SunSirs: On October 7th, the Domestic Urea Market Declined
October 08 2023 10:23:31 SunSirs (John)
Price trend
On October 7th, the domestic urea market declined.
Analysis review
The upstream Yangquan anthracite (washed medium block) was around 1,210 RMB/ton, the price was temporarily stable and cost support was average.
From a demand perspective, agricultural demand was weakened, industrial demand was average, and urea exports were good. There was sporadic fertilization in agriculture. The operating rate of the compound fertilizer plant was average, and the enthusiasm for urea procurement was normal. Board and melamine enterprises averagely started construction and mainly purchased on demand.
From a supply perspective: Some enterprises stopped for maintenance, and their daily urea production was around 160,000-170,000 tons, indicating sufficient supply.
Market outlook
Urea will fluctuate downward slightly in the future.
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