Urea price October 2024 and outlook (see chart below)
- Global:US$0.29/KG, -6.5% down
- North America:US$0.31/KG, -3.1% down
- Europe:US$0.32/KG, unchanged
- Africa:US$0.38/KG, unchanged
- Northeast Asia:US$0.3/KG, unchanged
- Middle East:US$0.45/KG, unchanged
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Urea price index
This post is a summary of the global Urea price developments. The price developments of Urea are expressed in US$ prices converted FX rates applicable at the time when the price was valid. Urea price index developments are calculated from multiple separate sources of data to ensure statistical accuracy.
The outlook for global Urea prices, on the second tab, is generated from different inputs including:
- Very recent price developments of immediate cost drivers of global Urea prices
- Recent price developments of underlying feedstocks which drive the price of Urea
- Market futures for both cost drives and feedstocks of Urea prices
- Adjustment of current supply/demand imbalances in the Urea market
- Longer term trends in likely demand conditions
Further information on the Urea price index
Here is some further information
What is Urea
Urea is a white, crystalline solid that is highly soluble in water. It is an organic compound with the chemical formula NH2CONH2. Urea is produced by the body as a byproduct of metabolism and is excreted in urine. It is also produced industrially as a raw material for a wide range of products.
How is Urea produced
There are several methods for producing urea industrially. The most common method is called the Haber-Bosch process, which involves combining nitrogen gas and hydrogen gas to produce ammonia. The ammonia is then reacted with carbon dioxide to produce urea. Other methods for producing urea include the carbon dioxide-ammonia process, the oxamide process, and the urea-formaldehyde process.
What is Urea used for
Urea has a number of uses. It is a component of fertilizers and is widely used in agriculture to improve soil fertility and crop yields. It is also used in the production of plastics, resins, and adhesives. Urea is an important component of many skin care and personal care products, such as lotions and creams, as it has hydrating properties. It is also used in the production of animal feed and as a component of some pharmaceuticals. Urea is a nitrogen-rich compound and is a valuable source of nitrogen for plants and animals.
Further reading
Trade Information
According to https://oec.world/ :
Urea, including aqueous solution in packs >10 kg are the world’s 199th most traded product.
In 2020, the top exporters of Urea, including aqueous solution in packs >10 kg were Russia ($1.55B), China ($1.5B), Saudi Arabia ($1.21B), Qatar ($1.15B), and Egypt ($1.11B).
In 2020, the top importers of Urea, including aqueous solution in packs >10 kg were India ($2.53B), Brazil ($1.63B), United States ($991M), Australia ($615M), and Thailand ($568M).
Data source: IMF
This data has been partly provided by the IMF and the World Bank. The only change is that it has been indexed for Jan 2019 (so Jan 2019 is set as the index 1.00). The data is provided subject to the terms and conditions as defined by the IMF
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