China Fertilizer Industry Chain Morning Briefing 2026-5-12
❤Urea: Based on the new order bookings from low-end urea producers in the main regions from the previous day, the market situation remains weak and stable, while companies with relatively high prices and sales pressure will likely follow suit by reducing prices slightly in the coming two days.
❤Melamine: The domestic melamine market was largely stable yesterday. Middle and downstream users were hesitant and cautious about the current prices, but companies did not face significant pressure to sell their products. It is expected that prices will remain firm for the time being.
❤Synthetic Ammonia: The synthetic ammonia market in major production regions experienced a significant decline over the weekend and until yesterday. Supply pressure was relatively high, and there was still an expectation of further increases. Demand from downstream industries continued to decline, and improvements are unlikely in the short term. Overall inventory levels for ammonia producers are high. Currently, the focus is on reducing inventory through price concessions. However, downstream buyers tend to favor buying when prices rise rather than when they fall, leading to continuous market lows. There is also a strong regional interconnectedness, making it possible that ammonia prices could continue to decline.
❤Ammonium chloride: The domestic market for ammonium chloride remained stable yesterday. Downstream compound fertilizer companies experienced poor sales, leading to a decline in production rates. There was a need to replenish stocks of ammonium chloride. However, some caustic soda-ammonia plants were idled for maintenance. Companies were keen to maintain prices. Short-term supply and demand changes were minimal, and the price of ammonium chloride remained stagnant.
❤Ammonium sulfate: The domestic market for ammonium sulfate was weak and stable yesterday. Influences from end-user demand and export news have led to a lack of enthusiasm for purchasing ammonium sulfate domestically, putting downward pressure on prices and creating room for fluctuations. It is expected that the ammonium sulfate market may exhibit a trend of gradual decline in the short term.
❤Phosphate Fertilizer: The domestic market for monoammonium phosphate remained stable yesterday, with no significant changes in prices. Affected by market news, sentiment has shifted slightly, but overall fluctuations have been limited. Downstream purchasing activity has been relatively subdued, and the market is currently maintaining a stable and cautious stance for the short term.
Yesterday, caution dominated the domestic diammonium phosphate market. While the raw material cost base still provided strong support, demand from end-users was limited, and overall trading sentiment remained subdued. As affordable sulfur gradually becomes available, companies will begin signing new contracts. In the short term, the market will primarily focus on consolidation.
❤Phosphate Fertilizer: The domestic phosphate fertilizer market trended relatively stable yesterday. The overall supply of potassium chloride was tight, but downstream factory demand was not particularly strong. New orders were being finalized at a slower pace. Phosphate with a 60% content from Laos typically ranged from 3050 to 3370 yuan/ton. Domestic manufacturers of sulfuric acid phosphate fertilizers maintained their earlier pricing, but the production pressures on these manufacturers were evident.
❤Compound fertilizers: Urea has been persistently weak, which has had some impact on market sentiment. Coupled with the relatively low enthusiasm for high-end purchases by enterprises in the downstream and midstream sectors, new orders in the market have been relatively scarce. The number of enterprises reducing their workload and halting production continues to rise, while some actual orders are more flexible. However, the overall support provided by raw materials to the cost side has not diminished, thereby restraining the extent of price reductions. It is expected that the compound fertilizer market will operate weakly but relatively stable in the short term.
China Daily Review: On May 11, the national market price of urea declined. Upstream quotations remained relatively weak, and some enterprises saw limited success in reducing prices to attract orders. Market sentiment turned bearish, and trading activity significantly decreased. Downstream activities generally slowed down their procurement pace. Attention should be paid to the impact of the decline in upstream production capacity on the market.
On May 11, 2026, the national daily production of urea was 214,300 tons, a decrease of 10,900 tons from the previous day, with an operating rate of 85.44%. Overall, the market was experiencing weakness.
