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Morning. After L1 price discovery on Fri, Int'l paper bids initially pulled back before finding support, and then returning to levels seen previously, w/ activity seen on Nov AG and Dec Brazil. Mkts framed close of week.
AG
Oct $390//$398
Nov $397//$403 – traded $394, $391, $395 Fri
_[Nov traded $405-$391 range last week]_
Dec $385//$398
Cfr Brazil
Oct $418//$422.50
Nov $402//$409
_[Nov traded 416-$409 range l/w]__
Dec $395//$405 – traded $397 Fri
Jan $390//$403
Egypt
Oct $427//$440
Nov $405//$425
Dec $395//$420
Brazil Amsul
Oct $180//$185
Nov $182//$187
_[Nov traded 184 l/w]__
Nola
Phys: Jan traded $378, Feb $385 Fri
Paper:
Oct $375//$385
Nov $370//$380
Dec $376//$382
Jan $375//$382 – traded $377 Fri
Feb $380//$390
Mar $390//$405
UAN Nola
Oct $320//$330
Nov $300//$325
Dec $285//$315
DAP Nola
Oct $760//$770
Q4 $710//$740
Q1 $685//$715
MAP Brazil
Oct $660//$675
Nov $645//$665
China morning report 20th October 2025
❤ Urea:
Last week, the domestic urea market stabilized after a period of decline, with some low-end prices seeing a slight rebound. Given the current supply-demand imbalance, prices rose briefly but lacked strong support, leading to cautious sentiment among market participants. The market remains in a stalemate with a strong wait-and-see atmosphere. In the short term, prices may fluctuate at low levels.
❤ Synthetic Ammonia:
The synthetic ammonia market shows cautious supply-demand dynamics. Considering expectations of recovery from previous equipment failures, new capacity releases, and potential weakening of supply-demand during major northern events and transport restrictions, the market atmosphere remains cautious and stagnant.
❤ Ammonium Sulfate:
Last week, the domestic ammonium sulfate market surged strongly, driven by tightened supply and active buying from users, pushing transaction prices higher. However, as prices rise, market caution increases. With no clear support from international terminals, the short-term market is expected to remain in a stalemate with potential localized pullbacks from high levels.
❤ Ammonium Chloride:
Last week, the domestic ammonium chloride market continued to operate at low levels. Persistent rainy weather in many regions hindered compound fertilizer sales, leading to poor order intake for ammonium chloride producers and rising inventories. Short-term demand is unlikely to improve, and the market is expected to remain weak.
❤ Melamine:
Last week, the domestic melamine market edged downward, with companies adjusting prices flexibly. As previously halted producers gradually resume operations, supply pressure is increasing, putting downward pressure on the market. Continued attention is needed on raw material trends, awaiting positive signals.
❤ Potash Fertilizer:
Last week, domestic potash fertilizer prices showed a gradually firming trend. Although some varieties saw extremely low prices, increased inquiries among traders led to firmer quotations. Domestic potassium sulfate producers still have low operating rates, facing significant sales pressure and lackluster shipments.
❤ Phosphate Fertilizer:
Last week, the domestic monoammonium phosphate market saw a slight improvement in sentiment. Driven by a sharp rise in raw material sulfur prices and follow-up increases in sulfuric acid, cost pressures intensified, causing low-end supply to disappear and prices to edge up. Hubei 55 powder was quoted around ¥3,300/ton ex-factory, with some factories suspending quotations and inquiries increasing. However, downstream demand has not significantly improved, and the market is expected to remain in consolidation and observation in the short term.
Last week, the domestic diammonium phosphate market remained sluggish, with significant cost pressure. Enterprises mainly focused on fulfilling pending orders. Weather conditions slowed terminal demand release, and overall market activity was subdued. Most participants maintained a wait-and-see attitude, and the market is expected to continue consolidating in the short term.
❤ Compound Fertilizer:
Last week, the domestic compound fertilizer market saw narrow-range consolidation. In North China, delayed autumn harvest and planting sustained grassroots fertilizer use, and many enterprises focused on inventory reduction. Some seasonal formulations were open to negotiation. Additionally, rising sulfur and sulfuric acid prices led to upward adjustments in low-end sulfur-based fertilizer prices. However, distributors remain cautious about the future, and compound fertilizer prices are expected to remain stable and in consolidation for now.
