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Urea Price Information Spec: China national standards;30%;Medium particle;46%;46.4%;>46%;First-grade product;Small granules|Agricultural use;46%|Industrial grade;46%|Industrial use;Industrial grade;Industrial grade|First-grade product;≥46%|industrial urea, agricultural urea|0.85-2.80(mm);High-grade product | Small and medium granules;≥46%
Nutrient density is the underrated factor. At 46% nitrogen, urea lowers logistics cost per tonne of nutrient, which matters most in a market where freight and storage now carry a bigger share of delivered cost. That structural advantage is why urea keeps winning share even when ammonium alternatives are cheaper at the plant gate.
The pricing gap is the real story. When the market clears at 750-830 USD/t and a buyer caps bids near 395 USD/t, a no-bid outcome is arithmetic, not sentiment. Watch whether India removes its ceiling entirely next season, because that, not reputation, will determine if cargoes actually move.
The spread looks like an export opportunity, but policy is the binding constraint. With quotas capped and phosphate exports near zero through August, the arbitrage is largely theoretical for traders. The practical read: domestic Chinese urea stays cheap, and global buyers must look to Russia, Indonesia or the US for incremental tonnes.