Socar Urea tender on 8th May – Did not sell anything
United Kingdom – May Summary:
**Ammonium Nitrate**
UK-produced AN is holding at GBP 525-525/t bgd merchant and GBP 525-530/t cpt bagged farm, with imported AN sitting just below at GBP 515-520/t cpt bagged farm. CF Nitram is steady at GBP 525/t cpt bagged merchant for May and most likely the first half of June as well. Imported prilled urea for spot consumption is running at around GBP 520/t cpt bagged farm.
On the new season, things got interesting fast. Offers of imported prilled AN at GBP 510/t cpt bagged farm for the new season found no favour with farmers whatsoever. On 1 May, one importer cut sharply to GBP 465/t cpt bagged farm for June to September delivery at seller's option, kept that window open for half a day, maybe a touch longer, then nudged it back up to GBP 475/t. Another importer reacted the same day, sourcing additional imported prilled AN ex the Baltic and coming in at a maximum of GBP 475/t cpt bagged farm for July to December at seller's option.
Farm demand was better than expected, which came as a genuine surprise to importers. Perhaps as much as 20-30kt moved before all offers were pulled on Tuesday evening, Monday having been a bank holiday. Three things likely explain the stronger than expected take-up. Farmers wanted to secure some AN for the new season before the window closed. Over the next two to three months, urea prices are not likely to drop enough to become competitive with AN. And there is a growing belief that CF will be handicapped by elevated ammonia costs, which makes imported AN look considerably more attractive by comparison.
On the supply side, Baltic AN is understood to have been sold at EUR 470-490/t cfr bagged. Baltic producers have a meaningful structural advantage here, using natural gas-derived ammonia rather than imported ammonia, which keeps their cost base well below the competition. Poland has had a difficult time with dry weather, and Polish producers would arguably have welcomed some fast business for cash. One Polish producer cut the price of CAN and ASN in Poland this past week. Yara Extran for spot is GBP 500/t cpt bagged merchant. Imported granular AN 33.5 is offered for July onwards at GBP 470-475/t cpt bagged farm.
In France, LAT announced AN 33.5 granular at EUR 495/t cpt bulk France for May and June delivery. Litfert is offering prilled AN at EUR 485-495/t fca bagged for summer arrival.
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**Urea**
The urea market is essentially done for spot. Suppliers are quoting GBP 610-620/t cpt bagged farm but not selling anything to speak of. Around 5kt of Egyptian urea was sold last week for the UK, which about sums up the level of activity. New season offers have come back from GBP 610/t to GBP 595/t cpt bagged farm for June to December delivery at seller's option. At GBP 595/t divided by 46 and multiplied by 34.5N gives GBP 446.25/34.5N, and adding a 10% handicap for ureic nitrogen puts that at around GBP 491/t, which is roughly GBP 20-30/t above imported prilled AN. The maths does not flatter urea at these levels.
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**Nitrogen plus Sulphur**
ASN 27-10/12 SO3 has dropped from GBP 470-480/t to GBP 435-445/t cpt bagged farm. Yara Axan has fallen from GBP 485/t cpt to GBP 450/t bagged merchant. ASN 26N+37SO3 is quoted at GBP 475/t cpt bagged farm. Urea plus NBPT is trading at GBP 640-655/t cpt bagged farm, with GBP 640/t working out at approximately GBP 480/t per 34.5N.
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**NPK**
NPK 25-5-5 is steady at GBP 500-505/t cpt bagged farm. NPK 20-10-10 is stable at around GBP 510-515/t cpt bagged farm. Yara is shipping 4kt of NKS from Ravenna to Avonmouth.
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**TSP**
TSP remains firm at around GBP 595/t cpt bagged farm, equivalent to approximately EUR 636/t cfr bulk.
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**MOP**
Granular MOP has moved up GBP 5-10/t to GBP 380/t cpt bagged farm.
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**DAP**
DAP is quoted at the low end at GBP 750-765/t cpt bagged farm, with others offering at GBP 790-795/t cpt bagged farm, equivalent to around USD 1,009/t cfr bulk. Working the numbers, DAP would cost USD 990-1,030/t cfr bulk or GBP 790/t cpt bagged farm at current levels.
