Some of China’s major fertilizer companies said they would temporarily suspend exports to assure supplies in the domestic market, the state planner said on Friday, after prices in one of the world’s top grain producers hit record levels.
According to Reuters, China is the world’s top exporter of phosphate, and shipped 3.2 million tonnes of diammonium phosphate fertilizer in the first half of this year to major buyers such as India and Pakistan as well as 2.4 million tonnes of urea, according to customs data.
The National Development and Reform Commission (NDRC) said in a statement it had summoned the fertilizer firms for a discussion against hoarding and speculation.