Price trend

According to the commodity market analysis system of SunSirs, as of October 17, the average reference price of domestic urea market was 1,582 RMB/ton, compared with the average reference price of 1,572 RMB/ton on October 13. The domestic urea market price rose by 0.64% last week.

Analysis review

Market Situation

Domestic urea prices saw a slight increase last week. Urea futures prices rose last week, with the spot market following the futures market's fluctuations. As of October 17, urea prices in Shandong were around 1,520-1,590 RMB/ton; in Hebei, 1,550-1,590 RMB/ton; in Henan, 1,510-1,570 RMB/ton; in Hubei, 1,580 RMB/ton; and in Liaoning, 1,620 RMB/ton.

Supply and Demand

Last week, the domestic urea market experienced stable supply and demand. On the supply side, daily urea production remained high, ensuring ample market supply. On the demand side, with autumn procurement nearing its end, downstream buyers were buying urea at low prices, creating a positive market trading atmosphere.

Market outlook

SunSirs’ urea analysts believe the domestic urea market stabilized recently. As of October 17, there were no significant changes in urea supply and demand, with inventories remaining high and demand still to be unleashed. Domestic urea prices are expected to fluctuate and consolidate in the short term.

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