SunSirs: The Domestic Urea Market Was Weakening (November 11-18)
November 20 2024 09:28:48 SunSirs (John)
Price trend
According to the Commodity Market Analysis System of SunSirs, as of November 18th, the reference average price of the domestic urea market was 1,983 RMB/ton, a decrease of 9.37% from the reference average price of 2,188 RMB/ton on November 11th.
Analysis review
Market conditions
This week, the domestic urea market prices have weakened and fallen. As of November 18th, the factory price of urea in Shandong region was around 1,785-1,800 RMB/ton, in Hebei region it was around 1,820 RMB/ton, in Henan region it was around 1,800 RMB/ton, in Hubei region it was around 1,830 RMB/ton, and in Guangdong region it was around 1,960 RMB/ton.
Supply and demand situation
This week, the urea market had strong supply and weak demand. On the supply side, the urea market saw an increase in supply this week. In terms of demand, downstream companies maintained a focus on essential procurement and were cautious in sourcing goods, resulting in a decrease in market transaction volume for new orders.
Market outlook
The urea analyst from SunSirs believes that the urea market has weakened recently, and the market was showing a low-level consolidation operation. As of November 18th, there was no favorable situation in the supply and demand of urea, and the upward momentum was insufficient. It is expected that the short-term domestic urea market prices will mainly fluctuate at a low level.
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