
TradingEconomics · StoneX · Global Agriculture · Fertilizer Field
Urea climbs to $446 as the Middle East energy shock feeds nitrogen and India's 1.7-million-tonne buying keeps the market tight
Benchmark urea rose to $446 a tonne on 22 July, up 2.53% on the day and 20.54% over the month, extending a rally that now tracks the same Middle East supply shock lifting crude. Natural gas is the main feedstock for nitrogen fertiliser, so the war premium on seaborne energy is passing straight into ammonia and urea economics. Demand is doing the rest: India's state buyer National Fertilizers Limited has kept 1.7 million tonnes on order, with recent tender bids clustering near $445–449 a tonne, while China's export quotas remain the swing factor for global availability heading into the second half of 2026.

