Price trend

According to the Commodity Market Analysis System of SunSirs, as of March 21st, the reference average price of domestic urea market was 1,923 RMB/ton, which was 2.45% higher than the reference average price of 1,877 RMB/ton on March 17th.

Analysis review

Market conditions

This week, the domestic urea market has shown a strong upward trend. As of March 21st, the factory price of urea in Shandong region was around 1,850-1,900 RMB/ton, in Hebei region it was around 1,880 RMB/ton, in Henan region it was around 1,860 RMB/ton, in Hubei region it was around 1,840 RMB/ton, and in Liaoning region it was around 1,910 RMB/ton.

Supply and demand

On the supply side, the urea market has seen positive transactions this week, with companies actively shipping and reduced inventory levels. Some enterprises have parked their equipment, resulting in a decrease in market supply. In terms of demand, the downstream operating rate has increased this week, and the new order volume has also increased. Agricultural demand remained stable, while industrial demand has significantly increased.

Market outlook

The urea analyst from SunSirs believes that the domestic urea prices have been running strong recently. As of March 21st, the market supply was tight and the demand side was well supported. It is expected that the domestic urea market prices will continue to rise in the short term.

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