China Daily Review: On May 11, the national market price of urea declined. Upstream quotations remained relatively weak, and some enterprises saw limited success in reducing prices to attract orders. Market sentiment turned bearish, and trading activity significantly decreased. Downstream activities generally slowed down their procurement pace. Attention should be paid to the impact of the decline in upstream production capacity on the market.
On May 11, 2026, the national daily production of urea was 214,300 tons, a decrease of 10,900 tons from the previous day, with an operating rate of 85.44%. Overall, the market was experiencing weakness.
China Fertilizer Industry Chain Morning Briefing 2026-5-12
Urea: Based on the new order bookings from low-end urea producers in the main regions from the previous day, the market situation remains weak and stable, while companies with relatively high prices and sales pressure will likely follow suit by reducing prices slightly in the coming two days.
Synthetic Ammonia: The synthetic ammonia market in major production regions experienced a significant decline over the weekend and until yesterday. Supply pressure was relatively high, and there was still an expectation of further increases. Demand from downstream industries continued to decline, and improvements are unlikely in the short term. Overall inventory levels for ammonia producers are high. Currently, the focus is on reducing inventory through price concessions. However, downstream buyers tend to favour buying when prices rise rather than when they fall, leading to continuous market lows. There is also a strong regional interconnectedness, making it possible that ammonia prices could continue to decline.
Ammonium chloride: The domestic market for ammonium chloride remained stable yesterday. Downstream compound fertilizer companies experienced poor sales, leading to a decline in production rates. There was a need to replenish stocks of ammonium chloride. However, some caustic soda-ammonia plants were idled for maintenance. Companies were keen to maintain prices. Short-term supply and demand changes were minimal, and the price of ammonium chloride remained stagnant.
Ammonium sulphate: The domestic market for ammonium sulphate was weak and stable yesterday. Influences from end-user demand and export news have led to a lack of enthusiasm for purchasing ammonium sulphate domestically, putting downward pressure on prices and creating room for fluctuations. It is expected that the ammonium sulfate market may exhibit a trend of gradual decline in the short term.
Phosphate Fertilizer: The domestic market for MAP remained stable yesterday, with no significant changes in prices. Affected by market news, sentiment has shifted slightly, but overall fluctuations have been limited. Downstream purchasing activity has been relatively subdued, and the market is currently maintaining a stable and cautious stance for the short term. Yesterday, caution dominated the domestic DAP market. While the raw material cost base still provided strong support, demand from end-users was limited, and overall trading sentiment remained subdued. As affordable sulphur gradually becomes available, companies will begin signing new contracts. In the short term, the market will primarily focus on consolidation.
MOP: The domestic phosphate fertilizer market trended relatively stable yesterday. The overall supply of potassium chloride was tight, but downstream factory demand was not particularly strong. New orders were being finalized at a slower pace. Phosphate with a 60% content from Laos typically ranged from 3050 to 3370 yuan/ton. Domestic manufacturers of sulphuric acid phosphate fertilizers maintained their earlier pricing, but the production pressures on these manufacturers were evident.
Compound fertilizers: Urea has been persistently weak, which has had some impact on market sentiment. Coupled with the relatively low enthusiasm for high-end purchases by enterprises in the downstream and midstream sectors, new orders in the market have been relatively scarce. The number of enterprises reducing their workload and halting production continues to rise, while some actual orders are more flexible. However, the overall support provided by raw materials to the cost side has not diminished, thereby restraining the extent of price reductions. It is expected that the compound fertilizer market will operate weakly but relatively stable in the short term.
**Indonesia**: The following bids have been received in Pupuk's 11 May prilled urea sales tender, which seeks two 15,000t lots for loading in the third week of May from Lhokseumawe:
Aditya Birla (ABGT): USD 640s FOB
Oracle: USD 640s FOB
All other regular participants declined to bid. The producer's target price (Owner's Estimate / OE) has not yet been disclosed.
China Domestic Market
The overall atmosphere has remained weak since the weekend. There has been no news from the market. The demand for compound fertilizers has declined, and agricultural improvements have been minimal. In some main regions, individual factory prices have dropped to around 1780. In the short term, it will take time, a synchronization of prices and sentiments, and adequate stockpiling before the end of the month to see if there will be a buffer in the market.
