Fertilizer update – Eyes on China!
- After China successful closing the India’s urea bid of 1.1 mn tons, it has asked some urea producers to suspend urea exports in September. This move raises a concerns about a shortfall of the domestic supply – as in late 2021.
- Although global urea benchmark currently appear “indifferent” to this event, it is still expected to rise, driven mostly by demand in India and Brazil in the short-term.
- For Vietnamese domestic urea producers, export motivation in 3Q23 is unclear, but domestic producers could still benefit from increased rice cultivation
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