Fertilizer companies increase rate of exports after boycotting agriculture ministry

Fertilizer producers are now exporting 60% of their monthly output, according to Al Borsa, after they suspended dealings with the agriculture ministry last month. The ministry used to purchase around 55% of locally-produced fertilizers but companies had decided to freeze shipments to the ministry until the cabinet agrees to raise regulated fertilizer prices by EGP 500 per tonne to reflect the impact of recent increases in natural gas prices (in LCY terms) following the float of the EGP.