UREA

As another week of low demand dampened the market, most international urea market prices decreased by 15-25usd / mt this week. Prices in the United States and Brazil have dropped by $15-20 / mt to CFR 350USD / MT, But the bids from Ethiopia and Pakistan have been more positive. Supplier from China has tightened significantly, with some plants cancel to offer price and two European plants stopping production, but there has been no impact on the urea market. European prices are generally at CFR400 USD/ton, down 15-20 USD/ton from last week, but there are few business transactions. Importers remain risk-averse and progress at the grassroots level is slow. Most producers still have large uncommitted shipments for the December shipment schedule. Due to the capacity of the Panama Canal, the freight rate of goods passing through the canal has been greatly increased, such as the net profit of Russian producers shipping to the west coast of Central/South America has been greatly reduced. Urea prices seem likely to adjust in the process of decline, but due to the cautious mentality of importers, the market seems to continue, so it may take a shock from outside the market to force prices up again.