Aramco CEO: “The Energy Transition Has Failed”
$11 Trillion Spent, Yet Hydrocarbons Still Supply 80% of Global Energy
Saudi aramco CEO Amin Nasser made one of the most blunt assessments yet of the global energy transition:
“Much of the promised progress has not been delivered… Thankfully, the narrative is finally shifting”
🌍 Global energy demand ↑ 40 million boe/day over the past decade.
🛢️ 66% of that new demand was met by oil, gas, and coal not renewables.
💰 $11 trillion spent globally on wind, solar, and clean energy since 2010.
⛽ 80% of total primary energy consumption still comes from hydrocarbons.
⚡ AI & data centers could consume 4× more electricity than all EVs combined by 2030.
Nasser argued that alternative energy has added to, not replaced, hydrocarbons a view echoed by traders and oil majors now doubling down on fossil fuel investment after years of underfunding.
He highlighted three key narrative shifts now underway:
1️⃣ Acknowledgment that renewables supplement, not substitute, traditional fuels.
2️⃣ Recognition that oil & gas are “locked in for decades.”
3️⃣ A wave of political U-turns as governments confront energy reality vs. ideology.
Despite $11 trillion in green spending, coal demand is rising, oil use is hitting record highs, and AI-driven electricity demand is rewriting consumption forecasts.
This is not a transition it’s an expansion
Morning. Int'l paper interest largely sideways y'day in absence of formal price discovery/further news from India. Nola paper saw Dec repeat trade high-$370s, while Jan traded $386. Mkts framed:
AG
Oct $395//$403
Nov $397//$403
Dec $387//$400
Cfr Brazil
Oct $420//$428
Nov $403//$410
Dec $395//$410
Egypt
Oct $427//$440
Nov $417//$430
Dec $410 Buyer
Brazil Amsul
Oct $180//$185
Nov $182//$187
Nola
Paper:
Oct $375//$385
Nov $375//$380
Dec $374//$380 – traded $378
Jan $380//$388 – traded $386
Feb $385//$395
Mar $395//$405
UAN Nola
Oct $320//$330
Nov $300//$325
Dec $285//$315
DAP Nola
Oct $755//$770
Q4 $710//$740
Q1 $685//$715
MAP Brazil
Oct $660//$680
Nov $645//$665
-UREA PRICES HANG IN THE BALANCE ALL SUBJECT TO THE LOWEST PRICE OFFERED IN THE INDIA TENDER
-PROCESSED PHOSPHATE PRICES ARE UNDER PRESSURE
-POTASH PRICES ARE STABLE BUT EXPECTED TO SEE SOME DECLINE IN THE NEAR FUTURE
-AMMONIA PRICES ARE BULLISH DUE TO OUTAGES OF PRODUCTION
UREA
Urea prices hang in the balance all subject to the lowest price offered in the RCF India tender.
The market is impatiently waiting for price direction from the India RCF tender which saw offers from 25 companies for a total of 3.66 mill MT. India is seeking a total of 2 million MT. It is expected that some of the offered volume after being reduced by double counting, will be left with volumes to be placed in other markets.
Rumours are flying left right and centre on pricing with most thinking prices will be anywhere in the USD 400-410 PMT CFR with some indicating USD 395 PMT CFR as L1. If that happens it will turn the RCF tender upside down with few companies willing to entertain this level. Time will tell, but if at the lower range the netback to the Middle East will be around USD 390 PMT FOB and the Baltic prilled urea sub USD 350 PMT FOB.
The market is still subdued with just a handful of trades, or position taking that is. Dangote is reported to have sold 2×30 KT at USD 390 PMT FPB, down from USD 400 PMT FOB last week. Qatar Energy reported a sale of 45 KT granular urea just a few days before the RCF tender at USD 410 PMT FOB. Market sources are saying the cargo was bought by ARAMCO with destination Turkey which is duty free for Qatar.
A small cargo of granular urea is reported sold to the Philippines at USD 415 PMT CFR with a netback at USD 400 PMT FOB Kaltim, Indonesia. BFI is rumoured to have sold 30 KT of granular urea at above USD 400 PMT FOB with LAM destination – Chile is duty free for Brunei product, along with Malaysia origin.
Again, China is at the centre stage with no news of another export allocation, but it is estimated that around 250 KT is still available from the current allocation. CIQ applications had to be in by the 15th of October with shipment of cargoes by the end of the year.
South Korea urea imports for Jan-Sept saw a 9% decline at 537KT. China was the largest source at 184 KT with Vietnam at 113 KT and Qatar at 76 KT followed by Saudi Arabia at 56 KT.
The outlook for the urea market is soft with a large volume of non-committed India products needing to find another home.
