Price trend

According to the Commodity Market Analysis System of SunSirs, as of October 29th, the reference average price of domestic urea market was 2,175 RMB/ton, which WAs 0.83% higher than the reference average price of 2,157 RMB/ton on October 1st.

Analysis review

Market conditions

The domestic urea market price fluctuated and rose in October, but then fell weakly. As of October 29th, the ex factory price of urea in Shandong region was around 1,770-1,810 RMB/ton, in Hebei region it was around 1,810-1,830 RMB/ton, in Henan region it was around 1,810 RMB/ton, and in Liaoning region it was around 1,890 RMB/ton.

According to the weekly K-bar chart from July 29, 2024 to October 21, 2024, it can be seen that the domestic ammonium sulfate cycle was fluctuating. The maximum increase in October was 0.93% in the week of the 10th and 7th, and the maximum decrease was 1.18% in the week of the October 21st.

Supply and demand situation

In terms of supply, the urea market had ample supply this month. In terms of demand, agricultural demand maintained essential procurement, market trading was average, and transactions were limited. As of October 29th, the supply and demand were relatively balanced.

Market outlook

SunSirs’ urea analyst believes that the urea market has been steadily consolidating and operating in recent days. As of October 29th, there was no positive news in the market, with downstream demand being the main focus. It is expected that the domestic urea market prices will experience a slight consolidation in the short term.

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