Russia has gained a major buyer that could replace European customers, chemical industry officials say.
Russia became India’s largest fertilizer supplier for the first time in the first half of the 2022/23 fiscal year, with more than a fifth of the market share. Reuters reported this on Monday, November 21.
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Fertilizer imports into the country from Russia rose 371% to a record 2.15 million tonnes in the first six months of the fiscal year that began April 1, a senior government official said.
“India has been struggling to get fertilizer at reasonable prices since the conflict between Russia and Ukraine escalated. Russian supplies are on time and at reasonable prices. This has helped us avoid a possible shortage, ” he says.
Fertilizer prices on the global market have jumped since March after the West imposed sanctions against fertilizer supplies from Russia and Belarus. Together, these two countries accounted for more than 40% of global potash exports last year. Russia accounts for about 22% of global ammonia exports, 14% of global urea exports and about 14% of monoammonium phosphate (MAP) – all major types of fertilizers.
“India once received discounts of more than $70 a tonne on world prices. Russia has got a major buyer who can replace European customers,” said a senior industry official who negotiates with overseas suppliers on behalf of Indian buyers.
The influx of supplies from Russia has halved China’s fertilizer exports to India to 1.78 million tonnes in the first half of 2022/23. Exports from other countries such as Jordan, Egypt and the UAE also fell.
In the fiscal year 2021/22, Russia’s share of India’s imports is around 6%, while China’s is 24%. Russia’s market share jumped to 21% in the first half of 2022/23, overtaking China as India’s largest supplier, the official said.
India’s total fertilizer imports in the first half of 2022/23 fell 2.4% year-on-year to 10.27 million tonnes, but in value terms, imports during the period rose 59% up to $7.4 billion.
It will be remembered that the Minister of Foreign Affairs of India, Subramanyam Jaishankar, said that his country will continue to buy Russian oil, because it is profitable.
Earlier, the media found out that after the introduction of EU sanctions on the import of Russian coal, Turkey, India and China, as well as African countries, are buying it at a reduced price.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.