Lordegan plant which due to technical problem in Ammonia unit thermal exchange that was down again from 26th August till now.
Lordegan will resume in 4-7 days.
The highest bid was $396.6/mt but Lordegan didn’t award and issued counteroffer to improve their bids till Wednesday.
Latest reports show that in Q3, most phosphate rock prices have remained broadly stable, yet several structural shifts are shaping the market:
🔹 Morocco: Exports rose +26% in H1 to 3.42 Mt. Beyond India, new markets such as Lebanon, Poland, and New Zealand are emerging as growth outlets.
🔹 India: RCF’s recent tender once again underlined the country’s pivotal role. Low-grade CFR values stabilized at $112–125/t, while high-grade Moroccan rock surged above $225/t CFR.
🔹 Egypt: The sole winner in India’s tender, securing strong netbacks from Red Sea ports.
🔹 Syria: 2025 exports are expected to fall by over 50% (<0.9 Mt), but a 20,000t cargo now loading at Tartous for Eastern Europe signals a gradual return to the market.
🔹 Peru: Record exports of 4.81 Mt in 2024, with H1 2025 up 11% YoY, driven by strong flows to the US, Brazil, and China.
🔹 China: Imports down 18% YoY, with weaker supply from Egypt and Jordan but stronger flows from Peru and Pakistan. Forecasts suggest imports may halt by 2030.
🔹 Russia: High-grade rock prices edged higher in Q3 to $260–300/t FOB.
🔹 Brazil: Bookings for 2025 slightly ahead of 2024, with Peru consolidating its role as the main supplier.
The Q3 market may look stable, but regional competition is intensifying: Egypt dominates in India, Peru gains ground in Brazil and China, Morocco expands into new outlets, and even Syria is testing a cautious comeback. Meanwhile, fertilizer producers continue to weigh margins between rock and phosphoric acid.
Morning. Urea paper values slipping last week in quiet phys mkts prior to NFL tender close tomorrow, although some support eventually found at lower levels. Mkts framed at close of week:
AG
Sep $450//$460
Oct $445//$458 – traded $455 Fri (1.5k)
Q4 $425//$445
Cfr Brazil
Sep $455//$465
_[Sep traded $470-$460 last week]_
Oct $450//$460
_[Oct traded $462-$448 range l/w]_
Nov $440//$453
_[Nov traded $450 l/w]_
Dec $430/$445
Egypt
Sep $450//$470
Oct $445//$465
Nov $440//$460
Amsul CFR Brazil
Sep $172//$180
Oct $172//179
Nov $167//$178
Nola
Paper:
Sep $410//$415 – traded $413 Fri
_[Sep traded $425-$408 range l/w]_
Oct $400//$410
_[Oct traded $419-$403 range l/w]_
Nov $395//$403
Dec $395//$405
Jan $390//$405
Q1 $390//$420
UAN Nola
Sep $300/$345
Oct $310//$340
DAP Nola
Sep $780//$790 – traded $785
Oct $735//755
Q4 $725//$750
Q1 $665//$715
MAP Brazil
Sep $660//$710
Oct $655//$695
China agreed to India's demand to withdraw troops and place them on same position before the conflict started.
China lifted restrictions of urea export only for India exclusively.
Welcome to communicate with us more.
(China Fertilizer Industry Chain Morning Brief) for September 1, 2025:
—
💼 Sulfur
Last week, the sulfur market continued its upward momentum at high levels. Despite a pullback in electronic trading prices, downstream demand—driven by secondary export needs—kept market prices elevated. Granular sulfur at Yangtze River ports rose from ¥2,580/ton to ¥2,620/ton. Some traders continued chasing high prices, but most participants remained cautious, and the market outlook is unclear.
💼 Urea
Yesterday, domestic urea producers cautiously raised their offers. Market sentiment has been improving recently, with futures showing signs of strength. Spot market activity picked up at lower price levels, prompting timely restocking by traders and downstream users. Although the overall market remains somewhat stagnant, the recent uptick in low-price transactions has slowed the decline. Prices are expected to fluctuate within a range in the short term, with a slight rebound possible due to export-related speculation.
💼 Synthetic Ammonia
Last week, the synthetic ammonia market operated at low levels, with weak supply and demand persisting. The market was affected by major events during the week. This week, weakness is expected to continue in the first half, with potential price support and upward movement in the second half as demand improves.
