As recently announced, the Ulster Farmers’ Union has backed a campaign to persuade the European Commission that in a competitive global market there is no need for it to maintain tariffs against imports.
Informa Agribusiness Intelligence has released the following statement in response to the UFU’s announcement:
“The news that the Ulster Farmers’ Union is asking the EU to reduce import tariffs on fertiliser comes as no surprise. At €140 for cost, insurance and freight, prices of CAN were at a level that was not sustainable by the industry. Yara International and CF fertilisers have both announced significant losses for 4Q,” commented Christine Gregory, Head of Current Information for Fertecon, part of Agribusiness Intelligence.
“If the duties are in fact removed, Russian suppliers will still want the same price. Ultimately it is a global market that determines Nitrogen prices; European markets cannot act in isolation,” continued Gregory.