Price trend:

According to the commodity market analysis system of SunSirs, as of November 21, the average reference price of urea in the domestic market was 1,655 RMB/ton, compared with the average reference price of 1,630 RMB/ton on November 17. Last week, the domestic urea market price increased by 1.53%.

Market Analysis

Market situation

Domestic urea prices rose last week. The surge in urea futures prices boosted spot market prices. As of November 21st, urea prices in Shandong were around 1,600-1,660 RMB/ton, in Hebei around 1,590-1,650 RMB/ton, in Henan around 1,580-1,660 RMB/ton, in Hubei around 1,590-1,640 RMB/ton, and in Liaoning around 1,690-1,730 RMB/ton.

Supply and demand situation

Last week, the domestic urea market saw ample supply and increased demand. On the supply side, daily urea production was temporarily sufficient, with enterprises operating at high capacity, and inventory pressure remained. On the demand side, the winter stockpiling of urea had begun, and downstream compound fertilizer enterprises were increasing their operating rates, leading to increased demand for urea.

Market outlook

According to analysts at SunSirs, the domestic urea market was trending upwards recently. As of November 21, industrial and agricultural demand for urea had improved, market activity had increased, and winter stockpiling continued. It is expected that domestic urea prices will continue to rise in the short term.

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