Karachi June 17 2021: International Urea prices is expected to rise further, which are already at high of 8 years, due to India’s decision to go green for Fertilizers.
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UREA prices hit highest in 8 Years
India Domestic Urea demand recorded at 33.6 million ton in 2020 which grew at a growth rate of 1.3 percent when compared to consumption of 31.6 million ton in 2016. Urea imports constitutes 27 percent of total market. While, India’s DAP consumption is around 9 million tons half of which is met through imports.
Demand for fertilizer remains stable because of the traditionally high usage and also the fact that the freeing up of retail prices for non-urea fertilizers, following the implementation of nutrient-based subsidy (NBS) for these fertilizers
Indian government is considering to implement its Go Green plan in seven years starting from April 2023. The moves comes as a result of World’s third-biggest polluter set an ambitious target of Zero emissions by 2050.