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Farmers have been warned to expect further increases in the price of urea fertiliser following a lift in international demand and escalating shipping rates.
International prices have risen dramatically in the past month and some shipping rates from the Middle East have doubled in the past year.
Industry sources estimate that this could result in significant domestic price rises on top of recent increases. Further increases are likely in coming weeks.
According to Incitec Pivot Limited, the current spike in world prices is the most severe experienced for eight years.
"On top of the higher shipping costs, increased demand from South America, India, Pakistan, Bangladesh and Syria and reduced urea supply from China and Indonesia have combined to force world prices up," a spokesman said.
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