NEW 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.
