Fertiliser price can go higher: Coveney

Continuing upward pressure on fertiliser prices is predicted byAgriculture Minister Simon Coveney.

He said prices have increased by 6-8% so far in 2015, due to global demand outstripping supply, and it is anticipated that world demand will continue to increase, keeping upward pressure on prices to the final consumer in Ireland.

He said no fertilisers are manufactured in Ireland, resulting in indigenous fertiliser companies being price-takers, dependent on global supply and demand and subject to Euro exchange rates against the US dollar and other currencies. Fertilisers (as with crude oil and gas) are mainly traded in US dollars and are thereby subject to fluctuations in currency. A weak euro means increased costs for fuel and fertiliser imports and this has impacted on recent price trends.