According to Zhītōng Cáijīng APP, China BlueChem (03983) rose more than 4% again, with a cumulative increase of more than 10% this month. As of the publication, it rose by 3.4% to HKD 2.43, with a turnover of HKD 13.41 million.
On the news front, during the 2024 Shanghai International Carbon Neutrality Expo, BASF and China BlueChem signed a Memorandum of Understanding to establish a green carbon and chemical advanced technology joint laboratory. According to the Memorandum of Understanding, BASF and China BlueChem will cooperate in developing sustainable technologies in various fields, including CO2 synthesis gas technology, green methanol and green ammonia preparation and application, and other fields of technology cooperation.
Guangzhou Futures previously pointed out that the announcement of the Indian IPL of an unspecified amount of urea import quotas had stirred up market sentiment, but the actual impact on the market was limited before domestic exports were opened up. The inventory level of upstream urea in China is still relatively low, and with more rainfall in late June, there will be a certain release of demand for nitrogen fertilizer in northern agriculture. Urea has some upward momentum, but its upward space is limited due to the increase in upstream supply and the weakening demand for downstream compound fertilizers.