NongHyup cuts base selling prices for inorganic fertilizers by an average of 5.1%

NongHyup said it would cut base selling prices for inorganic fertilizers sold to farmers by an average of 5.1% starting on the 20th. NongHyup explained that it decided to lower the prices to reflect stabilizing international raw material prices and a downward trend in the exchange rate.

The cuts cover 218 products in total. The selling price per bag of urea fertilizer, the fertilizer most widely used by farmers, will fall 13.9%, from 26,600 won to 22,900 won, while the price of 21 compound fertilizer (21-17-17) will decline 4.1%, from 24,100 won to 23,100 won.

NongHyup projected that the price cuts would reduce farming costs by about 8.5 billion won. The estimate is based on 160,000 tonnes scheduled for supply in the fourth quarter. NongHyup forecast that farmers' actual purchase costs would decline further when support under the inorganic fertilizer subsidy program is also taken into account.