PHOSPHATES
DAP markets turned increasingly bearish this week as a lack of spot demand left sellers competing to place cargoes. Still, prices remain high compared with historical levels and phosphates remain expensive relative to downstream agricultural commodities and other fertilizer nutrients. The key India DAP spot benchmark declined to $747-760/t CFR from $771-778/t based on latest business, with current sentiment suggesting further declines are likely. The assessment had been stable at $810/t CFR for three weeks before starting to decline seven weeks ago. It is still up from $632-634/t CFR at the end of February and $690-700/t CFR at the start of May. The high end of the range was now unlikely on new business, with offers now falling to the $740s/t CFR while buyers were countering in the low $730s/t CFR. Arrivals remain strong, stocks have increased, and buyers are reluctant to commit to fresh purchases in a softening market, especially as the DoF is yet to confirm subsidy rates for the coming Rabi season.
MAP import prices in Brazil are pegged down a further average of $10pt wk-on-wk at $670-680pt cfr although some unconfirmed reports now suggest availability at much lower levels as supply continues to outweigh demand.
One local source in Brazil reported inland and seaborne MAP sales down to just $640-650pt cfr including for domestic production sold on a dpu Paranagua basis. Suppliers are suggested to be desperate to shift tonnes.
Still, some suppliers contend that no sales of imported MAP are being concluded inland below $670-680pt cfr equivalent for now.
The Brazilian market reportedly has high stocks of Chinese NPs which are being sold at lower nutrient-equivalent levels compared with MAP 11-52 products. These stocks are said to be decreasing.
Domestic DAP prices are seen flat again in China this week though increased production costs are squeezing domestic returns. Government policy of ensuring supply and stabilising prices remains the main factor defining domestic prices with low grain prices and high rains in China also limiting demand somewhat.
Domestic DAP prices are again seen at CNY3,500-4,000pt exw ($491-561pt), down $1pt wk-on-wk on currency fluctuations. The high end of prices is in Shandong, with the mid-range in Hubei and southwest China activity at the low end. Unconfirmed reports now suggest sales as high as CNY4,100-4,150pt exw but these have not been confirmed.
Maximum domestic DAP prices were previously set at CNY3,950pt delivered for East China regions and CNY3,600pt delivered for North China regions.
Despite recent price declines for exports, the discount for domestic DAP returns remains as much as $230pt.
DAP lite (57%) prices in China over recent weeks edged higher, reaching roughly $480-500pt exw in East China.
NPK T15/16 prices in Southeast Asia are generally reported down $35pt over the last month at $450-470pt cfr from $490-500pt cfr, with demand extremely low on weak affordability.
Bids are now indicated as low as $420-430pt cfr while there remain unconfirmed reports of container activity above $500pt cfr. Bulk offers are generally reported around $470pt cfr.
Increases in DAP prices and the halt in Chinese NPK exports, along with limited Russian supply, had helped push up NPK prices in the region. However, drops in rice prices halted sales over the last month and latest declines mean the Baltic return on bulk T15/16 is now no higher than $410pt fob Russia from Southeast Asia.
Prices are expected to continue declining through Q4 as buyer resistance to high prices grows across the globe, with buyers less desperate than earlier in the year. Still, prices are likely to remain historically high given limited overall global availability.
MOP
Global potash benchmark movements remained limited, with the market primarily focused on early talks surrounding upcoming contracts, despite no formal negotiations yet underway. Both India and China are due to renew contracts for the coming period in the next couple of months.
China’s current contract price is USD 346 PMT CFR whilst India is at USD 349 PMT CFR.
The Southeast Asian MOP market remained stable this week, as producers gained more confidence following last week’s IFA Crossroads conference. While some sellers have raised offers within the existing price range, but have faced some resistance from buyers. This steady environment is likely to support global potash sentiment ahead of contract talks in China and India. The Brazilian MOP market showed little change as demand ticked up marginally. While producers maintain offers near $360/t CFR, many deals include extended payment terms that effectively lower prices. Confirmed transactions are modest, and the market’s attention is now on November loading volumes.
Potash prices are expected to remain stable in the near term, though downside pressure may build in the coming months.
