SunSirs: The Urea Market Fell in Early September (September 1-10)

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

Price trend

According to the Commodity Market Analysis System of SunSirs, as of September 10th, the reference average price of the domestic urea market was 2,125 RMB/ton, which was 2.21% lower than the reference average price of 2,173 RMB/ton on September 1st.

Analysis review

Market conditions

The domestic urea market prices had fallen this week. As of September 10th, the ex factory price of urea in Shandong region was around 1,840-1,880 RMB/ton, in Hebei region it was around 1,890 RMB/ton, in Henan region it was around 1,880 RMB/ton, and in Hubei region it was around 1,900 RMB/ton.

Supply and demand situation

This week, the urea market was oversupplied. In terms of supply, the urea market had ample supply this week. In terms of demand, agriculture and industry maintained a focus on essential needs. Downstream purchases of urea were relatively cautious, with low price transactions being the main focus in the market.

Market outlook

SunSirs’ urea analyst believes that the urea market trend has been weak and downward recently, with a decrease in market inquiries and limited transactions. As of September 10th, the demand side had not been released yet, and the market had strong supply and weak demand. It is expected that the domestic urea market prices will continue to weaken and decline in the short term.

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