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More fertilizers will be released from reserves to meet market demand during the main agricultural period, and the government will closely monitor the market situation to ensure stable fertilizer supply and prices, the National Development and Reform Committee said in a statement.
Meanwhile, Beijing has struggled to supply enough fertilizer to its 300 million farmers to keep prices in check, as the country pledges to bolster food security amid intensifying concerns about supplies amid the Ukraine war.
The government since September last year had been planning to release fertilizer stocks in batches to help tame runaway prices.
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Zhengzhou urea futures hit a record high of 3,342 yuan ($525.46) a tonne in mid-October, before falling to around 2,200 yuan as Beijing launched a probe into the market and imposed additional inspection requirements for urea exports. fertilizer products.
China's fertilizer production increased by 0.8% to 54.46 million tons in 2021, while exports fell by 42% from the previous year.
Urea prices last week rose to 2,782 yuan per tonne following a rise in global energy prices, including natural gas and coal, which are the raw materials for fertilizer production.
Russian fertilizer billionaire Andrei Melnichenko has warned that a global food crisis is looming unless the war in Ukraine is stopped.
He said fertilizer prices are rising so quickly that many farmers can no longer afford soil nutrients.
(Reporting by Muyu Xu and Dominique Patton)
Clipping: Notícias Agrícolas | Source: Reuters
