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Fertilizer also goes through the Strait of Hormuz. Recently, fertilizer stocks have also surged sharply because spring planting season is approaching. In crop cultivation costs, fertilizer accounts for 20-40%. However, China doesn't lack urea and similar products; it's only potassium fertilizer that's in short supply. The current situation is that India is even more short on fertilizer. Domestically, the policy is to tighten exports and impose price caps internally, so fertilizer company profit growth will actually be relatively limited.
It's still policy that's powerful.