Devex cites IFPRI research in an article on plans by leading multilateral development banks to strengthen fertilizer supply chains disrupted by the Strait of Hormuz closure. Experts warn that other constraints impacting agricultural production must be addressed as well.
The article notes that the International Food Policy Research Institute reported that, as of mid-September, fertilizer shipments through the Strait of Hormuz remained close to zero. However, prices for nitrogen-based fertilizers had dropped by 25% to 45% since late May due to production increases and lower-than-usual demand from large importers such as Brazil. These statistics come from a recent IFPRI blog by Joseph Glauber and Shawn Arita examining how fertilizer markets are coping with the continued closure of the Strait of Hormuz.