October 23rd News
I. Price Trends
According to the commodity market analysis system, as of October 23, the reference average price of urea in Shandong, China, was 1,735 CNY per ton, which is the same as the reference average price on October 19. The urea market prices in China remained stable.
2. Market Analysis
Market Conditions
This week, the urea market prices in China saw a slight adjustment. According to customs data, China's urea export volume significantly increased in September 2026, boosting the urea market. As of October 23, the urea market quotations in Shandong were around 1710-1750 CNY/ton, in Hebei around 1710-1750 CNY/ton, in Henan around 1690-1750 CNY/ton, in Hubei around 1690-1730 CNY/ton, and in Liaoning around 1770-1790 CNY/ton.
Supply and Demand Situation
Supply-wise, the urea market in China is currently well-supplied with high inventory levels. On the demand side, industrial and agricultural demand is weak at present, with limited procurement demand downstream, mainly driven by restocking for essential needs. The urea market in China is oversupplied, putting pressure on manufacturers to sell their products.
3. Future Market Forecast
Urea analysts believe: Recently, the positive impact of higher-than-expected urea export volume has weakened, and the upward momentum in the urea market is insufficient, with inadequate support from the demand side. It is expected that in the short term, the urea market prices in China will mainly fluctuate and consolidate.
