China's urea market shows an upward trend (11.17-11.21)

November 21st, according to news from China,

I. Price Trends

According to the commodity market analysis system, as of November 21, the reference average price of urea in the Chinese market was 1,655 CNY/ton, compared to the reference average price of 1,630 CNY/ton on November 17. The price increase of urea in China this week was 1.53%.

II. Market Analysis

Market Conditions

This week, urea prices in the Chinese market have risen. The increase in the urea futures market this week has driven up the spot market prices. As of November 21, the urea market quotes in Shandong region are around 1600-1660 CNY/ton, in Hebei region around 1590-1650 CNY/ton, in Henan region around 1580-1660 CNY/ton, in Hubei region around 1590-1640 CNY/ton, and in Liaoning region around 1690-1730 CNY/ton.

Supply and Demand Situation

This week, the urea market in China is well-supplied, with demand increasing. On the supply side, the current daily production of urea is sufficient, and the operating rates of enterprises are high, with inventory pressure still present. On the demand side, the winter storage market for urea is beginning to advance, and the operating rates of downstream compound fertilizer enterprises have increased, leading to a rise in urea demand.

III. Market Forecast

Urea analysts believe: Recently, the trend in China's urea market has been mainly upward. Currently, the demand for urea from industrial and agricultural sectors has improved, and the trading atmosphere in the market has increased. Winter storage activities are also progressing. It is expected that in the short term, urea prices in China will continue to rise.