1、 Price trend
As of October 23rd, the reference average price of urea market in Shandong Province, China is 1735 yuan/ton, which is stable compared to the reference average price of 1735 yuan/ton on October 19th.
2、 Market analysis
market situation
This week, there was a slight adjustment in the domestic urea market price. According to customs data, there will be a significant increase in domestic urea exports in September 2026, boosting the urea market. As of October 23rd, the urea market prices in Shandong are around 1710-1750 yuan/ton, Hebei is around 1710-1750 yuan/ton, Henan is around 1690-1750 yuan/ton, Hubei is around 1690-1730 yuan/ton, and Liaoning is around 1770-1790 yuan/ton.
Supply and demand situation
In terms of supply, the urea market is currently well supplied with high inventory levels. In terms of demand, the current industrial and agricultural demand is weak, and downstream procurement demand is limited, with a focus on replenishment for essential needs. The urea market is oversupplied, putting pressure on urea manufacturers to ship.
3、 Future forecast
Analysts believe that in recent days, the positive impact of urea exports exceeding expectations has weakened, and the upward momentum of the urea market is insufficient, with insufficient support from the demand side. It is expected that the short-term domestic urea market will mainly experience price fluctuations and consolidation.
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