SunSirs: The Domestic Urea Market Saw a Stronger Trend (November 3-7)

Price trend:

According to the commodity market analysis system of SunSirs, as of November 7, the average reference price of urea in the domestic market was 1,615 RMB/ton, compared with the average reference price of 1,590 RMB/ton on November 3. The price of urea in the domestic market rose by 1.57% last week.

Market Analysis

Market Situation

Domestic urea prices remained relatively strong last week. Influenced by export quotas and a new round of Indian tenders, both urea futures and spot market prices rose. As of November 7th, urea prices in Shandong were around 1,550-1,620 RMB/ton, in Hebei around 1,560-1,600 RMB/ton, in Henan around 1,530-1,610 RMB/ton, in Hubei around 1,540-1,600 RMB/ton, and in Liaoning around 1,620-1,640 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 remained high, maintaining supply pressure. On the demand side, following the recent phosphate compound fertilizer conference, demand for winter fertilizer stockpiling had begun, increasing downstream raw material procurement demand.

Market outlook

According to analysts at SunSirs, the domestic urea market was trending upwards recently. As of November 7, strong demand, coupled with positive factors such as exports and a new round of Indian tenders, had increased market optimism. It is expected that domestic urea prices will continue to rise in the short term.

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