💼 Ammonium Chloride
The domestic ammonium chloride market remained stable last week, but trading activity was lackluster. Downstream compound fertilizer producers reduced operating rates, leading to slow shipments and low procurement enthusiasm. New orders were weak. This week, prices may soften due to weak demand.
💼 Ammonium Sulfate
The ammonium sulfate market showed a weak downward trend last week. Domestic supply slightly declined, but both domestic and international demand remained poor. Northern regions were affected by major events, disrupting shipments. Market sentiment was pessimistic, and transaction activity was weak. A continued soft market is expected in the short term.
💼 Melamine
The domestic melamine market saw mixed price movements last week. Supply and demand remained weak, and new orders in some regions were sluggish. Mid- and downstream players adopted a cautious, wait-and-see approach. The market is expected to stay weak and stable, with future trends depending on changes in supply.
💼 Phosphate Fertilizer
Mono-ammonium phosphate (MAP) prices remained weak last week, with little change. Hubei’s 55% powder MAP ex-factory price hovered around ¥3,400/ton, with transactions negotiated case-by-case. Supply remained high, but downstream demand was sluggish, and factory inventories began to build. Despite high costs supporting prices, the market is expected to remain in a consolidation phase.
Di-ammonium phosphate (DAP) also saw weak consolidation. Although cost pressures persisted, producers maintained stable ex-factory prices. In Hubei, 64% DAP was quoted at ¥3,800–3,850/ton. Demand remained weak, with downstream buyers purchasing only as needed. The market is expected to continue its sideways movement in the short term.
💼 Potash Fertilizer
The potash market showed weak supply and demand last week. Chloride of potash supply remained tight, but downstream factory demand was limited. High-end prices fluctuated slightly. Sulfate of potash production remained low, and new order activity was sluggish.
💼 Compound Fertilizer
The compound fertilizer market saw narrow consolidation last week. Due to weak nitrogen fertilizer prices, low-end quotes for high-nitrogen formulas increased. For example, 45% CL (25:14:6) was quoted at ¥2,380–2,600/ton. With a shortened stocking period and stable price trends, downstream distributors became more willing to take delivery. The shipping atmosphere improved, and short-term focus remains on dispatching goods while maintaining a stable market.
-DESPITE THE UPCOMING 2 MILLION MT INDIA UREA TENDER GLOBAL UREA PRICES HAVE CORRECTED WITH SIGNIFICANT REDUCTIONS IN MOST ORIGINS AND DESTINATIONS
-PROCESSED PHOSPHATE PRICES HAVE SEEN SOME SMALL DECLINES IN BOTH BRAZIL AND INDIA BUT THE OUTLOOK FOR PRICES STABLE DUE TO LIMITED SUPPLY
-POTASH PRICES ARE SET TO REMAIN FLAT WITH SOFTENING OF PRICES IN THE NEAR FUTURE
-AMMONIA MARKET IS AWAITING THE SEPTEMBER TAMPA CONTRACT BETWEEN YARA AND MOSAIC WHICH IS EXPECTED TO INCREASE BY AROUND USD 30-50 PMT
UREA
The international urea market is hibernating with price erosion across the board and with all eyes being on yet another tender in India closing on 2nd of September with the aim of securing a lofty 2 million MT. There is still no clarity as to the position of China exports. Some claim that India shipments are still at USD 490 PMT FOB whilst other shipments are USD 440 PMT for prilled urea and USD 445 PMT for granular urea. It is widely speculated that the latter priced urea will eventually end up in India via transshipment in another country.
In July alone, China exported more than double the amount of urea that they did in all of 2024. China adding another 750k MT to their urea quota is a big new chunk of supply for the global market as well. While it’s still unclear how much urea China will be allowed to send to India, every ton that moves that direction is a ton from the AG/Russia that can be sold into the U.S. or other major destinations instead.
In Brazil, granular urea values have declined with business for 5-10,000t lots reported at $460-470pt cfr for September. Two suppliers with cargoes reportedly from the Middle East and Algeria have been linked with the most competitive bids.
The latest offers represent a $10-20pt decline on trading levels early last week and follow a period of weak demand from Brazil despite some limited sales. As before, offers for Chinese material continue to circulate at a discount.
In the US/NOLA, no new trades have been reported over the last trading session but bids for September have improved to $415ps ton fob Nola, up from last done at $410ps ton fob earlier this week. Meanwhile, offers have been $10ps ton higher.
