Market Scenario Yara Further Cuts Production in Europe Amidst Rising Gas Prices
With escalating gas prices in Europe, the fertilizer firm has announced further cuts in production across Europe, bringing the firm’s total European ammonia capacity utilization to around 35 %.
Oslo/Norway – As a result of record high gas prices in Europe, Yara is implementing further curtailments which will take its total European ammonia capacity utilization to around 35 %. With this, the firm will curtail an annual capacity equivalent of 3.1 million tonnes ammonia and 4.0 million tonnes finished products (1.8 million tonnes urea, 1.9 million tonnes nitrates and 0.3 million tonnes NPK) across its production system in Europe.
The company will, where possible, use its global sourcing and production system to optimize operations and meet customer demand, including continued nitrate production using imported ammonia when feasible. Yara will continue to monitor the situation and adapt to market conditions going forward.