International urea market continues to be weak

International urea market continues to be weak The international urea market remained sluggish last week, with trading volumes remaining low. Sellers were eager to offload short-term supplies, and as prices continued to fall, buyers were reluctant to commit but still participated in bidding at extremely low levels. The Easter holiday disrupted buying activity in Latin America, with many buyers pausing their purchases. Currently, the FOB price of offshore urea from Yuzhki Port has dropped to $380 per ton, according to the latest report from NF. Meanwhile, urea prices in the Baltic region have fallen by $10, though shipping costs remain uncertain due to ongoing disruptions caused by freezing conditions. With no positive factors supporting the market, it appears that urea prices will continue to decline throughout April. Egyptian producer Mopco recently attempted to sell 25,000 tons of large-grain urea but failed to attract acceptable bids. No one was willing to purchase the available stock at current levels. If the price exceeds $400, traders would only buy a small portion, and they would pay $20 less than the March shipment price. Two other Egyptian producers are expected to release their April production in the coming days, and it is anticipated that the FOB price could fall below $400. In the Middle East, the price of large granular urea has also declined, and the FOB price in Southeast Asia has dropped below $400. In the U.S., procurement activities have been slowed by poor weather conditions. On March 28, the U.S. Department of Agriculture revised its corn acreage forecast to 97.3 million acres, which aligns with market expectations. However, prolonged cold and wet weather may lead farmers to abandon corn planting in favor of soybeans, reducing the demand for nitrogen fertilizer. After the USDA reported a 6% increase in corn inventories to 7%, corn prices began to drop on Thursday. This week’s purchasing activity from Latin American buyers might offer some temporary support to small granular urea prices, but the Asian market remains slow. It is expected that the price of large granular urea will continue to weaken in the near term. Overall, the urea market shows no signs of recovery, with downward pressure persisting across key regions.

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