# Renminbi devaluation forces AG urea producers among others to compete with cheaper Chinese urea

> China's renminbi devaluation has made Chinese urea $5-15/t cheaper on export markets. Granular urea fell about $15/t to the low-$260s/t fob as Arab Gulf and Indonesian producers cut prices to compete. The decline follows high Chinese export volumes and a weak urea market.

- Date: 2019-08-19 · published 2019-08-19T12:00:00.000Z
- Category: macro · region China · magnitude medium
- Page: https://feedsoft.ai/events/57891-renminbi-devaluation-forces-ag-urea-producers-among-others-to-compete-with
- Commodities: [Urea](https://feedsoft.ai/c/UREA.md)

## Why it matters

Cheaper Chinese urea adds export supply into Asian and Western markets, pressuring nitrogen prices and the cost of fertilizer inputs for feed grain production.

## Read by commodity

- UREA: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| UREA | 2023-03-24 | [US natgas prices slump after mild winter leaves big surplus \| Reuters](https://feedsoft.ai/events/37027-us-natgas-prices-slump-after-mild-winter-leaves-big-surplus-reuters.md) | -0.8% | +13.0% |
| UREA | 2023-03-20 | [Global Natural Gas Prices Keep Falling as Demand Weakens, Banking Crisis Weighs on Markets – LNG Recap](https://feedsoft.ai/events/37032-global-natural-gas-prices-keep-falling-as-demand-weakens-banking-crisis-weighs.md) | +0.3% | +13.2% |
| UREA | 2022-11-29 | [Europe: Nitrates prices decline following restarts; now nearing breakeven levels](https://feedsoft.ai/events/7856-europe-nitrates-prices-decline-following-restarts-now-nearing-breakeven-levels.md) | -4.0% | -7.5% |
| UREA | 2020-03-20 | [Coronavirus impact hits western urea markets hard, east faring better for now](https://feedsoft.ai/events/54426-coronavirus-impact-hits-western-urea-markets-hard-east-faring-better-for-now.md) | -1.2% | +0.7% |
| UREA | 2023-01-09 | [Looking to a turn in the commodity price cycle - CRU Group](https://feedsoft.ai/events/10450-looking-to-a-turn-in-the-commodity-price-cycle-cru-group.md) | -2.9% | -18.7% |

## Sources

- profercy.com: https://www.profercy.com/insights/renminbi-devaluation-forces-ag-urea-producers-among-others-to-compete-with-cheaper-chinese-urea

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