SunSirs: Domestic Urea Market Prices Strengthened and Rose (October 20-24)

Price trend

According to the commodity market analysis system of SunSirs, as of October 24, the average reference price of domestic urea market was 1,597 RMB/ton, compared with the average reference price of 1,577 RMB/ton on October 20. The domestic urea market price rose by 1.27% last week.

Analysis review

Market Situation

Domestic urea prices rose last week. Urea futures prices rose last week, and the spot market followed the futures market's upward trend. As of October 24th, urea market quotes in Shandong were around 1,530-1,600 RMB/ton, in Hebei 1,540-1,600 RMB/ton, in Henan 1,510-1,570 RMB/ton, in Hubei 1,590 RMB/ton, and in Liaoning 1,600 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, the autumn fertilizer market was nearing its end, resulting in weak market demand. Downstream suppliers were primarily restocking on demand.

Market outlook

SunSirs’ urea analysts believe that the domestic urea market was trending upward recently. The urea futures market was temporarily performing well, with winter storage demand remaining relatively tight, and supply remaining high. Domestic urea prices are expected to remain consolidated in the short term.

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