SunSirs: The Domestic Urea Market First Suppressed and Then Rebounded (December 1-7)
November 08 2024 13:33:22 SunSirs (John)
Price trend
According to the Commodity Market Analysis System of SunSirs, as of November 7th, the reference average price of domestic urea market was 2,183 RMB/ton, which was 0.42% lower than the reference average price of 2,193 RMB/ton on November 1st.
Analysis review
Market conditions
In the first week of November, the domestic urea market price first fell and then rose. As of November 7th, the ex factory price of urea in Shandong region was around 1,800-1,820 RMB/ton, in Hebei region it was around 1,840 RMB/ton, in Henan region it was around 1,830 RMB/ton, and in Hubei region it was around 1,860 RMB/ton.
Supply and demand situation
This week, there had been a decrease in supply and limited demand in the urea market. On the supply side, there had been a decrease in urea market supply this week, with some companies undergoing equipment maintenance and a high volume of pending orders. In terms of demand, downstream purchases were made on demand, mainly for essential needs, and market transactions were still acceptable.
Market outlook
SunSirs’ urea analyst believes that the urea market had seen a slight increase in recent days, and market transactions had improved. As of November 7th, urea inventory remained high, and downstream demand follow-up was limited. It is expected that in the short term, the domestic urea market will mainly experience a narrow range of price consolidation and operation.
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