India Books Phosphate Fertilizer at 40% Above Pre-War Prices

India, the world’s top buyer of diammonium phosphate, has contracted the crop nutrient at prices almost 40% higher than pre-war levels as the Middle East conflict disrupts supplies and pushes global benchmarks higher.

Indian Potash Ltd., which imports fertilizer for the government and other companies, will secure 705,000 tons for delivery on the country’s west coast at $930 per ton, according to people familiar with the matter. Another 641,500 tons will be delivered on the east coast at $935 per ton, said the people who asked not to be named discussing private information.