sdruiyuan@ruiyuanfertilizer.com
Urea Markets Firm Up Moderately Amid Short Covering, Demand Uptick and US-Iran Geopolitical Risks
2026-07-10
Firm but no fireworks
Urea prices leapt this week as a further round of tradershort covering and fresh import demand emerged in multiple regions.
Sustained demand from various European markets saw granular urea trade up to $448/t fob Egypt and up to $471/t fob Algeria. Eyes were on Brazil, where thin activity and softer sentiments early in the week pushed deals into the $410s/t cfr but were followed by higher bids and offers up to around $430/t cfr on Thursday. US prices strengthened again to $363-410/st fob Nola.
The exchange of military strikes between the US and Iran has raised concerns in several regions. US distributors are concerned they will not have access to Middle Eastern imports headed into the fourth quarter buying season.
In the Middle East, SIUCI sold a cargo to a trader in the $370s/t fob Oman early in the week but these levels disappeared afterwards. Iranian granular urea traded at $340-346/t fob, while the US reimposed sanctions on Iranian fertilizers.
Southeast Asian markets were quieter and uncertainty regarding China urea exports and prices persisted.
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