Producers in the Middle East are maintaining an India-first approach to market and awaiting the outcome of the 2nd September National Fertilizers Limited
(NFL) tender. Ahead of this, some suppliers have acknowledged spot values are lower, indicating in the high-$400s pt fob, with others noting that approaching sales tenders in Indonesia will lend some guidance to market values.
In Iran, as widely anticipated, official offer levels have been reduced to $405pt fob for nearby shipments. The reduction from $420pt fob is the result of a build of inventory with several suppliers not placing product via recent sales tenders. Broadly, product movement is understood to have been slower since the middle of the year and the conclusion of conflict. Some contractual offtake arrangements are also reported to have changed. One challenge for Iranian suppliers is that key offtake markets, such as Turkey and SE Asia, are now in the offseason. There is reasonable speculation that prices could move marginally lower, closer to $400pt fob, should the latest levels not lead to business. Elsewhere, Lordegan will close a sales tender on 31 August for up to 40,000t of granular urea for shipment from Asaluyeh in the second week of September.
The highest bid in Pupuk Indonesia's 28 August granular urea tender was submitted by Samsung in the low $440s/t FOB Bontang. The owner's estimate has yet to be disclosed.
Pupuk Indonesia closed a tender for 45,000 t granular urea for September shipment by Kaltim from Bontang. Other offers reported Oracle mid-$430s, Camelot high $420s, Ameropa and Aditya Birla low $420s. All prices $/t FOB Bontang. This is a considerable drop from the 19 August tender where Hexagon was the high bidder at $475-479/t FOB. The owner's estimate was set at $503/t FOB. Private negotiations followed but no award was made.
Pupuk Indonesia has announced two prilled tenders closing 29 August. There is 10,000 t on offer for September shipment from Petrokimia Gresik out of Gresik and 5,000 t from Pusri, also for September shipment out of Palembang.
Urea imports in Sri Lanka were 154,000t, up from 91,000t year on year. Of this, 36,000t were imported from China, 35,000t from Qatar and 31,000t from Saudi Arabia. For July, 25,000t were imported, comprising around 19,000t from China and about 5,000t from the UAE.
Of note, Dangote of Nigeria has announced a 3 million MT urea project in Ethiopia which will bring relief to the 1 million MT import market. Dangote has a proven track record thus there is every chance that this project will materialize.
In summary, as indicated in previous Flash Reports, India is no guarantor for higher urea prices, despite coming in with frequent large volume tenders. Every month the global urea industry needs to find a home for around 4 million metric tons in off-shore markets thus other big markets like Brazil, Europe and the US/NOLA have to come into play. The supply and demand equation will always determine prices! This time it appears supply wins and as a result there is a bearish undertone to the market with further price declines in the pipeline..
PHOSPHATES
DAP/MAP market sentiment turned more bearish this week as demand slowed, availability improved, and activity was limited. Still, prices remained mostly stable, as global availability remains relatively tight, suggesting that a steep downwards correction in the coming weeks is unlikely. However, MAP import prices in Brazil remain under downward pressure amid soft market sentiment, falling inland prices, and extremely poor affordability relative to soybean prices. Liquidity is very limited for all phosphate fertilisers in Brazil.
A trader is rumoured to be offering Moroccan MAP for September shipment to Brazil at $735pt cfr, while some other reports suggest offers around $740pt cfr. Bids have been reported around $735pt cfr, but demand even at this price is extremely limited as it would imply heavily negative import margins.
Brazil’s MAP prices are pegged at $735-740pt cfr, down an average of $7-8pt from $740-750pt cfr last week, which was itself down $5pt from a flat $750pt cfr.
Domestic MAP production from Mosaic and EuroChem is reported by local sources in Brazil to be selling at $700pt cfr equivalent, though this has not been confirmed by these producers.
Inland prices of imported product are however widely reported by other participants at the $700pt cfr equivalent level and import prices would likely need to drop to this price to tempt buyers into the market.
DAP prices are generally pegged at $780-790pt fob from China this week, a $5pt decline, with roughly 1Mt DAP/MAP still available for export by mid-October after last week’s quota increase.
Discussions are reportedly still ongoing with Bangladesh over as much as 400,000t DAP from China for September loading. The lowest offer of $874pt cfr for 40,000t DAP by a trader ex-Russia/China reflected roughly $805pt fob after costs. Counterbids submitted by Bangladesh on 13 August appear to reflect a lower netback level of roughly $780pt fob China.
