SunSirs: Adequate Supply, the Urea Market Price Had Fallen (July 4-11)

https://www.chemnet.com   Jul 12,2024 SunSirs

Price trend

According to the Commodity Market Analysis System of SunSirs, as of July 11th, the reference average price of domestic urea market was 2,443 RMB/ton, which was 1.37% lower than the reference average price of 2,477 RMB/ton on July 4th.

Analysis review

Market conditions

This week, the domestic urea market prices had been running weakly. As of July 11th, the ex factory price of urea in Shandong region was around 2,240-2,280 RMB/ton, in Hebei region it was around 2,280 RMB/ton, and in Henan region it was around 2,290 RMB/ton.

Supply and demand situation

In terms of supply, the urea market temporarily had sufficient supply, and the market had a strong cautious and wait-and-see attitude. In terms of demand, agricultural demand remained primarily driven by essential needs. The downstream compound fertilizer production was stable, and the demand for urea remained stable.

Market outlook

SunSirs' urea analyst believes that the urea market had been weak and volatile in recent days. As of July 11th, the demand for summer agriculture was still high, but there was more supply in the urea market, and downstream purchases were mainly made at low prices. It is expected that the domestic urea market prices will fluctuate and consolidate in the short term.

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