SunSirs: The Domestic Urea Market Was Weak and Declining in November
November 29 2024 14:19:22 SunSirs (John)
Price trend
According to the Commodity Market Analysis System of SunSirs, as of November 28th, the reference average price of the domestic urea market was 1,981 RMB/ton, a decrease of 9.74% from the reference average price of 2,95 RMB/ton on November 1st.
Analysis review
Market conditions
This month, the domestic urea market prices have weakened and fallen. In the first half of this month, domestic urea prices slightly adjusted. The supply of urea in the market has decreased, and some enterprises have undergone equipment maintenance, resulting in a large number of pending orders. In mid month, the domestic urea market prices fell. The market had strong supply and weak demand, and the supply of urea in the market has increased. Downstream purchases were mainly for essential needs, and procurement was relatively cautious, resulting in a decrease in new order volume in the market. At the end of this month, domestic urea prices were narrowly adjusted, and market trading remained stable. As of November 28th, the ex factory price of urea in Shandong region was around 1,780-1,810 RMB/ton, in Hebei region it was around 1,820-1,840 RMB/ton, in Henan region it was around 1,800 RMB/ton, and in Liaoning region it was around 1,900 RMB/ton.
According to the weekly K-bar chart from September 2, 2024 to November 18, 2024, it can be seen that the domestic urea cycle was characterized by ups and downs. The largest decline in November was 0.23% during the week of November 11th.
Supply and demand situation
In terms of supply, the urea market had ample supply this month. In terms of demand, agricultural demand maintained essential procurement, market trading was average, and transactions were limited. As of November 28th, the supply and demand were relatively balanced.
Market outlook
The urea analyst from SunSirs believes that the urea market has been slightly consolidating and operating recently. As of November 28th, there was no positive news in the market, and there was no significant fluctuation in the market. Terminal demand needed to be released. It is expected that the domestic urea market will mainly experience price consolidation in the short term.
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