SunSirs: The Urea Market Fell before the Holiday (September 19-25)
September 26 2024 09:58:36 SunSirs (John)
Price trend
According to the Commodity Market Analysis System of SunSirs, as of September 25th, the reference average price of the domestic urea market was 2,141 RMB/ton, which was 1.11% lower than the reference average price of 2,165 RMB/ton on September 19th.
Analysis review
Market conditions
The domestic urea market prices had fallen this week. As of September 25th, the ex factory price of urea in Shandong region was around 1,750-1,780 RMB/ton, in Hebei region it was around 1,825 RMB/ton, in Henan region it was around 1,810 RMB/ton, and in Hubei region it was around 1,850 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, downstream demand was dominant, with low enthusiasm for procurement and a cautious attitude towards the urea market, resulting in limited market transactions. Mainstream enterprises still had pending orders.
Market outlook
Sunsirs’ urea analyst believes that the urea market trend had been weak and downward recently. Downstream procurement had weakened, with low price transactions being the main focus, and the market trading atmosphere was light, making it difficult for the pre holiday market to improve. It is expected that the domestic urea market prices will continue to weaken and decline in the short term.
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