A 30,000t DAP deal to multiple buyers in Pakistan for September loading is reported in the $810-820pt cfr range or roughly $785pt fob China. Rumours suggest further offers to Pakistan below $780pt fob this week but this has not been confirmed.
Previous reports of limited-volume DAP sales to Southeast Asia as high as $800pt fob have not been seen this week. Multiple traders put the latest China DAP prices at $780-790pt fob. Latin American DAP prices now reflect no higher than $765pt fob with no sales reported this low.
Media reports from India also suggest a thawing in the latest controls over fertilisers from China. India’s Business Standard reports that during a meeting between Chinese Foreign Minister Wang Yi and India’s External Affairs Minister S. Jaishankar, it was announced that China would resume supplies of fertilisers to India, including DAP. However, Chinese DAP suppliers report on 27 August that they have yet to receive any notice of allowance to move DAP to India.
Latest India DAP prices at $809-810pt cfr would net back no higher than $790pt fob from China.
A price ceiling appears to have been reached as buyer resistance to high prices grows across the globe. Still, relatively limited price declines are expected within the remainder of Q3 as supply improves and buyers become relatively more comfortable. Scarce supply is likely to limit price downside as the market direction reverses.
POTASH
A reduction in seaborne potash imports into China coupled with falling port inventories lifted Chinese domestic and cross-border prices this week, while markets elsewhere remained relatively stable. In the domestic Chinese market, prices for port wholesale MOP rose to RMB3,000-3,500/t FCA this week, up from last week's assessment of RMB3,000-3,480/t FCA. The September China/Russia cross-border contract for white 62% K2O also increased by $5/t from August to $345-348/t DAP Manzhouli. Fresh potash shipments into China have declined in recent months, while port inventories also fell, reaching 1.66 Mt by late last week. This drove prices higher despite softer demand during the off-season. Although domestic prices in China edged higher, prices in other Asian countries stayed unchanged on the back of weak demand. Trading activity was quiet this week and some market participants expect demand to likely pick up next month. Prices for standard grade MOP were flat for the fourth straight week at $360-383/t CFR. Brazilian buyers continued to resist any increases in spot prices as affordability has deteriorated in recent months. Rising costs of fertilizers coupled with falling corn and soybean prices have put downward pressure on farm margins, which market sources indicated to be in the $340s/t for the region this week. Granular potash prices were assessed unchanged at $355–360/t CFR in Brazil, with most offers heard at $360/t CFR. There were still some indications in the market at $350/t CFR for 10,000-15,000 t, but no deals were concluded at that level. Potash prices are expected to remain flat to soften in the coming weeks as demand stays weak. The Brazilian market faces heightened downside risk following the close of the soybean season, with a $10/t CFR decline seen already in recent weeks.
AMMONIA
Ammonia prices on both sides of the Suez remained stable-to-firm this week, with supply constraints continuing to provide support ahead of September’s Tampa settlement announcement. Whilst an official Tampa announcement has yet to emerge with the new month just days away, Yara and Mosaic are widely expected to agree to a fairly sizable increase for September. A price in the range of $520-540/t CFR has been speculated far and wide this week, with market opinion orienting more towards the upper end of this range by market close. In the meantime, Mosaic continues to procure imported cargoes for its Florida operations. Export wise, US Gulf availability appears healthy, with cargoes continuing to emerge from Texas and Freeport, although in the former there is still no sign of fresh exports from the 1.3 Mt/year Gulf Coast Ammonia (GCA) unit. On the other side of the continent, meanwhile, an Indonesian spot cargo is on route for Koch's account in Mexico, courtesy of Mitsui.
Prices should remain at the very least stable in early September, with Tampa likely to set the tone for bullish sentiment heading into late Q3.
Morning. Int'l paper saw cfr Brazil offers trend lower y'day before bid support returned, and trading activity seen on Sep ($460) & Oct ($448-$450). In Nola, Sep Urea barge values fell $8 to $410, before closing the day with bids at $412.
