OCI Global Energy Transition Leadership
OCI
Global
Constrained Chinese Exports & Robust Indian Imports Supportive Of Nitrogen Prices
Chinese Exports Curtailed on Domestic Demand and Closures
China urea exports, Mt
13.6 13.8
Indian Imports Robust Despite New Capacity Commissioning
India imports, Mt
India remains among top 3 urea
importers globally
4.1
6.9
8.2
9.0
5.5
5.3
4.6
4.7
-47%
2.8 ≤4 Mt
2.4
10.5
9.7
10.5
9.0
+30%
7.9
7.7
7.7
7.5
7.1
7.0
~7 Mt
6.3
5.9
.
•
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Medium-term exports expected ≤ 4.0 Mt given environmental policy impact and
prioritization of energy & supply of fertilizers for domestic consumption
Jan-Sep 2023 exports of 2.8 Mt. Winter storage program is underway in Q4.
Source: CRU, MMFMS, China Customs, Company Information
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
• Indian imports supported by growth in crop area and subsidies favouring urea,
partially offsetting higher domestic production from new capacity ramping up
•
Jan-Oct 2023 imports of 5.1 Mt, with a further ~1.6 Mt expected to be shipped
by end 2023
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