Fertiliser giant Ballance Agri-Nutrients has slashed the price of its main nitrogen product urea in response to changing global market conditions. The price of urea has dropped 17% to $910 a tonne - saving farmers $190 a tonne - and further price cuts were expected. Ballance chief executive Larry Bilodeau said his company was expected to review its prices on December 1 but urea prices had fallen quickly throughout the world. The new urea price, effective from yesterday, would be further reduced as the company worked through its current inventory. Prices for phosphate-based products such as superten, DAP and Serpentine Super were also under review. However, prices for these products globally had not moved as quickly or as significantly as urea, Mr Bilodeau said.
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