AG
Sep $460//$485
Oct $448//$460
Q4 $425//$450
Cfr Brazil
Sep $455//$467 – traded $460
Oct $450//$460 – traded $448, $450
Nov $440//$450
Dec $430/$445
Egypt
Sep $455//$470
Oct $450//$470
Nov $440//$465
Nola
Phys: SEP traded $410, $412
Paper:
Sep $408//$415 – traded $410
Oct $400//$410 – traded $405
Nov $395//$403
Dec $390//$405
Q4 $395//$405
Jan $390//$405
Q1 $390//$420
UAN Nola
Sep $300/$345
Oct $310//$340
DAP Nola
Sep $780//$790
Oct $735//755
Q4 $725//$750
Q1 $665//$715
MAP Brazil
Sep $680//$720
Oct $660//$700
Oil prices settled higher on Thursday, bouncing off early losses after the White House said U.S. President Donald Trump was not happy when he learned that Russia attacked Ukraine with missiles and drones overnight.
Brent crude futures settled up 57 cents, or 0.8%, at $68.62 a barrel, while U.S. West Texas Intermediate crude futures rose 45 cents, or 0.7%, to close at $64.60 a barrel.
Russia hit Ukraine with deadly missiles and drone strikes early on Thursday, killing at least 21 people in Kyiv, city officials said. Meanwhile, the Ukrainian military said it used drones to hit two Russian oil refineries overnight.
Trump will make a statement on the situation later on Thursday, White House press secretary Karoline Leavitt told reporters. Both oil benchmarks were down about 1% earlier in the session, but turned positive after her comments.
Traders are also watching for India's response to pressure from the U.S. to stop buying Russian oil, after Trump doubled tariffs on imports from India to as much as 50% on Wednesday.
Russian oil exports to India are set to rise in September, dealers said, defying the U.S. pressure.
Oil prices were under pressure earlier in the session as traders braced for lower fuel demand after the U.S. Labor Day long weekend.
Crude oil supply is also set to rise due to an OPEC+ plan to raise September output by 547,000 barrels per day.
Weaker demand and higher supply will cause oil inventories to rise, Ritterbusch and Associates said in a note.
"That will be weighing on energy futures across the spectrum as summer turns into fall, and as gasoline demand tapers off and refiners shift to the lower-priced winter grade product," they said.
Further pressuring oil prices, Russian crude supplies to Hungary and Slovakia through the Druzhba pipeline have restarted after an outage caused by a Ukrainian attack in Russia last week, Hungarian oil company MOL and Slovakia's economy minister said on Thursday.
The contract price for sulfur in Qatar (QSP) in September was FOB $284 per ton, an increase of $25 per ton compared to the August contract price.
New production capacity: In August, Anhui Zhongneng, Zhangqiu Ruiyue, and Xinjiang Xinji came online, adding a combined 2 million tons of new production capacity.
Morning. Although Oct Brazil found value at $460 again y'day, Int'l paper buyers patient/scaling-back, as tone still softening with phys mkts moving lower (e.g Brazil, Iran, Indo). In Nola, Sep Urea traded up $3 to $418, Sep DAP repeat traded $485.
AG
Sep $465//$485
Oct $445//$460
Q4 $425//$450
Cfr Brazil
Sep $445//$460
Oct $442//$453 – traded $460 (3k)
Nov $435//$448
Dec $425/$445
Egypt
Sep $450//$470
Oct $445//$468
Brazil Amsul
Oct $175//$180 at close
Nola
Phys: SEP traded $418
Paper:
Sep $415//$420 – traded $415, $418
Oct $404//$414
Nov $395//$410
Dec $400//$410
Q4 $400//$415
Jan $404//$412 – traded $406
Q1 $390//$420
UAN Nola
Sep $315/$345
Oct $325//$340
DAP Nola
Sep $785//$790 – traded $785
Oct $735//755
Q4 $725//$750
Q1 $665//$715
MAP Brazil
Sep $685//$730
Oct $675//$725
– Iranian urea producers announced $420/mt as official price for on Saturday which $15/mt below than last week. The producers declined $15/mt again and set official price at $405/mt due to high level stock on mid week.
– Lordegan closed a 40,000 Mt granular urea on 17th August. LPC has temporarily cut output at its 1.12mn t/yr urea plant on 8 August, citing power outage and technical issues. The producer resumed the operations on 21th August evening time.
– MIS closed two tenders on 25th August to sell 30,000t of granular urea in bulk FOB delivery and 1,000-20,000t of granular urea in 50kg bags FCA/FOB delivery for loading August to September from BIK port. The producer didn’t sell any tonnage for both tenders.
