Pakistan's Urea Import Proposal Rejected
On August 2, 2024, a meeting of the Economic Coordination Committee (ECC) chaired by Muhammad Aurangzeb approved the Ministry of Industries and Production's proposal to import 100,000 tons of urea.
However, this proposal was rejected during a Federal Cabinet meeting chaired by Prime Minister Shehbaz Sharif. The Cabinet instructed that after September 2024, priority should be given to ensuring an uninterrupted supply of natural gas to Pakistan's urea fertilizer plants, rather than relying on imports. The Cabinet also directed relevant departments to take measures to prevent urea price increases and to lower agricultural input costs to support farmers.
Russia's Fertilizer Exports to Brazil Reach Record High
According to data from Brazilian customs, Russia supplied 1.14 million tons of fertilizer to Brazil in July, setting a new record and marking the third consecutive month of imports exceeding 1 million tons, with a month-on-month increase of 7.5%. In monetary terms, Russia’s fertilizer exports to Brazil grew by 8%, reaching $364.4 million.
Russia remains Brazil's largest fertilizer supplier, while China has also significantly increased its supply, with exports nearly doubling in July to 783,400 tons. In contrast, Canada's supply increased by only 1%, while supplies from Egypt and Morocco decreased by 29% and 7%, respectively.
Brazil, a major global agricultural producer, has increased its fertilizer purchases in recent months due to severe weather conditions. Despite Western sanctions, economic ties between Russia and Brazil continue to strengthen, with bilateral trade reaching a record high of $11 billion.
Israel Chemicals Ltd. (ICL) Remains Optimistic Despite Red Sea Incident
On August 14, ICL released its financial report for the second quarter of 2024, showing sales of $1.75 billion, down 7% from the same period last year.
Despite the impact of falling potash prices on its second-quarter performance, ICL's management remains optimistic about the future and has raised its full-year earnings forecast. As a result, the company's stock price rose by 6.31%.
ICL's CEO, Raviv Zoller, stated during a conference call that the Red Sea incident posed challenges to the company’s operations. However, by adjusting shipping routes and delivery destinations, ICL has maintained its shipment volumes. Looking ahead, despite some fluctuations in the agricultural market, ICL expects global agricultural supply and demand to remain stable, driving growth in the company’s fertilizer and specialty products business.
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