European fertilizer makers slump on Iran ceasefire

European fertilizer makers' stocks are down after the U.S., Israel and Iran agreed to a two-week ceasefire on Tuesday, which potentially would reopen the strait of Hormuz

The closure of the strait of Hormuz, with one-third of global fertilizer seabound trade crossing the narrow passage, sent European fertilizer maker stocks higher, as less supplies were available, hiking prices

German K+S SDFGn.DE falls 9.8%, while Norway's Yara YAR.OL falls 10%, on track for its worst day since June 2023

Dutch-listed OCI's OCI.AS stock falls 2.1%