Price trend
According to the Commodity Market Analysis System of SunSirs, as of March 31st, the reference average price of the domestic urea market was 1,997 RMB/ton, which was 5.55% higher than the reference average price of 1,892 RMB/ton on March 1st.
Analysis review
Supply and demand situation
This month, the domestic urea market price was mainly upward. The domestic urea market prices fell in the first half of this month. Downstream on-demand procurement, market transaction atmosphere was flat, and new order follow-up was limited. In mid to late this month, domestic urea prices began to continue to rise. The urea market has seen positive transactions, with active shipments from enterprises and reduced inventory levels. The downstream operating rate has increased, and the new order volume has also increased. Agricultural demand remained stable, while industrial demand has significantly increased.
Market conditions
As of March 31st, the ex factory price of urea in Shandong region was around 1,915-1,950 RMB/ton, in Hebei region it was around 1,920-1,960 RMB/ton, in Henan region it was around 1,950-1,980 RMB/ton, and in Liaoning region it was around 1,940-1,970 RMB/ton.
Market outlook
SunSirs' urea analyst believes that the urea market trend has been stronger and rising recently. Aas of March 31st, the transaction volume in the urea market was improving, and the cautious mentality of downstream replenishment has increased after continuous increases. It is expected that in the short term, the domestic urea market price will remain stagnant and operate mainly.
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