Average cost of fertilizers on the world market reached $437/t in May

According to the UN FAO report “Food Outlook”, the average price of a “basket” of nitrogen, phosphorus and potassium fertilizers in May 2025 was $437/t FOB, which is $118/t higher than the price in May 2024.

In 2024, the average price of three types of mineral fertilizers was $336/t, which was 10% higher than their cost in 2023, while in April 2022 it reached a record $815/t.

The increase in the cost of natural gas has the greatest impact on the prices of nitrogen fertilizers, the average price of which in January-May 2025 increased by 15% to $339/t compared to the corresponding period in 2024. At the same time, the price of phosphorus fertilizers (DAP, MAP and TSP) increased by 12% to $540/t during this time.

At the same time, the increase in the price of natural gas had almost no effect on potash fertilizers, and their price remained at last year’s level – $285/t.

The UN FAO considers the new European Union tariffs on agricultural imports from the Russian Federation and Belarus, which will come into effect on July 1, 2025 and will amount to €40-45/t with a prospect of increasing to €430/t by 2028, in addition to the current tariff of 6.5%, to be a potential driver of the increase in world prices for mineral fertilizers.