Record Low Price of Brazil's Urea at $324/Ton

Record Low Price of Brazil

In June 2023, the import price of urea in Brazil reached a record low price of $324 per ton, showing a decrease of -2.7% compared to the previous month. The import price experienced a significant decline during the period under review. The most rapid growth rate occurred in September 2022 when the average import price increased by 3.4% month-to-month. Although average import prices peaked at $783 per ton in June 2022, they remained at lower levels from July 2022 to June 2023. Among the major supplying countries, the United Arab Emirates ($328 per ton) and Russia ($327 per ton) had the highest prices in June 2023, while Nigeria ($298 per ton) and Venezuela ($306 per ton) had the lowest prices. Urea imports in Brazil decreased by -33.3% to 395K tons in June 2023 after two months of growth. The imports showed a noticeable descent during the period under review. The most significant growth rate was recorded in April 2023 with a 32% increase compared to the previous month. In terms of value, urea imports dramatically declined to $128M in June 2023. The imports experienced a sudden slump, with the highest growth rate occurring in April 2023 with a 21% increase month-to-month. Russia, Qatar, and Oman were the main suppliers of urea imports to Brazil, accounting for 65% of total imports. Saudi Arabia, Nigeria, the United Arab Emirates, Venezuela, and Algeria followed closely behind, comprising an additional 30%. Among the main suppliers, Saudi Arabia recorded the highest rate of growth in terms of purchases with a CAGR of +13.0% from June 2022 to June 2023. In terms of value, Russia, Qatar, and Oman were the largest urea suppliers to Brazil, holding a combined 65% share of total imports. Saudi Arabia, with a CAGR of +4.8%, saw the highest growth rate in the value of imports compared to the other leading suppliers.

Source: IndexBox Market Intelligence Platform

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