– KHPC’s sales tender for 30,000 Mt granular urea on 25th August for first half of September shipment from ASA port scrapped due to the bids were below the producer expectation. The cargo swapped with Pardis petrochemical. Khorasan offered 500 Mt prilled urea in 50 kg bags for second half of August-early September shipment at $460/t FOB from BND port.There is not any sales at this level.
– Pardis and Shiraz were discussing with buyers at $405/mt for prompt loading on Wednesday but there is no any sales at this level.
– A producer offered at $400/mt on the Thursday.
– There are 700,000 Mt unsold tonnage for September shipment as below:
– Pardis 250,000 Mt
– Shiraz 200,000 Mt
– MIS 120,000 Mt
– Lordegan 70,000 Mt
– Kermanshah 30,000 Mt
– Razi 30,000 Mt
– Iran FOB is $400-420/mt this week.
Figure 3 – China Urea Port Inventory (Aug 28, 2025 – Week 35)
Total inventory: 600,000 tons (+95,000 tons from last week, +19.76%)
Increased arrivals and active unloading boosted stocks. Shandong and Jiangsu both rose, with Jiangsu gaining more.
(China Fertilizer Industry Chain Morning Brief) for August 28, 2025:
—
🌟 Sulfur
Yesterday’s sulfur spot market saw a tug-of-war between bullish and bearish forces. After consecutive price increases, electronic trading weakened as end-user procurement reached sufficient levels. Market demand turned cautious, with few transactions. Port reference prices hovered at ¥2570–2610/ton. However, post-close news reported Qatar’s international sulfur sales tender at FOB $298/ton, prompting port prices to firm up again with sellers reluctant to release stock. Domestic supply remained stable with smooth sales. Today’s focus: spot market trading activity.
🌟 Urea
The domestic urea market showed signs of recovery yesterday, buoyed by futures sentiment. Some factories saw improved order intake. However, slow progress in rigid demand and localized environmental restrictions led to reduced downstream operations. The market remains in a stalemate, awaiting stronger demand.
🌟 Synthetic Ammonia
Mainstream prices held steady with some regional adjustments. In Hubei, supply recovery and external price drops pressured the market. Other regions saw a supply-demand deadlock with weak demand and average transactions. Market sentiment remains cautious, and conservative operations are expected ahead.
🌟 Ammonium Chloride
The ammonium chloride market remained stable. Most producers focused on fulfilling previously scheduled orders. Due to weak interest from downstream compound fertilizer companies, new orders were sluggish. Short-term sentiment is weak, and negotiation prices may trend lower.
🌟 Ammonium Sulfate
Prices declined yesterday. Demand showed no signs of improvement, with buyers purchasing only as needed. Inquiries were cautious, and without demand recovery, the short-term market is expected to remain weak.
🌟 Melamine
The domestic melamine market was steady with minor adjustments. Most companies are fulfilling earlier orders. As those shipments conclude, new order volumes remain unsatisfactory. Without positive market drivers, prices may face downward pressure.
🌟 Phosphate Fertilizers
• Monoammonium Phosphate (MAP): The market remained sluggish. Hubei’s 55% powder MAP had an ex-factory price around ¥3400/ton, with room for negotiation. Downstream compound fertilizer producers showed weak procurement interest. New orders were scarce, and trading sentiment was subdued. High production costs continue to pressure manufacturers, while weak demand suppresses price movement. The market is expected to remain in a stalemate short-term.
• Diammonium Phosphate (DAP): The market saw weak consolidation. Most companies kept ex-factory prices stable. In Hubei, 64% DAP held at ¥3800–3850/ton, with negotiable deals. Overall sentiment was lukewarm. 57% DAP faced downward pressure, while 64% remained firm. Downstream buyers continued purchasing as needed. Short-term outlook: steady consolidation.
🌟 Potash Fertilizer
The potash market was generally soft. Potassium chloride supply remained limited, though sellers showed slightly more willingness to ship. Prices continued under a dual-track system. Domestic potassium sulfate producers maintained low operating rates, but some inventory was still available for normal supply.
🌟 Compound Fertilizer
The compound fertilizer market continued to consolidate. Upstream raw material trends were relatively stable, supporting price stability. However, downstream distributors pushed for lower prices, and intense competition among similar products persisted. High-nitrogen fertilizers saw stable headline prices but hidden discounts. For reference, 45% high-nitrogen wheat fertilizer had a mainstream ex-factory price of ¥2380–2600/ton. Short-term trend: continued consolidation.