AMMONIA
Ammonia prices were firmer again although it proved to be a quiet week for new business, and the market remains extremely tight with outages in Saudi Arabia and in the US at Mosaic’s Faustina plant. There seems little relief in sight for importers in the short term. In northwest Europe buyers are resisting offers beyond $620-630/t CFR, and no new spot business has been reported. There is some talk of the possibility of demand destruction should prices push higher. Morocco's OCP has also been active in the spot market in recent weeks, adding to the upwards pressure on prices. Export values from Algeria are now the highest since February 2024. The benchmark has advanced as much as 58%, or $220/t, from a low this year of $380/t FOB in June. Middle East spot tonnes are very limited, and Trinidad’s exports are expected to drop in November due to natural gas curtailments. Production at AOA in Algeria is poor and availability is reduced. Sorfert is thought to have some availability in H2 November but there is now no talk of Abu Qir’s 10,000 t spot cargo suggested for late-October loading. East of Suez prices are firming with spot demand in India amid ongoing contractual deliveries. Speculation was rife late 16 October of a Chinese spot cargo sold into Haldia in northeast India at $497/t CFR, but this could not be confirmed at the time of writing 16 October. Some suggest the cargo was priced under formula. With Ma’aden’s MPC outage expected to persist through the end of the year and no immediate supply relief visible from other regional producers, Indian buyers are increasingly seeking spot tonnes. Petronas has no plans for a turnaround at present, which presents some succour for buyers, as does the return of Parna Raya’s 550,000 t/year plant at Bontang from maintenance last week. The market may be near a ceiling in the west but likely has further to climb in the east.
Phosphammonium Market Review:
Yesterday, the atmosphere in the domestic monoammonium phosphate market showed a slight improvement, with prices showing a steady increase. In Hubei, the factory-gate price of 55% powder was 3,300 yuan/ton. Some factories temporarily suspended taking orders. The raw material, sulfur, remained at a high level, and the price of sulfuric acid continued to rise. The increased cost put pressure on prices. Additionally, there were some inquiries, leading to a potential price increase. However, overall downstream demand was relatively weak, restricting the extent of any potential price rise.
Yesterday, the domestic diammonium phosphate market continued its stagnant trend. The cost pressure persisted, and enterprises mainly focused on fulfilling orders from previous expectations rather than signing new contracts. The trading atmosphere was relatively subdued, and the release of end-user demand did not meet expectations, leading to a lack of follow-up transactions. As a result, the market remained in a state of stagnation and consolidation in the short term.
2. Market Hot Spots
① The market price of monopotassium phosphate has shown a steady increase.
② The market for diammonium phosphate continues to be in a state of stalemate and cautious observation.
China Morning Briefing dated October 17, 2025:
—
Phosphate Rock:
Supply remains stable. On the demand side, affected by the decline in the operating rate of the phosphate fertilizer industry, new orders are mainly focused on fulfilling previous contracts. Shipments of medium- and low-grade phosphate rock have increased, and trading activity has significantly improved.
Agricultural Ammonium Phosphate:
Yesterday, the domestic monoammonium phosphate (MAP) market atmosphere slightly improved, with prices stabilizing or rising. Hubei 55% powder ex-factory price was 3,300 RMB/ton, with some factories suspending order intake. Raw material sulfur remains high, sulfuric acid prices continue to rise, and cost pressures persist. Coupled with some inquiries, prices are tentatively rising, but overall downstream demand remains weak, limiting the increase.
The domestic diammonium phosphate (DAP) market continued its stalemate yesterday. Costs remain under pressure, and companies are mainly delivering previously scheduled orders, generally postponing new contracts. Market trading sentiment is flat, terminal demand release is below expectations, and actual transactions are insufficient. In the short term, the market is expected to continue consolidating.
Industrial-Grade Monoammonium Phosphate:
Yesterday, industrial-grade MAP remained stable. The mainstream market average price for 73% industrial-grade MAP was around 5,750 RMB/ton, with actual negotiations on a case-by-case basis. Trading is demand-driven, with Xinjiang winter storage mostly in a wait-and-see mode and cautious operations. In the short term, industrial MAP prices are rising slightly. Future trends depend on downstream demand and raw material conditions.
Yellow Phosphorus:
The domestic yellow phosphorus spot market remained weak and stable. Mainstream transaction prices in Yunnan, Guizhou, and Sichuan were 21,550–21,700 RMB/ton. Major producers, relying on orders, are not selling at low prices externally. The mainstream market quote remains at 21,600 RMB/ton. However, the loose supply-demand structure is hard to resolve in the short term. Downstream demand continues to suppress prices, with strong bearish sentiment. Traders are cautious in taking orders. In the short term, most traders and downstream players are likely to remain on the sidelines, making it difficult to increase trading volume. Next week, holders’ sentiment may weaken amid the stalemate between industry and trade, and the market may continue to operate weakly.
