Decline in Malaysia's Urea Exports in the First Half of the Year
Due to multiple shutdowns at Petronas' plants, Malaysia's urea exports decreased by 10% from January to June, totaling 905,400 tons.
Thailand and Australia, the primary export markets, saw import volumes drop to 178,000 tons and 161,000 tons, respectively, down by 39% and 24% year-on-year due to the production halts. Additionally, Malaysia's exports to the Philippines fell by 44% in the first half of the year, mainly due to high inventory levels and reduced demand from importers.
In contrast, exports to Mexico and Vietnam more than doubled, rising from 33,000 tons and 17,300 tons in the same period last year to 113,800 tons and 57,700 tons, respectively.
Malaysia's urea exports are expected to recover in the third quarter as spot supply increases.
India's Urea Import Dependence to Decrease to 10-15%
According to a report by Crisil Ratings, India's self-sufficiency in the urea sector has significantly improved, with the import dependence expected to decrease from 30% in the 2020-21 fiscal year to 10-15%.
The capacity utilization of new plants is projected to reach 100% this year, further boosting domestic production and accelerating India's progress toward urea self-sufficiency. Official data shows that in 2023-24, India imported 7.042 million tons of urea, valued at $2.608 billion.
Attention: The above information is for commercial reference only due to the diversity of information collected, and Kelewell is not responsible for the authenticity of the data.
Comments