A severe shortage of industrial sulfur, a byproduct of oil and gas production that is processed into sulfuric acid for phosphate fertilizers and copper production, is threatening to raise global food prices. Before the Iran conflict, about half of the worldu2019s sulfur passed through the Strait of Hormuz. Shipping disruptions have slashed flows and sent prices surging nearly tenfold to about $1,000 per ton. Fertilizer producers including Mosaic and OCP Group have warned they cannot pass cost increases to farmers and may slow production. Mining companies flush with cash from high metal prices are winning the bidding war for scarce sulfur supplies.
Source: BelTA / BigGo Finance
