Views: 17 Author: Site Editor Publish Time: 2024-03-20 Origin: Site
Except for the rapid rise in prices in the United States, most urea markets still face downward pressure. Affected by the low point in April and the high point of fully loaded barges, the price of Nora has risen to $353-411 per short ton. But prices in other parts of the world have fallen, and bearish sentiment continues to strengthen. Manufacturers have a longer waiting period for sale, putting pressure on prices in April. The FOB price in the April shipment bidding for Middle Eastern spot goods in Qatar this week was around 360 US dollars per ton, while the price in Iran dropped to FOB320-330 US dollars per ton. After the slowdown in winter bidding, most suppliers have resumed production.
The price of Black Sea granular urea has dropped to FOB334-350 US dollars/ton, reflecting Socar's bidding and sales at the high-end, while the US business is rapidly selling at a low price. At the same time, Baltic prices are under pressure from sales in the Latin American market and lower quotations. The quotation for granular urea is around $360 per ton CFR on the east coast of Mexico, and buyers may purchase granular urea at a price lower than $390 per ton CFR for shipment in April.
market factors
India bidding is coming soon: RCF India seems to be issuing a urea procurement tender. Local sources are expected to be released in the coming days.
China's exports are unclear: there are no official comments on China's exports, and policies are still uncertain.
30-60 day outlook: there is short-term support
The potential delay in India's bidding and China's exports may trigger another wave of urea purchases in Europe, providing a temporary lower limit. The growth of Australia and Thailand has slowed down, but both will return to the market in May, but the return of Chinese exports is approaching, and the time is gradually approaching.
