sdruiyuan@ruiyuanfertilizer.com
Urea Market Brief: Urea Rebounds as Chinese Producers Hold Firm
2026-10-19
Chinese urea producers maintained a united stance this week and rejected the sharply lower bids for India, which triggered a rally in global urea prices.
North Africa saw one of the quickest market responses. Egyptian granular urea was sold at $480/t FOB on Monday, climbing to $527/t FOB by Thursday. Algerian urea concluded sales at $530/t FOB mid-week. European gas prices hit fresh recent highs, lending additional support to urea prices for the European region.
US barge urea prices jumped, with January cargoes reaching the $460s/st FOB Nola. Brazil’s market also moved upward. By press time, CFR prices rose to the $480s/t, while seller offers reached the $490s/t CFR.
Market Drivers
No further awards under IPL urea tender
No additional supplier commitments were secured under India’s IPL 7 October urea tender. With no fresh acceptances, IPL has only lined up 410,000 tonnes of urea through this tender. The importer originally aimed to source 1.7mn tonnes of urea for loading by 1 December.
IPL’s second round of counterbids expired on 14 October. Market participants expect another Indian tender to be launched within 2–3 weeks.
Urea vessel transits through Hormuz Strait pick up
At least two vessels carrying non-Iranian urea departed the Middle East Gulf this week, following slower movement over the prior two weeks. According to Kpler data, the previous urea shipment transit through the Strait of Hormuz took place on 26 September.
30–60 Day Outlook: Western markets to remain firm
Urea prices have regained upward momentum and this trend is expected to persist in the coming weeks. A new Indian tender will be released later this month to meet Rabi season fertiliser demand. It will serve as an outlet for Chinese prilled urea, though prices are unlikely to surge significantly.
Granular urea will register the steepest price gains west of Suez, underpinned by demand from Brazil and Europe, alongside elevated gas costs in Europe.
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