China's fertilizer prices slipped slightly in November against the rising grain price, according to statistics from the National Development and Reform Commission (NDRC).

The ex-factory price of urea dropped 3.4 percent year-on-year to 1,592 yuan per ton in November and the retail price was down 5.7 percent to 1,756 yuan.

Figures from the National Bureau of Statistics show grain prices rose 4.7 percent in the month.

According to the NDRC, the urea price has been declining since July. The average ex-factory price of urea was 1,650 yuan per ton in the first 11 months, down 0.1 percent from the same period last year. The average retail price was 1,830 yuan per ton, down 3.3 percent.

The NDRC attributed the price decline to increasing reserves. The national fertilizer output in the first ten months was 43.38 million tons, up 12.4 percent from the same period last year. Output of urea, one of the most commonly used fertilizers, was 18.23 million tons, up 12.9 percent.

At the end of October, more than 30 large and medium-sized urea manufacturers in China reported an average increase of 19.7 percent in reserves.

(1 U.S. dollar=7.86 yuan)

Source: Xinhua