**Hallgarten & Company — Growth Minerals Review, May 2026**
The Hallgarten team has put out an interesting piece this month, and the headline "It's All Go (except stock prices)" just about captures the mood. Fertilisers are firmly in the spotlight, and they make the reasonable observation that this isn't exactly a "rare" moment historically. We've been through geopolitical disruptions to fertiliser supply before. What makes this cycle feel different is the Strait of Hormuz closure layered on top of a market that was already tightening. Farmers had barely started to breathe again on pricing before March happened.
The phosphate story gets most of the column inches, and rightly so. Sulphur and ammonia being sold at a premium to fertiliser manufacturers means phosphate prices are structurally elevated regardless of what happens in the Strait. New projects are getting capital markets attention as a result.
In a genuinely intriguing move, Agnico Eagle, via its subsidiary Avenir Minerals, has acquired Fox River Resources and its Martison Phosphate Project near Hearst, Ontario, for CAD 94.3 million. The deposit is a high-grade igneous phosphate project originally conceived as a vertically integrated operation covering both fertiliser and LFP battery applications. Different fins in the water for the Canadian phosphate space.
ASX-listed PhosCo (PHO) released an updated MRE for its Gasaat project in Tunisia, reporting a total JORC resource of 166.6 million tons of phosphate rock at 20.6% P2O5. The strip ratio has improved significantly from 4:1 down to 0.4:1, and five prospects still remain to be defined. The stock is up over 90% year-on-year.
On potash, China's MOP imports for Q1 rose 29.3% year-on-year to around 4.5 million tons, with China sitting comfortably on a contract price of around USD 348-354/t while Brazil and the US are pushing toward USD 400-500/t. China is the big winner here, for now. Whether Russia and Belarus demand a market premium at the next contract negotiation is the question worth watching.
K+S had a strong Q1 with EBITDA of EUR 280 million, well above consensus, and has raised its full-year 2026 EBITDA forecast to EUR 630-730 million, largely on the back of Brazilian potash demand. MOP prices in Brazil are already around USD 400/t, a premium of more than USD 50/t versus end-2025.
The Hallgarten team also visited Brazil Potash's Autazes site in Amazonas and came back constructive. The project has clearly crossed from explorer to developer, with site preparation for the processing plant and port terminal well advanced. The investment thesis remains Brazil's fertiliser independence, fitting neatly into the government's National Fertiliser Plan for the world's biggest potash importer.
On wheat, Hallgarten flags a confluence of issues: US plantings are at a century low, weather disruption is affecting the western hemisphere, higher fertiliser costs are dampening output ambitions elsewhere, and the Russia-Ukraine risk premium continues to linger. CBOT wheat has been trading in the USD 6.00-6.70/bushel range and looks volatile for some time yet.
The US CVD situation on Moroccan phosphates gets a sharp editorial from Hallgarten, and it is hard to disagree. The US government simultaneously wants to reshore fertiliser supply and penalise imports from Morocco, while remaining deeply reliant on Canadian and Russian potash. As Hallgarten puts it, you can't have your cake and eat it too. Without fertilisers, the cake is a foregone conclusion anyway.
Hallgarten report can be downloaded in Vantage section…..
Sulphur Prices
Middle East: USD 753 FOB
China: USD 910 CFR
Market Conditions: Copper and Nickel Smelters
The global smelting sector is under significant strain. Despite elevated metal prices, midstream processors are being squeezed by concentrate shortages, feedstock constraints, and rising input costs. The industry has shifted from expansion to survival mode.
Copper Smelting
Treatment and refining charges (TC/RCs) have collapsed, reflecting an acute concentrate shortage. Spot processing margins are deeply negative, forcing smelters to rely increasingly on by-product revenues, particularly sulphuric acid and precious metals, to offset core losses. Major Chinese operators have begun cutting output and scheduling maintenance in response.
