Sulfuric acid is used to create fertilizers, as well as to leach copper and other metals. Most of the acid is supplied from oil refineries in the Persian Gulf, the newspaper noted.
As market expert Freda Gordon, head of Acuity Commodities, emphasized to the outlet, the threat to fertilizer markets prompted China, the largest acid producer, to restrict exports this month. According to the expert, this has led to higher prices and further exacerbated the sulfuric acid shortage.
Chile and Indonesia could be hit hardest by China's sulfuric acid restrictions, Sarah Marlow, a fertilizer market expert for Argus, added.
China was considering banning sulfuric acid exports from May 2026 due to supply disruptions amid the Middle East conflict, Bloomberg reported in April, citing sources.
On February 28, the US and Israel began striking targets in Iran. The escalation has virtually halted shipping through the Strait of Hormuz, a key route for oil and gas supplies, leading to higher fuel prices in much of the world. Prices for sulfuric acid, a by-product of oil refining, have also risen in the Middle East as a result of the conflict.