacturing urea.

 3. Global Demand and Supply

The balance between global demand and supply of urea is a crucial determinant of its price. When demand surpasses supply, urea prices tend to rise, and vice versa. Factors such as population growth, changing dietary patterns, and weather conditions influence the demand for urea.

 4. Currency Exchange Rates

Since urea is traded globally, fluctuations in currency exchange rates can impact its price. A weaker domestic currency can make urea exports more competitive, potentially leading to higher prices for domestic buyers.

Currency Exchange Rate
 5. Government Policies

Government policies related to agriculture, subsidies, import-export regulations, and environmental regulations can affect urea prices. Changes in these policies can create price volatility in the market.

Impact of Urea Prices on Agriculture

 1. Farm Economics

Urea prices directly impact farmers' input costs, as it is one of the primary fertilizers used in agriculture. When urea prices rise, farmers may face higher production costs, reducing their profitability. Conversely, lower urea prices can benefit farmers by reducing their expenses.

 2. Crop Yield

Urea plays a vital role in increasing crop yield by providing nitrogen, an essential nutrient for plant growth. When urea prices are high, farmers might reduce their fertilizer application, leading to potential yield losses. Conversely, affordable urea prices can encourage optimal fertilization practices, resulting in improved crop productivity.

 3. Global Food Security

Fluctuations in urea prices can have a significant impact on global food security. As urea is widely used in agriculture worldwide, price volatility can affect the affordability and availability of fertilizers. Stable and affordable urea prices are crucial for ensuring a sustainable and secure food supply.

Conclusion

Understanding the factors influencing urea prices is essential for all stakeholders in the agricultural sector. Raw material costs, energy prices, global demand and supply, currency exchange rates, and government policies all contribute to urea price fluctuations. These price changes directly affect farmers' input costs, crop yield, and global food security. By keeping a close eye on urea prices and their impact, agricultural businesses and farmers can make informed decisions to optimize productivity and maintain a sustainable farming ecosystem.