Nickel
Indonesia's nickel industry faces a widening feedstock gap as administrative quota restrictions limit ore availability, pushing operators to cut utilisation or source more expensive imported material. Sulphur supply disruptions linked to Middle Eastern logistics are adding further pressure on HPAL operations, where sulphuric acid is a critical input for EV-grade nickel production.
Sulphuric Acid
Sulphuric acid has emerged as the primary bottleneck across both processing chains in 2026. China's export restrictions and ongoing sulphur trade route disruptions have sharply tightened global availability, driving spot prices higher and elevating acid from a by-product to a strategically critical material. For integrated smelters, acid revenues are now propping up overall profitability, while non-integrated operators face growing financial stress.
Industry Structure and Trade Implications
Vertically integrated operators with secured raw material pipelines are increasingly advantaged. Smaller, less integrated smelters face volatile input costs and narrowing margins, conditions that are likely to drive consolidation, extended downtime, and restructuring across the midstream sector.
Outlook
The near-term picture remains difficult. Without material improvement in raw material availability, further production cuts and operational rationalisation appear increasingly likely through the coming quarters. Feedstock security, vertical integration, and access to sulphuric acid have become the defining competitive advantages in an increasingly constrained market
Company News
**Company News**
**Nutrien** had a strong start to 2026, with Q1 net profit coming in at USD 139 million, global sales up 19% and potash trading volumes at record levels.
**Ma'aden** posted a USD 436 million profit in Q1, with phosphate production higher despite continued pressure from sulphur and logistics costs — a solid result given the headwinds.
**Jordan Phosphate Mines Company** reported Q1 profit of 111 million dinars, with phosphoric acid production up 40%. Worth watching.
**Misr Phosphate** hit 4.02 million tons in production and is pressing ahead with fertiliser and phosphoric acid projects alongside Indorama. The Egyptian state sector quietly getting on with it.
**Peruvian phosphate rock** exports grew 3.6% in Q1 to 1.3 million tons, with US demand the main driver.
**Saudi urea** exports slipped 2.5% in 2025 to 4.33 million tons, with Asia remaining the primary destination. The Hormuz situation will make 2026 comparisons interesting, to say the least.
**Indonesian ammonia** exports rose 8.2% in Q1 to 412,000 tons, with South Korea and India the top buyers.
**Indonesian sulphur** imports fell 30.3% in Q1 to 966,100 tons — 71% of that volume originating from the Persian Gulf, which tells you everything about the exposure to current disruptions.
**Colombia** added solid sulphur capacity via a new Ecopetrol plant at the Cartagena refinery, with potential output of up to 1,000 tons. A small but notable addition to regional supply.
**Brazil ammonium sulphate** imports were the headline nitrogen story through April, up 17.3%, while urea purchases fell by over 20%. Buyers clearly shifting their nitrogen sourcing — worth monitoring how that develops into the second half.
**Brazilian fertiliser deliveries and production** both declined in the first two months of 2026, with Mato Grosso holding its position as the leading receipts state.
**Petrobras** resumed urea production at Ansa and consolidated the reactivation of Fafens, with R$870 million invested and meaningful progress in the domestic market. Brazil quietly rebuilding its domestic nitrogen base.
**UFN-3 at Três Lagoas** moved a step forward with Petrobras naming the companies responsible for completing the works. The numbers are significant — estimated investment of R$5 billion, restart targeted for 2027 and commercial operation in 2029. One to watch for the longer-term Brazilian supply picture.
**Brazil Potash** raised USD 63.3 million in a public offering to fund working capital and advance its potash project in Autazes, Amazonas. The Amazonian potash story continues to inch forward.
**Mosaic** completed the sale of the Carlsbad mine for USD 30 million. The incoming owner is targeting a doubling of potash production capacity within five years — ambitious, but the market backdrop arguably supports the logic.
**YPFB** is planning to sell over 87,000 tons of urea into the Bolivian domestic market in 2026, following a drop in exports earlier this year. Domestic prioritisation becoming a theme across producing nations.
