Phosphorus: P4 price rises 1.98% WoW to CNY22,762/t by Aug.8, with market avg. at CNY22,500-22,700/t in Yunnan/Guizhou/Sichuan. The price support comes from producers’ firm stance in 1H of the week, later some discounts(about CNY50/t) are emerged from traders to realize profit. The buy side is still cautious as downstream demand remains weak. Some glyphosate factories halt production for facilities maintenance. P.A. production operation rate is lower to 55.9%.
Iron phosphate: demand diverged: energy storage orders supported LFP output (production rises in Aug. MoM), but EV battery sector remains sluggish. Supply-side inventory accumulated amid new capacity releases, pushing promotions with discounts from some suppliers. Cost pressure persists for TMAP in the energy industry.
Sulfur: market prices extended gains but at a slower pace. Port benchmark prices hit CNY2,581/t (+4.31% MoM), supported by bullish intl’ sentiment and refinery hikes. However, rapid increases result resistance from buy side and slow down new deals. Port inventories rise to 2.54mln tons.
Urea: urea price hit a new bottom of this year, about CNY1,680-1,760/t (-20~50/t WoW). Some plants from Henan offer CNY1,680/t, while CNY1,470/t EXW appears in Xinjiang. The plunge is driven by market oversupply (daily output 192.6kt, in-factory inventory rises 6.81% to 917.3kt) and downstream weak demand (post-fertilization season, compound fertilizer production operation rate only 32%). Amsul price dipped at first then rose. Market avg. price is CNY1,133/t (-0.59% WoW). The fluctuation follows intl’ market, high inventory in Brazil led the decrease, while high urea bidding price from India (CFR $530/t) boosted the market sentiment for nitrogen fertilizers. Amsul supply is sufficient with high operation rate, but the demand is not strong.
Potash: KCl market is relatively stable in a tepid stage. Imported 62% grade port price is CNY3,150-3,400/t, while border-trade Belarusian potash price is CNY3,100-3,200/t. Port inventory drops to ~1.8mln tons (-34.39% YoY). SOP 52% powder price is CNY3,816/t(+0.79% WoW). Autumn fertilizer reserves have a slow progress, compound fertilizer producers become more cautious on buying raw materials, it limits potash demand.
MAP/DAP: supported by tight supply and rising raw materials cost, MAP prices held firm.
SCFI is 1,489(-61), CCFI is 1,200(-2.6%).
USD:CNY depreciates, back to 1:7.17.
