Views:7 Author:Site Editor Publish Time: 2021-01-12 Origin:Site
2021 bull market begins At the beginning of this year, the urea market was as bullish as last year, and people's attention is now focused on the market west of Suez.
Since Christmas, driven by the increase in grain prices, the price of barges in the United States has exceeded $20 per ton because the United States has taken measures to attract spring spot imports. The last-minute seasonal buying in Brazil caused granular urea prices to climb above US$290 per ton this week. Suppliers benefited from strong market sentiment. Egypt sold forward contracts in the European market at an FOB price of US$290 per ton. Other sellers raised their target prices.
In the east, it was the decrease in supply, not the decrease in demand, that caused the price to rise. Indonesia’s FOB price is US$275.50-278 per ton, a sharp increase from the previous transaction, benefiting from insufficient exports from China and reduced supplies from Malaysia.
China's urea production is about 120,000 tons/day, which does not support exports. With the approach of the Spring Festival and the arrival of the peak demand in spring, it is expected that there will be no changes in the short term.