Hormuz situation could drive grain prices up by as much as 80% — ICC

Strait of Hormuz developmentsHormuz situation could drive grain prices up by as much as 80% — ICC According to ICC Secretary General John Denton, countries such as the Philippines, which import up to 90% of the fertilizers they need, are the most vulnerable under the current circumstancesNEW YORK, October 5. /TASS/. The International Chamber of Commerce (ICC) believes that if restrictions on shipping through the Strait of Hormuz persist, grain prices in some regions of the world could rise by as much as 80%, ICC Secretary General John Denton said, according to The Wall Street Journal. The main problem is the disruption of established mineral fertilizer supply chains. The situation in the Strait of Hormuz has affected nearly 40% of global fertilizer trade, and difficulties in rerouting logistics have resulted in the loss of around 2.7 mln metric tons from the market. According to Denton, countries such as the Philippines, which import up to 90% of the fertilizers they need, are the most vulnerable under the current circumstances. 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