The Philippines is negotiating with China to secure a fertilizer supply deal to help Filipino farmers cope with the rising costs of the farm input that has more than doubled to P2,500 per 50-kilogram bag.
THE Philippines is negotiating with China to secure a fertilizer supply deal to help Filipino farmers cope with the rising costs of the farm input that has more than doubled to P2,500 per 50-kilogram bag.
The quotations of urea per metric ton at China’s Zhengzhou Commodity Exchange as of February 1 ranged from CNY2,361 to CNY2,608, equivalent to about $370 to $410. Roldan said China sought the Philippines’s firm offer for the supply deal with the latter setting the price at $500 per metric ton. Roldan explained that China is the country’s top supplier of imported fertilizer, particularly urea, as it accounts for 41 percent of total volume. The country’s fertilizer requirement for 2022 is at 2.5 million metric tons with 600,000 MT to 700,00 MT of which being consumed in the upcoming planting season, Roldan said.
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