Key Products: Urea, Potash, DAP/MAP/MKP, and Related Phosphates Seven Key Developments to Watch This Week 1. Strait of Hormuz Traffic Declines Again, With Non-Oil Cargo Facing Greater Risks Only three commercial vessels transited the Strait of Hormuz on September 16, down from 12 the previous day. Over the weekend ending September 21, approximately 17 commodity vessels passed through the strait, compared with 37 during the previous weekend. Some vessels may have switched off

China Fertilizer Trade: Imports Surge, Exports Decline From January to July 2026, China imported 11.02 million tonnes of fertilizers, up 44.7% year on year, while import value rose 70.2% to USD 4.14 billion. In July alone, imports reached 1.40 million tonnes, valued at USD 531 million, with an average CIF price of USD 378.89/tonne. Meanwhile, China’s fertilizer exports during the first seven months declined by nearly 20%, highlighting a significant shift in trade flows. Urea: