As of April 24, 2026, urea is trading at $694.75 per metric tonne — up 0.47% from the previous day, 3.31% over the past month, and 60.64% higher than the same period last year. At the retail level, the move is even sharper. The second week of April recorded an average urea price of $858 per tonne — 27% above the previous month and 49% more expensive than a year ago — making urea the strongest mover across all major fertilizer categories this season.
The primary driver is the Strait of Hormuz. With approximately 40% of global urea exports passing through this single chokepoint, the ongoing blockade has pushed prices up over 50% in just five weeks, compounded by China's active export restrictions and peak spring planting demand arriving simultaneously across North America, Europe, India, and Brazil. Until supply flows through Hormuz normalize, the market has little structural reason to pull back.
