Hungary has requested that the European Union suspend tariffs on fertiliser imports from Russia and Belarus, reducing them to zero. Budapest's argument centres on rising input costs that it links to the ongoing conflict involving Iran.
The EU has progressively tightened duties and quotas on Russian and Belarusian fertiliser since 2022 as part of its broader sanctions response to the war in Ukraine, making this request a notable break from the bloc's unified stance.
If Brussels were to grant an exemption, even a national or temporary one, it could reopen a significant supply channel for nitrogen and potash products into the EU market, with implications for pricing and for other buyers who have shifted sourcing toward alternative origins since the sanctions took effect.
Related on gidex.com: the fertiliser desk · producer representation · urea supply
Original note by GIDEX Group based on reporting by Fertilizer Daily. Written up by the GIDEX market desk — see how these notes are made. Not investment advice.
Yara and Mosaic set November ammonia contract at $645/t CFR Tampa, a $95 rise from October, signalling firmer global ammonia prices.
LSB Industries' Q3 net income rose to $16.3M as ammonia netbacks climbed 32% to $528/ton on a shift to ammonium nitrate for mining.
Brazil urea climbs to $488/t on European gas costs, even as India's tender buy of 410,000t came in below expectations.