Phosphoric Acid:
Yesterday, thermal-process phosphoric acid raw material yellow phosphorus remained weak. Downstream phosphate demand was flat, causing transaction prices to approach the bottom. Wet-process purified phosphoric acid raw materials remained high. Mainstream enterprises maintained stable operations, but competing thermal-process phosphoric acid prices were low, indirectly pressuring wet-process phosphoric acid negotiations. In the short term, the market is watching yellow phosphorus price trends. In Sichuan, thermal-process purified phosphoric acid ex-factory prices were 6,150–6,200 RMB/ton, with actual deals negotiated by volume.
Dicalcium Phosphate (DCP):
Yesterday, the DCP market remained stable. Enterprises mainly focused on delivering previously scheduled orders, generally postponing new contracts. Market trading sentiment was flat, and terminal demand release was below expectations, leading to insufficient follow-up transactions. In the short term, the market is expected to continue consolidating. Current mainstream reference prices:
• Yunnan trade market: ~3,080 RMB/ton
• Sichuan trade market: 3,150–3,180 RMB/ton
• Hubei trade market: 3,350 RMB/ton (tight supply)
• Yunnan monocalcium/dicalcium: 4,260–4,270 RMB/ton
• Guizhou monocalcium/dicalcium: 4,320 RMB/ton
• Yunnan monohydrate DCP: 4,650–4,660 RMB/ton
• Guizhou monohydrate DCP: 4,730–4,750 RMB/ton
Pesticides (Glyphosate):
The glyphosate market showed a stable-to-strong trend. Mainstream transaction prices remained high. Recently, overseas formulation orders have increased, raising expectations for trader activity. Reference price for 95% glyphosate technical: 27,500–28,300 RMB/ton, with actual deals negotiated case-by-case.
Sulfur:
Yesterday, the domestic sulfur spot market fluctuated at high levels. Yangtze River port granular sulfur spot reference price was 3,070 RMB/ton, down 0.16% from the previous day. Market trading sentiment cooled significantly. Terminal bulk purchases and electronic deliveries are winding down, and staged demand has been released. Additionally, a refinery’s sales tender with a 2,950 RMB/ton floor price failed, further dampening market activity. However, the strong USD market and a southern refinery’s 3,030 RMB/ton tender result provided strong support for domestic spot prices. Sellers generally held back from selling. The domestic sulfur market remained stable. Shandong liquid sulfur prices continued to rise, with high-end prices reaching 2,765 RMB/ton. The northwest market followed suit, with reference prices rising to 2,600–2,780 RMB/ton. Today’s focus is on spot market trading activity.
Sulfuric Acid:
Yesterday, the domestic sulfuric acid market saw localized price increases. Due to persistently high sulfur prices and consecutive acid price hikes in surrounding areas like Hubei and Jiangxi, plus some acid units in the region under maintenance, Hunan sulfuric acid prices rose another 60 RMB/ton. With high costs and demand support, downstream procurement sentiment was good. With low inventory, Zhejiang’s major smelting acid companies raised prices by 50–70 RMB/ton yesterday. Current prices:
• Hunan: 98% smelting acid ex-factory price 480–600 RMB/ton
• Hubei: 98% smelting acid delivered price 580–680 RMB/ton
Iron Phosphate:
Anhydrous iron phosphate prices remained flat. The tug-of-war between upstream and downstream continues. Sellers quoted 10,000–11,000 RMB/ton, while buyers offered 10,000 RMB/ton or less to 10,500 RMB/ton. On the production side, driven by terminal market demand, iron phosphate operating rates hit new highs. Mainstream producers maintained high-load operations, while a few producers temporarily shut down due to raw material fluctuations. On the demand side, attention is focused on energy storage orders and heavy truck demand. With downstream product upgrades, the iron-based process is expected to gain market share.
Lithium Iron Phosphate (LFP):
The LFP market is mainly consolidating. Lithium carbonate spot prices are weak, iron phosphate prices are stable, and LFP costs are under pressure. Terminal new energy vehicle production and sales are booming, significantly boosting demand. Traders are watching for raw material supply disruptions and downstream demand changes.
• Today’s power-type LFP transaction price: 33,200–36,200 RMB/ton
• Energy storage-type LFP transaction price: 32,200–34,150 RMB/ton
Synthetic Ammonia:
The supply-demand atmosphere for synthetic ammonia has locally improved. However, due to weak urea market performance and some production switching, overall supply and demand remain weak. This makes price increases cautious. Still, low-price orders have improved, and there is an expectation of stable-to-rising prices.
