UREA — BLACK SEA FOB
Granular urea spot price, FOB Black Sea. Key fertilizer feedstock — 1/3 of global fertilizer trade transits Hormuz.
205 monthly data points from 2010-01-01 to 2026-04-30.
Current$585/Mt
Change-22%
All-Time High$925/Mt (2022-04-01)
All-Time Low$239/Mt (2020-01-01)
2024 Avg$338/Mt
Data Points205
ALL-TIME (2010–2026)
Full history. Dashed line = 2024 average ($338/Mt).
   901 ┤                                               ╭╮                     
   862 ┤                                               ││                     
   823 ┤                                               ││                     
   784 ┤                                               ││                     
   746 ┤                                               │╰╮               ╭──╮ 
   707 ┤                                               │ ╰╮             ╭╯  │ 
   668 ┤                                               │  │           ╭╮│   │ 
   630 ┤                                               │  │           │││   │ 
   591 ┤      ╭╮                                       │  ╰─╮         │╰╯   ╰─  now
   552 ┤    ╭─╯│                                       │    │         │       
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   475 ┤   ╭╯  │ ╭─╮                                   │    │         │       
   436 ┤  ╭╯   ╰─╯ ╰╮                                 ╭╯    │         │       
   398 ┤  │         ╰─╮ ╭──────╮           ╭╮         │     │ ╭─╮   ╭─╯       
   359 ┤╭─╯           ╰╮│      ╰╮         ╭╯╰╮        │     ╰╮│ ╰╮╭─╯         
   320 ┤│ ─ ─ ─ ─ ─ ─ ─╰╯ ─ ─ ─ │ ─ ─ ─╭──╯ ─╰╮ ─ ─ ╭─╯ ─ ─ ─╰╯ ─╰╯ ─ ─ ─ ─ ─   baseline
   282 ┤╯                       ╰──────╯      ╰─╮ ╭─╯                         
   243 ┤                                        ╰─╯                           
       └──────────────────────────────────────────────────────────────────────
        2010-01                            2018-08                     2026-04
1-YEAR
   750 ┤                                      ╭──────────────────────────╮    
   725 ┤                       ╭──────────────╯                          ╰╮   
   699 ┤                    ╭──╯                                          │   
   674 ┤   ╭╮              ╭╯                                             ╰╮  
   649 ┤   ││            ╭─╯                                               │  
   623 ┤  ╭╯╰╮         ╭─╯                                                 ╰╮ 
   598 ┤  │  │       ╭─╯                                                    │ 
   573 ┤ ╭╯  ╰╮   ╭──╯                                                      ╰─  now
   547 ┤ │    │ ╭─╯                                                           
   522 ┤ │    ╰─╯                                                             
   497 ┤╭╯                                                                    
   471 ┤│                                                                     
   446 ┤│                                                                     
   421 ┤╯                                                                     
       └──────────────────────────────────────────────────────────────────────
        2025-06                            2026-03                     2026-04
CONTEXT
Urea is the most widely used nitrogen fertilizer globally. Key producers: China, India, Russia, Middle East (Qatar, Saudi Arabia, Iran, Oman).
Gulf states account for ~15% of global urea exports — most transiting the Strait of Hormuz.
Hormuz disruption directly impacts fertilizer supply chains, with downstream effects on food prices worldwide.
Peak 2022 ($925/Mt) driven by Russia-Ukraine conflict + energy crisis.
Urea production requires natural gas as feedstock (70-90% of production cost) — gas price spikes amplify urea price moves.
1/3 of global fertilizer trade passes through Hormuz. Disruption during planting season (March-May) has outsized food security impact.
Source: World Bank / Fertilizer Week via IndexMundi (Black Sea FOB).
Updated monthly. 205 data points since 2010-01-01.
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