Views:7 Author:Site Editor Publish Time: 2021-08-31 Origin:Site
The price of urea in China fell by US$30/ton within a week. China's urea prices continued to fall this week, leading to a decline in the urea market. The FOB level from China has dropped by nearly US$400/ton, which is US$30/ton lower than last week, forcing producers in other places to lower their price expectations. Traders said the FOB price of urea in the Middle East this week was US$425/ton.
India’s next round of tenders has been slightly delayed and is expected to be conducted as early as the week of September 6.
The bidding should help stabilize prices in the eastern region, but prices may weaken further during this period.
Freight is still the number one problem facing suppliers. Freight rates for bulk carriers have risen again this week, depressing net income and discouraging traders who are unwilling to take risks. There is no sign of a drop in freight rates.
30-60 day outlook
Weak then stable
Limited demand and lower Chinese prices may lead to a general decline in FOB levels until Indian tenders, at which point prices should stabilize.