SunSirs: After the Holiday, the Urea Market First Suppressed and Then Rebounded (October 8-16)
October 17 2024 09:15:40 SunSirs (John)
Price trend
According to the Commodity Market Analysis System of SunSirs, as of October 16th, the reference average price of the domestic urea market was 2,193 RMB/ton, an increase of 0.27% compared to the reference average price of 2,183 RMB/ton on October 8th.
Analysis review
Market conditions
After the holiday, the domestic urea market price first fell and then rose. As of October 16th, the ex factory price of urea in Shandong region was around 1,760-1,820 RMB/ton, in Hebei region it was around 1,845 RMB/ton, in Henan region it was around 1,830 RMB/ton, and in Hubei region it was around 1,880 RMB/ton.
Supply and demand situation
The supply and demand balanced in the urea market this week. In terms of supply, the urea market had sufficient supply this week, and the production of enterprises had remained at a high level. In terms of demand, downstream demand for replenishment was high, with low-priced procurement being the main focus, and market transactions were still acceptable. Mainstream enterprises still had pending orders.
Market outlook
SunSirs’ urea analyst believes that the urea market trend has fluctuated narrowly in recent days. The rise in futures prices drives up prices in the spot market. As of October 16th, the trading atmosphere in the market was still good, and there had been an increase in transactions. It is expected that the domestic urea market will experience a strong upward trend in price in the short term.
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