**China Domestic Market: (Weekly Update)**
**Urea**
The domestic urea market drifted lower last week. Demand softened gradually, new orders from downstream were slow to arrive, and that initial price premium which had been supporting the market has largely evaporated. Supply remained high, and the overall mood was one of stalemate — nobody in a rush to buy, nobody in a rush to sell. Without a meaningful catalyst in the short term, a period of weak consolidation looks to be the most likely outcome.
**Synthetic Ammonia**
A mixed picture across the main production regions, with downward pressure still the dominant trend in many areas. Hubei saw a brief post-holiday rebound as logistics resumed, but beyond some port consolidation, underlying demand showed no real improvement. Supply remained relatively loose, with cheaper material undercutting higher-priced shipments. Short term, further declines in ammonia prices cannot be ruled out.
**Ammonium Chloride**
Broadly stable, though the surface calm masks some fragility. Integrated alkali producers are focused on clearing existing stock rather than chasing new high-level orders, and those new orders are thin regardless. Downstream compound fertiliser output has continued to fall, pulling ammonium chloride demand lower with it. Add in the overhang from earlier low-priced inventory and the short-term direction looks weak.
**Ammonium Sulphate**
Caution was the mood in amsul last week. Brazilian gran market bids came in on the soft side, which did nothing to encourage procurement confidence domestically. With no significant shift in international nitrogen fertiliser demand, amsul looks set to remain weak and range-bound near term.
**Phosphate Fertiliser (MAP/DAP)**
MAP steadied after last week's price increases, with Hubei factory prices for 55% powder reported around 4,300 yuan/t, though actual transaction levels remain subject to negotiation. The key driver, as ever, is raw materials — and the specifics around sulphur supply guarantees are still being watched closely. Downstream demand has been limited, and the near-term trend looks stable with a consolidation bias.
DAP held a cautious, wait-and-see tone. Raw material costs remain elevated, squeezing production economics, and downstream buyers are largely sitting on their hands pending clearer policy signals. Consolidation is expected to persist with little new order activity in the short term.
**Compound Fertilisers**
Moderate fluctuations last week, with the top end of sulphur-based fertiliser pricing showing some movement. Mainstream factory prices for 45% S (3*15) were referenced at 3,250-3,500 yuan/t. Raw material support is still there, but poor demand release has kept buyers cautious at these levels and trading has been subdued. A gradual recovery in sentiment is possible, but for now the market looks set to hold broadly stable.
Market analysis for today.
The overall atmosphere has remained weak since the weekend. There has been no news from the market. The demand for compound fertilizers has declined, and agricultural improvements have been minimal. In some main regions, individual factory prices have dropped to around 1780. In the short term, it will take time, a synchronization of prices and sentiments, and adequate stockpiling before the end of the month to see if there will be a buffer in the market.
Why Are Fertilizer Prices Still Rising?
In 2026, the phosphate market is no longer about comparing fertilizer prices alone.
The real pricing equation now includes:
raw materials (rock phosphate and phosphoric acid) + logistics + insurance + geopolitical risk = true delivered cost
What the market is telling us:
Rock phosphate at origin has been relatively stable in some corridors, but that does not mean the market is calm.
Jordanian rock phosphate (68–70% BPL) is still quoted around $135–152/MT FOB Aqaba.
Syrian rock phosphate (64–66% BPL) is around $110/MT FOB Tartus (Depends on the Destination, Europe or Asia), while Moroccan material has previously traded in a much wider range of $169–263/MT FOB.
So yes, the upstream market for rock looks softer in some places, but downstream prices are telling a different story.
Phosphoric acid and finished fertilizers remain under pressure
JPMC lifted its phosphoric acid price for Q2 2026 to $1,360/MT P₂O₅ CFR India, while global DAP was reported around $865/MT CFR India — roughly 20% higher than before. MAP and NPK are not insulated from this trend.
Logistics has become a price driver on its own
Congestion in regional ports, sharply higher bunker costs, much higher war-risk insurance, and slower and more expensive land transport — especially on Turkey-to-Iran routes — are all adding cost and uncertainty.
