Price trend

According to the commodity market analysis system of SunSirs, as of July 29, the average reference price of domestic urea market was 1,817 RMB/ton, compared with the average reference price of 1,835 RMB/ton on July 22, the domestic urea market price fell by 0.95% last week.

Analysis review

Market Situation

Last week, domestic urea market prices weakened and fell. Urea futures prices declined, and spot market trading followed suit, showing weak trading. Urea supply was ample, and downstream compound fertilizer companies were primarily replenishing stocks based on immediate demand. As of July 29th, urea market quotes in Shandong were around 1,750-1,830 RMB/ton, in Hebei 1,750-1,790 RMB/ton, in Henan 1,740-1,770 RMB/ton, in Hubei 1,770 RMB/ton, and in Liaoning 1,780 RMB/ton.

Market outlook

Urea analysts of SunSirs believe that the domestic urea market has recently been weak and declining. As of July 29th, the futures market was temporarily underperforming, overall inventory levels remained high, and demand had yet to be fully unleashed. Domestic urea prices are expected to consolidate to be weaker.

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