Yellow phosphorus market moved upward. The EXW acceptance price stood at CNY27,800-28,500/t(+ 1.02% WoW). Operation rate in the southwest remained moderate, halted capacity for maintenance hasn’t fully resumed, tightening spot supply and pushing producers to hold firm on prices. Downstream purchases are steady with rigid demand yet limited bulk restocking.
Sulphur market keeps downtrend. Port granular sulphur price stood at CNY8,500-8,800/t, with a notable decline. More refineries resumed production, along with the increasing imported cargo arrivals, domestic supply comes up. Downstream phosphate fertilizer factories operated at low rate in slack season, purchasing upon rigid demand. Market sticks wait-and-see sentiment. Traders offered discounts to clear stocks under the selling pressure. International prices remained firm, with Indian CFR quotations at USD1,000-1,100/t, creating strong support on imported source. The market is likely to stay weak in the short run, pending demand recovery from autumn fertilizers preparation.
P.A. wet-process market edged lower. The EXW price in southwest China stood at CNY8,000-8,250/t (-0.44% WoW). Falling sulphur prices weakened the cost support. Downstream phosphate and fertilizer buyers remained cautious, placing only spot-on-demand orders with limited interest. Ample spot supply built up inventory pressure for some producers, offering more negotiation room for downstream buyers. The market is expected to consolidate weakly in the short run.
Urea market fluctuated within a narrow range. The mainstream EXW price in Shandong stood at CNY1,700-1,730/t. Daily output remained high and facilities maintenance was limited. Market supply is sufficient generally. Agricultural demand stayed sluggish in the off season before large scale autumn fertilizer reservation starts. Compound fertilizer and industrial demand for urea is limited. India’s fertilizer tender drove some deliveries to port for export, partially diverting the domestic inventory and offering mild price support. International urea quotations remained firm at FOB prices of USD685-740/t, with a notable domestic-overseas price gap.
CAN/CNG market remained stable. The EXW price stood at CNY1,520-1,640/t. Manufacturers kept steady operation rate with sufficient supply. Late stage top-dressing demand from fruit and vegetable crops was weak, hence downstream buyers purchase only upon rigid demand. CIQ procedures for export were fully implemented, busy production and CIQ made shipment schedule delayed for some contracts. Overseas inquiries stayed active, with FOB quotations at USD215-240/t. No sharp supply-demand imbalance is foreseen in the short run, prices are expected to hover sideways, pending autumn top-dressing demand to be released.
MAP market is still sluggish. The EXW price for 55% powder grade in Southwest China stood at CNY4,350-4,420/t. Compound fertilizer producers operated at low rates with slow autumn fertilizers preparation. Market rumours spread widely that MAP export restriction may expire and exports could resume since September. So far no official notice has been released yet, while bullish sentiment grew and some producers held back sales to wait and see. International FOB quotations for MAP 55% remained high at USD570-610/t with a noticeable domestic-overseas price gap. Short-term prices will hinge heavily on official export policy updates amid intensified sentiment.
Potash market trended slightly weaker. The mainstream pick-up price for imported 62% Belarus KCl at port stood at CNY3,150-3,220/t with a minor weekly drop. EXW price for domestic 60% KCl was CNY3,080-3,150/t. Ample port inventory ensured sufficient supply. SOP showed divergent trends: 52% salt-lake powder was quoted at CNY3,990/t, while Mannheim process plants operated at low rates amid heavy cost pressure, tightening supply. International potash prices remained firm, with Southeast Asia FOB quotations at USD305-330/t. Upside momentum is limited in the short term, awaiting autumn fertilizer demand resuming.
