Last week (November 4-8), domestic urea demand was low, and market prices continued to decline. On November 11, China's urea wholesale price index (cnpi) was 1799.77, down 24.46 points, or 1.34% on a month on month basis, 306.29 points, or 14.54% on a year-on-year basis, and 63.48 points, or 3.41% on a year-on-year basis.
   on November 11, China's urea retail price index (cnri) was 1973.94 points, down 11.02 points, or 0.56% on a month on month basis; it was 242.65 points, or 10.95% on a year-on-year basis; it was 68.98 points, or 3.62% higher than the base period.
   on November 11, China's Urea Export Price Index (cnei) was 1735.91 points, down 11.80 points, or 0.67% on a month on month basis; 254.79 points, or 12.80% on a year-on-year basis; 123.09 points, or 6.62% on a year-on-year basis.
Supply situation

. In terms of raw materials, last week, coal enterprises kept high inventory, poor sales, and coal prices continued to decline; natural gas market prices fell last week.
Demand situation
In terms of agriculture, domestic agriculture has entered the off-season with low demand. In terms of industry, the new orders of compound fertilizer enterprises are insufficient, the operating rate remains low, and the demand for urea is poor. On the international side, India announced a new round of bidding last week, which will form a certain support for international demand.
   international market

 Last week, the weekly price of small-sized urea in the Black Sea fell by 9 US dollars / ton compared with the low-end price, while the high-end price dropped by 7 US dollars / ton, to 215-220 US dollars / ton; the low-end price of small-sized urea in the Baltic Sea fell by 8 US dollars / ton, while the high-end price fell by 5 US dollars / ton, to 212-220 US dollars / ton; the weekly price of small-sized urea in the Middle East fell by 5 US dollars / ton compared with the low-end and high-end prices, to 245-2 US dollars / ton 50 USD / T; the FOB price of small particle urea in China is 8 USD / t lower than the low-end and high-end prices, at 240-245 USD / T
Domestic situation
 Among them, the prices of 15 provinces and cities in Tianjin, Shanxi, Shanghai, Jiangsu, Anhui, Fujian, Henan, Hubei, Hunan, Chongqing, Sichuan, Shaanxi, Gansu and Xinjiang dropped by 2.8-140 yuan / ton, the prices of Guangdong Province increased by 10 yuan / ton, and the prices of other regions remained stable
Future forecast
 Although India's demand in the international market has some support, it is still oversupplied and the price is down. To sum up, it is expected that the urea price will continue to decline in the early stage in the near future, and attention should be paid to the winter storage market and the phosphorus compound fertilizer meeting.