Introduction
Chequered flags had been waved in the UK in the recent years as the imports of chelated iron have leapfrogged beyond expectation. This article presents a comprehensive guide to the chelated iron import prices in the UK for those involved in the fertiliser trade or those that are merely curious about the market trends.
Chelated Iron – An Overview
Chelated iron is a type of fertiliser that supplies the plant with iron in a much more efficient manner than other forms of iron. It is a compound that is formed when iron is bonded with an organic molecule, often representing a greater solubility in water and flexibility in use. The usage of chelated iron is widespread in the agricultural industry, particularly in horticulture and turf grass management, where iron deficiencies can trigger yellowing of leaves, stunted growth and poor crop yield.
Chelated Iron Import Prices
Due to the increasing demand for chelated iron from various industries, the import prices in the UK have fluctuated in the recent years. The following prices are based on a tonne of chelated iron imported to the UK:
2016 – £1100
2017 – £1250
2018 – £1190
2019 – £1300
2020 – £1320
From the aforementioned data, it can be inferred that the prices have been on an upward trend over the years, except for a dip in 2018. 2019 and 2020 recorded the highest import prices, indicating an increased demand and a need for better agricultural and horticultural practices in the country.
The Factors Affecting Chelated Iron Prices in the UK
The import prices of chelated iron in the UK are mostly influenced by macro and microeconomic factors. Some of these factors include:
Exchange rates
Global market trends
Transportation and logistics costs
Production costs
Demand and supply dynamics
Government policies and regulations
Shifts in these factors could cause a surge or dip in the prices. For instance, the prices in 2018 were influenced by the political Brexit turbulence, which affected exchange rates and government policies. The prices in 2020 might have been influenced by the demand for chelated iron so that a sufficient supply could compensate for the perceived shortage due to the COVID-19 pandemic.
The Future of Chelated Iron Prices in the UK
Given that the UK’s exit from the European Union could impact trade and exchange rates, the prices of chelated irons in the years to come are uncertain. It is therefore important for importers and other stakeholders to keep an eye on the market and adjust their strategies accordingly. Additionally, the adoption of eco-friendly agricultural and horticultural practices may increase the demand for chelated iron as there will be reduced use of synthetic fertilizers.
Conclusion
The chelated iron market is rapidly growing in the UK, and the import prices are undergoing fluctuating trends, with 2020 recording the highest import prices in recent years. It is important for importers and stakeholders to stay updated on the macro and microeconomic factors that are likely to impact the prices.
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