Urea prices fell to $480 per tonne, the lowest since September 2021, as farmers continued to enjoy ample supply and large inventories limited demand. The increased availability of natural gas in Europe amid a moderate winter and abundant LNG imports enabled manufacturers to restart production with significantly cheaper inputs and farmers to restock concerningly low fertilizer reserves. In the meantime, major importer India scooped up Russian fertilizers at discounted prices after the Kremlin snubbed export to Europe, freeing the flow from the Middle East to Eurasia. Additionally, abundant inventories in Brazil ahead of new seeding seasons cut the demand for one of the world’s leading agricultural producers. Previously, shortages of energy feedstock in Europe drove fertilizer manufacturers to shut down or operate well below capacity, which sent urea prices to a record-high of $1050 per tonne in April.
Historically, Urea reached an all time high of 1050 in April of 2022. This page includes a chart with historical data for Urea. Urea - data, forecasts, historical chart - was last updated on January of 2023.
Urea is expected to trade at 396.82 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 346.94 in 12 months time.