Zhengzhou Commodity Exchange (ZCE) is to launch PX futures on Sep 15, 2023.
The trading hours are 9:00 a.m.-11:30 a.m. and 1:30 p.m.-3:00 p.m. (Beijing .
Around half a million metric tons of urea are held up at Chinese ports after China curbed exports of the key fertiliser following a price surge, an analyst and Indian company official said. .
China has halted exports of urea, a key fertilizer, due to a surge in prices, resulting in around 500,000 metric tons being held up at Chinese ports. This is causing delays and potential shortages for buyers such as India. China is the world s largest producer of urea and accounts for a third of global supplies. Chinese state-owned producers are prioritizing domestic supply, and port inspections for urea cargoes have been suspended. The curbs are expected to raise global prices and increase spending by countries reliant on imported urea.
Urea futures traded on the Zhengzhou Commodity Exchange surged almost 50% over a seven-week period from mid-June to the end of July, but prices have fluctuated since then and are around 11% lower this week.
China has asked some fertiliser producers to suspend urea exports after domestic prices jumped, a move that's likely to restrict supplies and boost costs for farmers in key buyers such as India.