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Petronas committed granular urea at $1,000/t FOB for a 6,000t cargo loading in Malaysia for late December, an increase of over $100/t from prior bids. China's export absence and tight global supply have left buyers scrambling, with South Korea facing a acute shortage that threatens its diesel exhaust fluid supply chain.
With China out of the export market, urea prices are at record levels in Asia, raising nitrogen costs for feed grain producers and tightening supply for industrial and agricultural users alike.
profercy.comChris YearsleyNov 12, 2021After 176 past bullish trade events, Urea moved a median +0.1% over 5 sessions (51% higher; middle half -1.3% to +2.4%), and +1.6% over 20.
After 65 past trade events, ULSD / Diesel moved a median -1.2% over 5 sessions (43% higher; middle half -5.2% to +2.6%), and -1.6% 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.
