Asia
Across Asia, NP fertiliser prices moved through a series of fluctuations in 2024. Earlier global shocks such as the war in Ukraine, high natural gas costs, and shipping disruptions pushed production costs up in previous years. But by 2024, these pressures weakened. Fertiliser inputs, especially nitrogen-based components, became cheaper and more available. Countries like India also tightened pricing oversight on non-urea fertilisers, which helped stabilise domestic markets and prevented sudden jumps. As a result, NP fertilisers in Asia generally followed a softening pattern through the year, with fewer sharp swings and a more predictable market for farmers.
Europe
In Europe, NP fertiliser prices in 2024 also trended downward compared with the peak levels seen during the 2022 energy crisis. Natural gas a key input in nitrogen fertiliser production became more affordable, allowing European producers to operate at steadier costs. Global fertiliser trade also recovered after the earlier contraction, reducing supply tightness. While Europe still faced risks from geopolitical tensions and shipping disruptions, the overall market in 2024 was calmer. This created a year marked by moderate declines, improved supply flows, and less price volatility than in the previous two years.
North America
North America saw a similar easing trend in 2024. Retail data from early in the year showed that major nitrogen and phosphorus products were not rising sharply and mostly moved in small monthly steps. Compared with a year earlier, many fertiliser types were cheaper, reflecting lower input costs and better global availability. NP fertilisers followed this pattern as the region benefited from stable domestic production, rebounding global trade volumes, and reduced pressure from transportation costs. Farmers experienced a more manageable price environment than during the peak disruption years.