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<ul><li>We maintain our average Middle East urea price forecast for 2024F at USD320/tonne (-10.5% vs 2023 and ~20% higher vs the pre-COVID level). </li><li>The average Middle east urea price in 9M 2024 was USD331/tonne (-5% YoY).</li><li>In Q3 2024, Middle East urea prices rose to an average of USD341/tonne (+9% QoQ, -7% YoY), driven by: (1) India’s urea import tender of ~2.5 million tonnes, with prices ranging from USD364 to USD390 per tonne; (2) escalating geopolitical tensions in the Arab Gulf, affecting key producers such as Saudi Arabia, Qatar, and Iran; and (3) increasing natural gas prices.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our average Middle East urea price forecast for 2024F at USD320/tonne (-10.5% vs 2023 and ~20% higher vs the pre-COVID level). The average Middle east urea price in 9M 2024 was USD331/tonne (-5% YoY).In Q3 2024, Middle East urea prices rose to an average of USD341/tonne (+9% QoQ, -7% YoY), driven by: (1) India’s urea import tender of ~2.5 million tonnes, with prices ranging from USD364 to USD390 per tonne; (2) escalating geopolitical tensions in the Arab Gulf, affecting key producers such as Saudi Arabia, Qatar, and Iran; and (3) increasing natural gas prices.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Urea Sector - Medium-term outlook remains bright for DPM & DCM