·  Sulfur price corrected slightly to CNY7,300/t on easing Middle East situation expectations, then rebounded back to above CNY7,400/t end of May. Since early June, price skyrocketed from CNY7,517/t to CNY9,800/t in Shandong, with bulk transactions exceeding CNY10,000/t (+30.4%WoW). Port inventory dropped to 900kt (-55% YoY); Middle East import shipments plunged 67% than normal. Downstream fertilizer enterprises’ rigid production demand forced high-price purchases.

·  Yellow Phosphorus price remains at above CNY32,000/t. Low operating rate in Yunnan & Guizhou caused by power shortage + environmental protection tightening, while sufficient downstream orders supported high prices. Since June, the benchmark price rose to CNY33,629/t. Tight supply and rigid demand from phosphoric acid and new energy enterprises drove continuous gains.

·  Hot-process P.A. price is CNY8,700/t in Yun’nan. Severe cost inversion occurred due to high yellow phosphorus prices; enterprises mainly delivered pre-orders and suspended new order quotations.

Since June, price climbed to CNY9,250/t. Sustained yellow phosphorus price hikes pushed up costs; weak terminal acceptance limited transaction volume.

·  Wet-process P.A. price broke CNY10,000/t in Guizhou (+>15% MoM). High sulfur costs forced partial production cuts and tightened spot supply.Later the price rises to above CNY11,250/t in Guizhou and Hubei, due to the soaring sulfur costs, the steady rigid demand for LFP supported P.A. price.

·  MAP: the phosphate fertilizer industry association raised guide price by CNY350/t; Hubei mainstream EXW price for MAP 55% powder is CNY4,200/t. Market stayed high with thin trading.

·  DAP, 64% Granular EXW price is CNY4,100/t in Hubei. High costs and off-season domestic demand led to weak transactions and wait-and-see sentiment. Then price adjusted to CNY3,850/t since June, due to persistent cost pressure; export order demand offset sluggish domestic consumption.

·  KCl: Qinghai 60% crystalline KCl CNY2,600/t; port 62% Russian KCl is CNY3,200/t with flexible deal prices. Downstream cautious purchasing suppressed transactions.

·  SOP: Mannheim 50% powder CNY4,200/t; Qinghai resource-based 50% powder CNY3,800/t. Most enterprises faced cost inversion with low operating rates.

·  Urea: market is boosted by export policies, Shandong and Henan prices rebounds to CNY1,750/t. But later the price fell CNY50/t, as sustained high daily output increased inventory pressure, and falling international urea prices weakened export advantages.

·  AmSul: Shandong caprolactam-grade price cut CNY30/t to CNY1,720/t, with overall weak adjustment. Adequate domestic supply; shrinking domestic procurement and overseas inquiries accelerated declines.

·  SCFI (Shanghai Containerized Freight Index) surged to 2,726 (+155), CCFI (China Containerized Freight Index) is 1,412(+3.3%)

·  USD:CNY currency rate depreciated to 1:6.75 to 1:6.78.