The takeaway for Persian Gulf Countries:
For producers and buyers, profitability is no longer tied only to the cost of feedstock.
It now depends on:
delivered cost
transit risk
route security
sourcing flexibility
The domestic fertilizer pricing structure for 2026 reflects the same reality: even small shocks in raw materials or freight can move final product economics significantly.
China Morning Briefing 2026-5-11
❤Urea: The domestic urea market experienced a modest decline last week. Demand gradually weakened, and new orders from downstream industries were slow to materialize. Enterprises in major regions faced pressure on their orders, causing prices to fluctuate accordingly. The market’s initial premium had significantly narrowed. Meanwhile, supply remained high, and there was a strong atmosphere of stalemate and cautious observation within the market. Without any significant stimulus in the short term, the market is likely to remain in a state of weak consolidation.
❤Melamine: The domestic melamine market experienced a strong upward trend last week, with companies primarily focusing on coordinated price increases. Limited changes have occurred in the short-term fundamentals of supply and demand. Companies prioritize sales, and prices are likely to remain stable. Attention should be paid to the purchasing sentiments of downstream users and the operational status of company facilities.
❤Synthetic Ammonia: The synthetic ammonia market in major production regions saw mixed developments last week, with many areas still experiencing downward trends. In Hubei Province, prices rebounded after the holiday period as logistics resumed, but apart from port consolidation, demand did not show any improvement. Overall supply remained relatively loose, with low-priced sources impacting the market and high-priced shipments being hindered, leading to a decline in prices. Short-term prospects for the supply side indicate potential for further improvement, and there is still a possibility of further declines in ammonia prices.
❤Ammonium chloride: The domestic market for ammonium chloride last week saw a relatively stable performance, with some new orders showing minor fluctuations at higher levels. Currently, integrated alkali enterprises continue to prioritize pending shipments, but the number of new high-level orders received is limited. The production of downstream compound fertilizers has continued to decline, and the demand for ammonium chloride has shrunk. Coupled with the impact of earlier low-level inventory, it is expected that the market for ammonium chloride will remain weak in the short term.
❤Ammonium sulfate: There was a strong atmosphere of caution in the ammonium sulfate market last week. The prices quoted by the end-user Brazilian granular market were not high, affecting the industry players’ mindset regarding raw material procurement. Considering that there has been no significant change in the international demand for nitrogen fertilizers, it is expected that the short-term market for ammonium sulfate will remain relatively weak and fluctuating.
❤Phosphate Fertilizer: After experiencing price increases last week, the domestic market for monoammonium phosphate stabilized. In Hubei, the factory price of 55% powder was reported at 4,300 yuan/ton, with actual negotiations taking place. The factors influencing price fluctuations remain closely tied to raw materials. The specific details of sulfur supply guarantees are still under observation. Demand from downstream industries has been limited, and the market’s short-term trend is expected to remain stable with some consolidation.
Last week, the domestic diammonium phosphate market continued to remain stable and cautious. Raw material prices remained high, putting increasing pressure on companies’ production costs. Demand was tepid, and downstream businesses largely continued to adopt a wait-and-see attitude, waiting for clearer information on policy developments. In the short term, the market is expected to maintain its current state of consolidation.
❤Phosphate Fertilizer: The domestic phosphate fertilizer market maintained a strong price trend last week. The available supply for market sale was limited, resulting in generally firm prices from traders. However, downstream factory demand was not active, and most transactions involved small orders. The supply of resource-based sulfate potassium was tight, while the production and sales of processed Mannheim sulfate potassium were largely balanced.
❤Compound fertilizers: The domestic market for compound fertilizers experienced moderate fluctuations last week, with the high-end prices of sulfur-based fertilizers showing some movement. Currently, the reference price for 45% S (3*15) mainstream factory prices stands at 3,250-3,500 yuan/ton. Although the raw material support remains, due to poor demand release, downstream buyers have been cautious about high-priced purchases, resulting in a relatively subdued trading atmosphere. Market sentiment is expected to gradually recover, and compound fertilizers are projected to maintain a stable trend in the short term.