Phosphate Fertilizer Daily Review: Market Prices Remain Largely Stable with Minor Adjustments Under Supply and Price Stabilization Efforts

Monoammonium Phosphate (MAP) Price Index:

• According to Feidoodoo data, as of November 20th, the domestic index for 55% powdered MAP is stable at 3475.00; the index for 55% granular MAP is stable at 3400.00; and the index for 58% powdered MAP is stable at 3616.67.

MAP Market Analysis and Forecast:

• Today, domestic MAP market prices continued to operate stably. From the corporate perspective, companies are still fulfilling pre-received orders, with a backlog sufficient for about a month, and there is no sales pressure, maintaining a strong market sentiment. On the supply side, daily production continues at a low level, with a tight spot market making it difficult to find goods. Regarding demand, winter storage continues with ongoing purchases, but the market sentiment is largely wait-and-see. As for raw materials, sulfur and synthetic ammonia prices remain firm, and phosphate rock supply is tight with rising prices, providing strong cost support. Overall, under the call for supply and price stabilization, the MAP market is expected to maintain stable prices in the short term, with ongoing attention to the industry conference developments.

Diammonium Phosphate (DAP) Price Index:

• According to Feidoodoo data, as of November 20th, the domestic mainstream index for 64% granular DAP is stable at 3880.00; the index for 60% brown DAP is stable at 3760.00; and the index for 57% content DAP is stable at 3610.00.

DAP Market Analysis and Forecast:

• Today, domestic DAP market prices continue to adjust at high levels. From the corporate perspective, companies have sufficient pre-received orders, mainly focusing on earlier export orders, with the market center maintaining high levels. On the supply side, mainstream market supply is tight with limited tradable goods, and domestic factories are focusing on supplying the domestic market, with limited export quantities, gradually releasing domestic stocks. In terms of demand, the downstream continues to follow up with just-in-time needs during winter storage, with a largely wait-and-see market sentiment. As for raw materials, cost prices remain high, with sulfur and synthetic ammonia prices stable, and phosphate rock prices relatively steady, providing ongoing cost support. Overall, current DAP market downstream just-in-time needs persist, compounded by raw material cost support, keeping the market focus high. It's expected that DAP prices will continue to adjust narrowly in the short term.