# Q1 Fertilizer Review — Chewachem Ltd.

> Urea ended Q1 2024 at $372/t CFR, up 4.2% on the quarter, after a February rally to $415 CFR Thailand, but prices then fell in March and broke key support. China lifted its DAP export halt as of March 15, with NPK exports expected to resume May 1 and urea in June. India's March 27 tender bought 760k tons at $339-348/t CFR.

- Date: 2024-04-05 · published 2024-04-05T12:00:00.000Z
- Category: trade · region Global · magnitude medium
- Page: https://feedsoft.ai/events/10355-q1-fertilizer-review-chewachem-ltd
- Commodities: [Urea](https://feedsoft.ai/c/UREA.md), [DAP](https://feedsoft.ai/c/DAP.md)

## Why it matters

Resumption of Chinese export flows and steady Indian tender volumes add supply, and sellers expect softer urea and DAP prices until Southeast Asian demand picks up.

## Read by commodity

- DAP: bearish ▼
- UREA: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| DAP | 2024-04-05 | 5 | -12.6% | -3.4 | China lifting its DAP export halt from March 15 and expected resumption of other fertilizer exports adds global supply, pressuring DAP prices in the window ending April 5. |
| DAP | 2024-04-04 | 5 | -12.6% | -3.6 | China lifting its DAP export halt as of March 15 adds expected supply, a bearish supply-side factor that fits a sharp DAP drop in early April. |
| UREA | 2024-04-02 | 5 | -12.6% | -3.0 | Urea prices fell in March and broke key support, the India tender bought only 760k t at $339-348/t CFR, and Chinese urea exports are expected to resume in June, all bearish. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| UREA | 2025-08-26 | [Amid thaw in ties, China to soon revive fertilizer supply to India \| Mint](https://feedsoft.ai/events/23274-amid-thaw-in-ties-china-to-soon-revive-fertilizer-supply-to-india-mint.md) | -5.8% | -8.8% |
| UREA | 2021-08-05 | [Fertilizer prices stabilise after boom](https://feedsoft.ai/events/45871-fertilizer-prices-stabilise-after-boom.md) | +1.4% | +8.5% |
| UREA | 2025-09-04 | [India’s Record Urea Tender Shakes Fertilizer Markets](https://feedsoft.ai/events/6878-india-s-record-urea-tender-shakes-fertilizer-markets.md) | -0.6% | -5.5% |
| UREA | 2024-04-29 | [May '24 Aussie Farmer Fertilizer Focus - Urea](https://feedsoft.ai/events/9421-may-24-aussie-farmer-fertilizer-focus-urea.md) | -7.7% | -6.1% |
| UREA | 2026-05-20 | [Urea fertilizer price drops in May as cheaper alternatives found](https://feedsoft.ai/events/19581-urea-fertilizer-price-drops-in-may-as-cheaper-alternatives-found.md) | -2.8% | -30.6% |
| DAP | 2025-08-26 | [Amid thaw in ties, China to soon revive fertilizer supply to India \| Mint](https://feedsoft.ai/events/23274-amid-thaw-in-ties-china-to-soon-revive-fertilizer-supply-to-india-mint.md) | -2.0% | -2.7% |
| DAP | 2019-11-03 | [September China's fertilizer import and export details - Frandcom Chemicals](https://feedsoft.ai/events/55994-september-china-s-fertilizer-import-and-export-details-frandcom-chemicals.md) | -3.5% | -5.2% |
| DAP | 2023-04-27 | [May '23 Farmer Fertilizer Focus - Phosphates](https://feedsoft.ai/events/6330-may-23-farmer-fertilizer-focus-phosphates.md) | -11.9% | -11.1% |

## Sources

- chewachem.com: https://www.chewachem.com/blog/1st-quarter-fertilizer-review

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.