The Urea Arena

The spot price of Urea is USD600 a tonne; sulfuric acid is selling at USD169 a tonne. These are high prices, because freighters can’t get through the Strait of Hormuz, which means farmers are lacking fertiliser, and that means lower crop yields next year. Lower yields mean higher prices; the knock-on effects of the war are going to be felt for a while. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit nusbacher.substack.com/subscribe