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Global urea prices have declined since September 2022 and are now near Q2 2021 levels. Producers in the Arab Gulf and Egypt have struggled to find buyers, with Arab Gulf FOB falling from $720/t to below $400/t.
Weak demand, especially from India, has left most exporting regions with ample February availability.
Sustained fob declines reduce nitrogen costs for corn and other feed grain producers. Lack of Indian demand is the main reason prices are not recovering.
profercy.comChris YearsleyJan 27, 2023Not enough comparable past events yet for a historical read.
Not 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.
Describes Arab Gulf and Egyptian producers struggling to find buyers, FOB prices falling from $720/t to below $400/t, and weak Indian demand leaving ample February supply, a direct supply-demand driver of the sharp drop.
