Views: 11 Author: Site Editor Publish Time: 2023-10-26 Origin: Site
Another week has passed, and the urea market continues to be weak with only a small amount of demand.
A significant amount of urea trading is needed in the coming weeks to rebalance market supply and demand. Producers in most regions do not have the opportunity to sell in November, and the window for importers to obtain product safety before the next season is also decreasing.
India may occupy the majority of this length, followed by Europe and Latin America, and remains a cautious buyer.
The trade volume of urea in Brazil has rebounded significantly this week, the trading amount is more than with more than the total of the previous four weeks. However, due to fierce competition from traders and producers for business in the region, prices have dropped by nearly $20 per ton this week.
Transactions in other regions have been relatively calm, with prices for goods shipped from Egypt to Europe and Africa trading repeatedly within the FOB400-405 USD/ton range.
Market driven
China: The significant relaxation of export controls is affecting the sentiment of traders and may alleviate India's demand for 3 million tons in the coming months.
India: Apart from the price level and bidding tonnage on the 20th, many markets have suspended trading between buyers and sellers until the results become clear.
Outlook for the 30-60 days: Stable
The support for prices should be found in the seasonal growth of demand and energy costs, but the upward space seems to be limited by the weakness of food prices and conservative purchasing patterns at all levels of the market.
