China's urea market shows a strong upward trend (11.3-11.7)

November 7th, according to reports

I. Price Trends

According to the commodity market analysis system, as of November 7, the reference average price of urea in the Chinese market was 1615 CNY/ton, compared to the reference average price of 1590 CNY/ton on November 3. The price increase of urea in China this week was 1.57%.

2. Market Analysis

Market Conditions

This week, the urea market prices in China showed a strong trend. Influenced by export quotas and a new round of Indian tenders, both the futures and spot markets for urea saw an increase. As of November 7, the urea market quotations in Shandong were around 1550-1620 CNY/ton, in Hebei around 1560-1600 CNY/ton, in Henan around 1530-1610 CNY/ton, in Hubei around 1540-1600 CNY/ton, and in Liaoning around 1620-1640 CNY/ton.

Supply and Demand Situation

This week, the urea market in China is well-supplied, with an increase in demand. In terms of supply, the daily production of urea remains high, and the supply pressure still exists. On the demand side, after a recent phosphate compound conference, the demand for winter fertilizer storage has started to advance, and the downstream raw material procurement demand has increased.

III. Market Forecast

Urea analysts believe: Recently, the trend in China's urea market has mainly been upward. Currently, the demand for urea is improving, and the dual positive impacts of exports and a new round of Indian tenders have increased market optimism. It is expected that in the short term, China's urea prices will mainly show a strong upward trend.