Polish Grupa Azoty, a large fertilizer producer, has stopped the production of some key fertilizers, including nitrogen fertilizers and caprolactam, because of soaring energy costs, becoming the latest casualty of the European gas crunch. Bloomberg reported that the company would also curb ammonia production because energy costs have compromised the profitability of the business. Natural gas is a crucial feedstock for synthetic fertilizer production, and soaring prices have had a severe impact on the industry, with several fertilizer producers shutting down in Europe. Fertilizer usage is also declining because of prices, which has grim implications for global food security. According to the International Fertilizer Association, the use of fertilizers could shrink by as much as 7 percent next season, which would be the biggest drop since 2008, Bloomberg reported earlier this month. “If European farmers import more products from other exporters, then for the more fragile agricultural markets in […]