China urea in-plant inventory up 76.4% YoY to a 2026 peak

As of July 30, China's urea weekly in-plant inventories reached 1.6186 million tonnes in July, up 76.4% year-on-year. With a 600,000-700,000-tonne surplus expected in August-September, in-plant inventories built-up pressure will maintain.

China's urea weekly in-plant inventories have climbed for three months since early May, hitting 1.6186 million tonnes at the end of July, a 76.4% surge from 917,300 tonnes a year earlier. The persistent inventory build-up was driven by high operating rates and sluggish demand. China's Urea Weekly In-Plant Inventory, 2021-2026 (Unit: