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Urea prices remained depressed as supply exceeded demand, with Middle East sales reportedly as low as $410/t FOB and about 800,000 MT unsold for February. Chinese producers held over 400,000 MT in port storage while awaiting an Indian tender that has been postponed.
European gas price declines and weak demand from the US, Europe and Brazil reinforced the softness.
A delayed Indian tender leaves a large overhang of product, keeping urea prices under pressure. Weak fertilizer demand suggests lower input costs for feed-grain growers in the near term.
chemanalyst.comGabreilla FigueroaJan 24, 2023Not enough comparable past events yet for a historical read.
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.
Notes about 800,000 MT of unsold February Middle East supply, sales as low as $410/t, and a postponed Indian tender, which pressured prices through weak demand and excess supply.
