Urea Price Trend and Forecast
North America The price of Urea in the US market continued to decrease during the fourth quarter because of the sharp decline in the cost of raw materials. In the wake of unfavorable trading fundamentals and muted demand, the Urea price continued to decline. According to the statistics, feedstock natural gas prices fell by around 15% in November 2022, and this trend continued into December. Manufacturers were able to offer discounts to entice offtakes from downstream niche consumers as a result of the fall in feedstock costs, which had an impact on pricing patterns in major importing countries like India and the USA. Inflation in the country and drought conditions declined the production of Nitrogen in the domestic market. The labor shortage in the US market persisted, but the operational rate remained positive. Urea FOB Illinois prices were assessed at USD 742/MT, averaged in Dec. APAC Asia pacific region’s pricing trend for Urea in Q4 remained plunged due to a lack of demand fro...