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Global urea prices have fallen since peaking in late February 2024, with Middle East granular spot values dropping from about $385/t fob to below $285/t fob within two months. Recent tenders in Indonesia and Qatar cleared at about $290 to $306/t fob.
Supply has become more assured while seasonal demand in the US and Europe wanes, and China is weighing a return to the global market.
Ample supply, weaker seasonal demand and a possible return of Chinese exports point to continued downward pressure on urea prices, which feeds into higher nitrogen input costs for feed grain producers.
profercy.comChris Yearsley29 de abr. de 2024Após 81 eventos baixista de comércio passados, Ureia subiu em mediana -1,0% em 5 sessões (28% de alta; metade central de -7,2% a +0,4%), e -5,5% em 20.
Variações do benchmark de cada commodity desde o último fechamento antes do evento. As leituras históricas agregam eventos passados do mesmo tipo; descrevem o que aconteceu, não o que vai acontecer. Não é recomendação de investimento.
Published two days before the drop, it describes urea prices testing 2023 lows as supply becomes more assured and China weighs returning to exports; this bearish supply and sentiment backdrop could feed a sharp one-day decline.
Reports urea falling toward 2023 lows with Middle East granular down from $385 to under $285/t fob as supply improves, seasonal demand wanes and China weighs a return, which is the bearish backdrop for a sharp one-day drop.
