Urea prices test 2023 lows as China weighs up return to global market urea seller 46% fertilizer agricultural grade

Global urea prices have been moving lower since they peaked in the second half of February. Middle East granular urea spot values were assessed by Profercy around $385pt fob just two months ago. Basis offer levels last week for May shipments, latest values are below $285pt fob.

Recent sales tenders in the east include those in Indonesia and Qatar. In the former, 85,000t of granular urea was sold just below $306pt fob, primarily for shipment to Australia, while prills were sold ex-Qatar at $290pt fob.

The early-Q1 run up was driven by a combination of supply side restraints, including those in Iran, Malaysia and Nigeria, and early demand in Oceania at a time when west coast Latin American, US and European inquiry was building. An early import tender in India also kept Russian prilled urea off the market for much January and February.