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The Norwegian fertilizer giant Yara announced on March 9 that it will temporarily cut output at two of its European plants due to record natural gas prices in Europe
The two plants have a combined annual production capacity of 1 million tons of synthetic ammonia and 900,000 tons of urea, namely the Ferrara plant in Italy and the Le Havre plant in France
"Including optimization and maintenance of other production facilities, Yara's ammonia and urea production in Europe is expected to be operating at approximately 45% capacity by the end of this week," the company said in a statement
On March 8, TTF benchmark Dutch natural gas futures traded at $67.
Natural gas is the main feedstock for ammonia production in Europe
However, analysts said Europe could still import fertilizers from other regions with lower gas prices, but any production cuts could negatively impact global supplies
Yara said it will continue to monitor the situation and use its global production system as much as possible to maintain supply to customers and ensure continuity of the food supply chain, but will reduce production if necessary due to challenging market conditions
Yara announced ammonia cuts in Europe in September last year as gas prices rose, but later said production had largely resumed
Yara announced ammonia cuts in Europe in September last year as gas prices rose, but later said production had largely resumed
Natural gas is an important raw material for the production of nitrogen fertilizers, accounting for the bulk of the production cost of synthetic ammonia
