However, there are some signs that the bottom of the market has been reached and there will be a rising in the international price over coming months.

New boy DFI has continued its aggressive pricing strategy and has lowered the price of phosphate fertilisers DAP and MAP to $870 a tonne, with the prospect of a further rebate taking this price even lower.

Meanwhile, author of the ANZ fertiliser market report, rural and regionalist economist, Paul Deane, said that a combination of freight and oil prices would most likely work to keep prices lower than last year, but warned that Chinese government policy surrounding its export tariff could play a big in determining Australian farmgate prices.

And there are signs the bottom of the market has been reached.

DFI managing director, Leighton Huxtable, said he had heard there had been recent fertiliser orders placed by both India and Brazil as the price reached acceptable levels for them to re-enter the market.

International fertiliser monitor Fertilizerworks has also reported a small rebound in prices, especially urea, although it was cautious on how sustained the price rally would be.

Mr Huxtable said all growers who ordered fertiliser with the rebate option at the previously nominated higher price would be eligible for to a rebate of $160/t.

He said the drop could be attributed to a further drop in world phosphorus prices and a more favourable Australian foreign exchange rate.

Mr Deane said the transformation of the fertiliser market had been "breath-taking", pointing to a 60pc drop in DAP and a 55pc fall in urea prices.

He said the Australian scenario of retailers being caught with high priced inventory that they wished to clear before lowering prices, but farmers were aware of the drop in prices and have refused to buy until prices start to fall.