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Urea and ammonia prices fell further, with North Africa and Middle East assessments dropping and Brazilian CFR down to $375-390. Chinese producers have around 300,000 tonnes at ports cleared for export, and Indonesian producers are expected to tender.
India's fertiliser subsidy was also cut by at least 22% in the budget.
Excess Chinese export availability and expected Indonesian supply against weak demand point to further urea price declines. Indian demand recovery through tenders could offer some support later.
czapp.comStein Chingen HauganFeb 6, 2023After 81 past bearish trade events, UREA moved a median -1.0% over 5 sessions (28% higher; middle half -7.2% to +0.4%), and -5.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
