The “2024 National Autumn Nitrogen Fertilizer Market Situation Analysis Meeting” was held in Jinan on October 17. Gu Zongqin, chairman of the China Nitrogen Fertilizer Industry Association, delivered a keynote speech entitled “Facing Difficulties, Taking Responsibility, and Making Every Effort to Guarantee Nitrogen Supply This Winter and Spring”. This winter and spring, in the first half of 2024, global urea production increased 5% year on year, with a net increase of 840,000 tons. Demand for nitrogen fertilizer increased 1.9% year on year. Domestic nitrogen fertilizer production and demand continued to grow due to new production capacity and favorable agricultural policies, and the nitrogen fertilizer industry as a whole showed strong supply and demand. According to estimates by the China Nitrogen Fertilizer Industry Association, with external factors guaranteed for nitrogen fertilizer production, domestic urea production could reach 34.15 million tons in a total of six months from the fourth quarter of this year to the first quarter of next year, an increase of 1.37 million tons over the previous year. There is no guarantee of supply, and the risk of excess will increase. Regarding the next work priorities, Gu Zongqin emphasized: prudent capacity expansion to prevent a new round of overcapacity, focus on optimizing the efficiency of stock production capacity, improving the level of equipment intelligence and automation to ensure long-term operation and safe production levels; stabilizing nitrogen fertilizer production, making good off-season reserves, and completing minimum production tasks issued by the country; storage enterprises should rationally arrange reserve schedules and complete reserve tasks with quality and quantity; arrange exports reasonably to stabilize domestic market expectations and the smooth operation of installations to maintain a healthy balance between exports and domestic supply.

The “2024 National Autumn Nitrogen Fertilizer Market Situation Analysis Meeting” was held in Jinan on October 17. Gu Zongqin, chairman of the China Nitrogen Fertilizer Industry Association, delivered a keynote speech entitled “Facing Difficulties, Taking Responsibility, and Making Every Effort to Guarantee Nitrogen Supply This Winter and Spring”. This winter and spring, in the first half of 2024, global urea production increased 5% year on year, with a net increase of 840,000 tons. Demand for nitrogen fertilizer increased 1.9% year on year. Domestic nitrogen fertilizer production and demand continued to grow due to new production capacity and favorable agricultural policies, and the nitrogen fertilizer industry as a whole showed strong supply and demand. According to estimates by the China Nitrogen Fertilizer Industry Association, with external factors guaranteed for nitrogen fertilizer production, domestic urea production could reach 34.15 million tons in a total of six months from the fourth quarter of this year to the first quarter of next year, an increase of 1.37 million tons over the previous year. There is no guarantee of supply, and the risk of excess will increase. Regarding the next work priorities, Gu Zongqin emphasized: prudent capacity expansion to prevent a new round of overcapacity, focus on optimizing the efficiency of stock production capacity, improving the level of equipment intelligence and automation to ensure long-term operation and safe production levels; stabilizing nitrogen fertilizer production, making good off-season reserves, and completing minimum production tasks issued by the country; storage enterprises should rationally arrange reserve schedules and complete reserve tasks with quality and quantity; arrange exports reasonably to stabilize domestic market expectations and the smooth operation of installations to maintain a healthy balance between exports and domestic supply.