China's urea market shows a strong upward trend (10.20-10.24)

October 24th, news

I. Price Trends

According to the commodity market analysis system, as of October 24, the reference average price of urea in the Chinese market was 1,597 CNY per ton, compared to the reference average price of 1,577 CNY per ton on October 20. The price increase of urea in China this week was 1.27%.

2. Market Analysis

Market Conditions

This week, urea prices in China's market have risen. The futures market prices for urea increased this week, and the spot market followed the trend of the futures market, showing a strong performance. As of October 24, urea market quotations in Shandong region are around 1530-1600 CNY/ton, in Hebei region around 1540-1600 CNY/ton, in Henan region around 1510-1570 CNY/ton, in Hubei region around 1590 CNY/ton, and in Liaoning region around 1600 CNY/ton.

Supply and Demand Situation

This week, the urea market in China has stable supply and demand. In terms of supply, the daily production of urea remains high, ensuring ample market supply. On the demand side, as the autumn fertilizer application season is coming to an end, market demand is relatively weak, with downstream buyers mainly replenishing stocks based on their needs.

III. Market Forecast

Urea analysts believe that the urea market in China has recently shown a strong upward trend. Currently, the urea futures market is performing well, and winter storage demand has not yet been released, while supply remains high. It is expected that in the short term, urea prices in China will mainly consolidate.