·  Sulfur: The price skyrocketed from CNY9,600/t to CNY11,600/t,rise above CNY2000/t within the week. Tight import from Middle East, historic low port inventory and rigid procurement by phosphate fertilizer enterprises supported the rally, while traders’ reluctance to sell further tightened spot supply.

·  Yellow phosphorus: The mainstream transaction price rose to CNY34,000-34,500/t, with benchmark price of CNY34,462/t. Driven by surging sulfur cost, low operation rate in major production bases and stable rigid demand from downstream P.A. and phosphate fertilizer factories, the market keeps rising steadily.

·  Hot-process P.A.: The mainstream EXW price reached CNY10,500-12,200/t. Most manufacturers suspended new quotations and only delivered shipments for previous orders. Soaring yellow phosphorus price caused severe cost inversion, while weak downstream demand in the slack season restricted trading volume and price uptrend.

·  Wet-process P.A.: Major producers raised prices by CNY1,000/t, with the mainstream price at CNY11,500-11,600/t. Sharp sulfur hikes pushed up production cost and tightened spot supply, but weak industrial downstream demand limited actual transaction increases.

·  MAP, 55% Powder: The mainstream EXW price stood at CNY3,300-3,400/t. Rising raw material cost squeezed factories’ profit and caused partial cost inversion. However, low operation rate of compound fertilizer plants and sporadic on-demand purchases led to thin market trading.

·  DAP, 64% Granular: The mainstream EXW price stabilized at CNY3,800-4,000/t. Sustained cost pressure provided firm support, and export orders offset partial domestic demand weakness.

·  MAP/DAP export is still restricted.

·  KCl: Qinghai Salt Lake EXW price was CNY2,700/t, and imported KCl port price was CNY3,200-3,580/t. High intl’ potash price and partial supply tightness supported steady pricing, while weak downstream procurement restrained sharp fluctuations.

·  SOP: The mainstream EXW price of 50% powder grade remained stable at CNY3,600/t. Stable KCl price led to flat market performance. Tepid downstream demand kept the price range narrow.

·  Urea: The mainstream EXW price dropped to CNY1,770-1,820/t (-70/t WoW). The operation rate is still above 90%, with about 1.5mln tons weekly output. In-factory inventory is 959.4kt, port inventory is 149.9kt. High domestic output ensured sufficient supply, while fading summer fertilization demand and weakened export advantages pushed price lower continuously. Though export window is open, but export price is restricted to be above USD500/t, which is not competitive in the intl’ market.

·  AmSul: The market price weakened slightly. Caprolactam-grade FOB price is USD225-235/t (-10/t), coking grade EXW price is CNY1,025-1,080/t. Sufficient by-product supply from coking and caprolactam industries, coupled with sluggish domestic and overseas demand, led to a loose supply-demand pattern and weak market trend.

·  SCFI is 2,985 (+259), CCFI is 1,480(+4.9%).

·  USD:CNY fluctuates at around 1:6.76.