China's Urea Market Fluctuates (11.21-11.28)

November 28 News

I. Price Trends

According to the commodity market analysis system, as of November 28, the reference average price of urea in the Chinese market was 1657 CNY/ton, compared to the reference average price of 1655 CNY/ton on November 21. The price increase of urea in China this week was 0.15%.

II. Market Analysis

Market Conditions

This week, the urea market prices in China fluctuated and rose. The uptrend in the urea futures market this week boosted the spot market. As of November 28, the urea market quotations in Shandong region were around 1,600-1,670 CNY/ton, in Hebei region around 1,610-1,680 CNY/ton, in Henan region around 1,600-1,660 CNY/ton, in Hubei region around 1,640 CNY/ton, and in Liaoning region around 1,720 CNY/ton.

Supply and Demand Situation

This week, the urea market in China is well-supplied, with demand increasing. On the supply side, the daily production of urea remains high, with both plant maintenance and resumption of production occurring simultaneously. In terms of demand, it is mainly driven by industrial needs, while agricultural demand for spring plowing is gradually being released.

III. Future Market Forecast

Urea analysts believe: Recently, the urea market has shown a strong upward trend. Currently, the urea market trading is acceptable, with downstream buyers purchasing according to their needs, and winter storage demand is being steadily released. It is expected that in the short term, the urea market prices in China will mainly consolidate and adjust.