The rise in urea may continue to the first half of next year, and upstream raw materials have risen slightly, increasing support for urea prices.
The first half of 2023 is the peak season for urea demand. Under the influence of global food security issues, China's grain planting area has increased steadily, and the demand for urea has increased. From January to October 2022, urea exports were 1.9242 million tons, a decrease of 2.8341 million tons from last year's 4.7583 million tons, a year-on-year decrease of 59.56%. The implementation period of the urea export legal inspection has been extended to April 30, 2023, and the expiration may continue to be extended.
Although the export of urea has decreased significantly, under the influence of other factors such as India's bidding and international aid, China's urea export has shown a phased increase.
On the whole, under the influence of multiple factors such as strong urea cost support, good agricultural demand, and periodic increase in exports, the urea market may fluctuate and rise in the first half of 2023.