SunSirs: The Domestic Urea Market Was Weaker and Declining (August 13-19)
August 20 2024 13:55:16 SunSirs (John)
Price trend
According to the Commodity Market Analysis System of SunSirs, as of August 19th, the reference average price of the domestic urea market was 2,263 RMB/ton, a decrease of 1.31% from the reference average price of 2,293 RMB/ton on August 13th.
Analysis review
Market conditions
The domestic urea market prices had fallen this week. As of August 19th, the ex factory price of urea in Shandong region was around 2,020-2,045 RMB/ton, in Hebei region it was around 2,050 RMB/ton, in Henan region it was around 2,040 RMB/ton, and in Hubei region it was around 2,035 RMB/ton.
Supply and demand situation
This week, both supply and demand in the urea market had been weak. On the supply side, the urea market supply decreased this week compared to last week. In terms of demand, there had been a decrease in agricultural and industrial demand, with a focus on maintaining essential needs. Downstream compound fertilizers and melamine had stable operating rates and market conditions, and were cautious in purchasing urea, often purchasing at low prices.
Market outlook
The urea analyst from SunSirs believes that the recent trend of the urea market was weak and downward, and the market was not optimistic. In the absence of an increase in demand, it is expected that the domestic urea market prices will continue to operate to be weaker in the short term.
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