China urea market weekly report Sep 26,2023
Small cargoes of urea are being offered for export at FOB 380-390usd/MT, but the situation regarding new CIQ remains uncertain deterring purchasing. Chinese sources say CIQ approval for export cargoes is very slow and could take more than 30 years. Furthermore, the stricter retrictions are expected to continue until the end of the year.
The confusion over export restrictions has continued to dog traders trying to load vessels to India. Five or Six vessels are said to be in danger of missing the 26 September deadline to load for IPL. with CIQ approvals only restarting on 20 Sep after hiatus.
The Domestic market remains firm despite high production levels and imminent golden week holiday: Producers normally push to sell urea before the holiday period begins.