Compound Fertilizer:
Yesterday, the compound fertilizer market showed little fluctuation. With improved sentiment in raw materials like urea and MAP, the decline in compound fertilizer prices has slowed. In most of North China, autumn fertilizer sales are wrapping up, and companies continue to de-stock seasonal products. In the short term, the compound fertilizer market is expected to stabilize and consolidate. Key factors to watch include raw material trends, weather, and downstream demand.
Hydrogen Peroxide:
Yesterday, the northern hydrogen peroxide market saw a slight upward shift. Supply fluctuated slightly. Major producers focused on digesting previous price increases. Inventories were not under pressure, and trading was acceptable. In Anhui, supply-side operations were stable, and producers were not under pressure. The main production areas in the north and south are expected to remain stable in the short term.
Market hotspot
① Phosphoric acid monoammonium salt – The utilization rate of capacity for this period was 54.41%, a decrease of 7.22% from the previous period; Phosphoric acid monoammoniac salt – The utilization rate of the capacity for this period was 54,41%, a decrease of 7,22% from the previous period.
② Diammonium phosphate – During the week, the operating load of the diammonium phosphate production facility decreased slightly due to some units undergoing maintenance or reducing production. Overall, the supply volume was lower than the previous week. The production volume for this period was 276,900 tons, a decrease of 56,000 tons or 1.98% compared to the previous period. The utilization rate was 57.79%, a decrease of 1.17% from the previous period. The reduction in production was mainly due to the maintenance or reduction in production of some units in Hubei Province. No capacity adjustments were made during this period; the base figure is 20.73 million tons/year.
Estimated spot price:
It is anticipated that the balance between production and sales of phosphorus ore will be maintained in the next period, with major mines remaining strong. Overall, the phosphorus ore market is expected to remain stable until the end of the year. However, attention should be paid to structural changes. Due to the restrictions on mining during the New Year holiday in the southern main production areas and the regular shutdown of high-altitude phosphorus ore mines in Hubei, there will be a seasonal contraction in the supply. Although the recovery of phosphorus fertilizer production is not as expected, the price of the mineral remains stable given the tight balance between supply and demand.
Early analysis of sulphur:
Yesterday, the high level of the domestic sulfur spot market was mainly fluctuated and adjusted, and the spot reference price of grain sulfur at Yangtze port was 3,070 yuan / ton, slightly down 0.16 percent from the month before. The market trading atmosphere decreased significantly, the final centralized procurement and electronic pallet delivery were completed, and the phased demand was released. Combined with the fact that the floor price of a refinery sales tender of 2,950 yuan / ton was not completed, it further inhibited market activity. However, the current US dollar market is strong, and the 3030 yuan / ton tender results of a refinery in southern China have strongly supported domestic spot prices, and domestic sellers generally have a cautious sales mentality. The domestic resources market maintained steady operation, the liquid market in Shandong province continued to increase, the high-end price rose to 2,765 yuan / ton, and the northwest market followed noticeably, the market reference price rose to 2,600-2780 yuan a ton. Today we focus on the trading situation in the spot market.
Morning analysis:
Yesterday, the overall reports of domestic urea factories were stable and stable, and some factories in mainstream areas still showed strong prices. Although the agricultural demand of some northern provinces increased slightly due to the reduction of Rain Water, the overall demand support of the market is still weak, and the favorable expectation is difficult to offset the high inventory pressure. Therefore, in the short term, the factories are short of power to support the price, and the price is still difficult to have an upward performance.
Liu of Wengfu was detained earlier this year and many Wengfu employees have disappeared and not heard from for months
have heard 3x offers as low as €225/t fca bulk in last two weeks. 2x La Pallice, and once Rouen/Ghent. Nitron apparently offering at €235/t fca bulk Rostock, vessel now discharging standard at Klaipeda it seems.
Sulphur update:
CHINA
-Domestic market is $370 CFR equivalent
INDONESIA
-Lygend concluded $395
-QMB bought at $390 CFR
INDIA
– FACT tender closed. No award
MED
– $410-420 CFR Med discussed
AMERICAS
– Brazil CMOC tender closing 20 Oct
Market expectation points to the lowest L1 offers at $400-410/t CFR, with the L1 number for ECI based on $380/t FOB China for prilled urea given an estimated freight at around $20/t.
Participation is expected from all major supply points, including China.