Urea futures fell below $300 per tonne in late May, the lowest since the opening days of 2021 as feedstock prices continued to slide. Abundant LNG imports and restructured supply chains increased the availability of natural gas in Europe. In the meantime, rising interest rates reduced expectations of future demand, lowering European and US natural gas prices. Also, major importer India continued to buy Russian fertilizers at discounted prices after the Kremlin snubbed European exports, freeing the flow from the giant Middle Eastern producers to Eurasia. Additionally, high inventories in Brazil cut the demand for one of the world’s leading agricultural producers. Previously, shortages of energy feedstock in Europe drove fertilizer plants to shut down or operate well below capacity, sending urea prices to a record $1050 per tonne in April 2022.
Historically, Urea reached an all time high of 1050.00 in April of 2022. This page includes a chart with historical data for Urea. Urea - data, forecasts, historical chart - was last updated on June of 2023.
Urea is expected to trade at 285.30 USD/T by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 251.63 in 12 months time.