Phosphate Fertilizer Monthly: Market Operations Dull Throughout the Month, Prices Generally Stable with Slight Declines

Phosphate Fertilizer Market Price Analysis and Future Forecast:

Monoammonium Phosphate Market Price Analysis:

This month, the domestic market for monoammonium phosphate operated uneventfully, with overall prices remaining stable and experiencing slight fluctuations within a narrow range.

According to Fertilizer Plus data, as of March 28, 2024, the domestic index for 55% powdered monoammonium phosphate stands at 3067.50, a decrease of 8.75 from the beginning of the month, marking a 0.28% decline; the 55% granular index is at 3150.00, down 100.00, a 3.08% drop; the 58% powder index has increased to 3433.33, up by 33.33, showing a 0.98% rise.

The market sentiment for monoammonium phosphate remained steady this month, with little change, and continued to undergo minor range-bound adjustments. The overall market atmosphere was lukewarm, without any significant purchasing activity. New orders were fulfilled in small quantities based on immediate needs. Currently, agricultural purchases are underway for the spring planting season, with ongoing procurement; downstream industrial factories' willingness to sell and purchase raw materials has continued to improve, maintaining a state of immediate use and purchase. Overall, demand remained weak, with the market mainly clearing low-end goods. High-priced transactions were lackluster, providing insufficient support for the market conditions. Companies have been progressively dispatching pre-received orders, with quotations remaining stable, leading to minor market price adjustments.

Diammonium Phosphate Market Price Analysis:

This month, the domestic market prices for diammonium phosphate remained stable, with market transactions maintaining a steady state and an unremarkable atmosphere, operating at a generally high level.

According to Fertilizer Plus data, as of March 28, 2024, the domestic index for 64% granular diammonium phosphate stands at 3851.67, an increase of 5.00 from the end of the previous month, marking a 0.13% rise; the 60% brown index is at 3460.00, up 10.00, a 0.29% increase; the 57% diammonium phosphate index has decreased to 3512.50, down 15.00, a 0.43% drop.

The market situation for diammonium phosphate this month showed stable fluctuations within a range, with market changes trending towards stability and prices experiencing minor movements. Influenced by export news, the market This month, the synthetic ammonia market shifted from strong to displayed a positive mindset, with some companies aggregating goods for export at ports, creating a strong atmosphere of optimism among traders, enhancing their enthusiasm for stocking fertilizers, and fostering positive expectations for the future market. As the end of the month approached and export activities progressively commenced, the accumulation of diammonium phosphate goods at ports by companies increased. In contrast, international prices trended downward, with export advantages providing weak support, making it difficult to drive changes in domestic prices. Moreover, with raw material operations appearing stagnant and cost fluctuations minimal, the overall market situation for diammonium phosphate underwent minor adjustments with little change throughout the month.

Phosphate Fertilizer Market Future Forecast:

Regarding raw materials, the phosphate rock market remained stable overall, with downstream factories making necessary purchases and observers adopting a wait-and-see approach. It is expected that the price of phosphate rock will continue to fluctuate moderately in the next month, with future developments requiring further observation. The synthetic ammonia market shifted from strong to weak this month, primarily influenced by the supply-demand relationship. The changing situation in the synthetic ammonia market next month still requires close monitoring of market follow-up and sales progress. This month, the sulfur market operated in a weak consolidation, with general sentiment among traders and the market showing minor fluctuations. Some merchants expressed interest in restocking at the end of the month, predicting a potential upward trend in sulfur prices next month. Overall, the cost side is expected to remain stable, with market changes largely influenced by supply and demand dynamics. It is anticipated that cost support may increase next month.

From a supply and demand perspective, on the supply side, the daily production of monoammonium phosphate continued at high levels, with ample supply; the diammonium phosphate market saw a continuous tightness in supply, with expectations for increased industry operation. On the demand side, the immediate need for spring planting fertilizers still exists, with the purchasing atmosphere among end-users expected to continue improving. Downstream factories are actively preparing fertilizers, trending upwards, but their acceptance of high prices remains limited, mainly maintaining on-demand restocking. Next month, the demand side is expected to see an increase in agricultural sales, with downstream industries maintaining an immediate use and purchase approach for raw materials.

Overall, with the upstream cost side expected to rise, and the market's immediate agricultural need still present, the phosphate fertilizer market is anticipated to continue its high-level consolidation next month, with prices showing a generally stable trend with slight upward adjustments.

Domestic Phosphate Fertilizer Industry Operational Status:

Domestic Monoammonium Phosphate Industry Operational Status:

As of March 22, 2024, the domestic operational rate for the mono ammonium phosphate industry was approximately 62.92%, an increase of 16.06% from the previous month and a 5.14% rise from the same period last year. The operational rate for the mono ammonium phosphate industry has significantly increased, surpassing last year's level.

Domestic Diammonium Phosphate Industry Operational Status:

As of March 22, 2024, the domestic operational rate for the diammonium phosphate industry was approximately 59.54%, an increase of 2.10% from the previous month and a 2.35% decline from the same period last year. The operational rate for the diammonium phosphate industry continued to rise this month, still below last year's level.

Domestic Phosphate Fertilizer Production Trends:

Domestic Monoammonium Phosphate Production Trends:

According to Fertilizer Plus data, as of March 22, the domestic production of monoammonium phosphate for the month was 94.38 thousand tons, an increase of 18.91 thousand tons from the previous month, marking a 25.06% rise, and a 4.05% increase from the same period last year.

Domestic Diammonium Phosphate Production Trends:

According to Fertilizer Plus data, as of March 22, the domestic production of diammonium phosphate for the month was approximately 118.07 thousand tons, an increase of 3.07 thousand tons from the previous month, marking a 2.67% rise, and a 4.78% decline from the same period last year.

Domestic Phosphate Fertilizer Import and Export Data:

Domestic Monoammonium Phosphate Export Data:

According to customs data, in February 2024, China's export volume of monoammonium phosphate was 14.4 thousand tons, a decrease of 13.23 thousand tons from the same period last year, marking a 90.18% decline; a decrease of 7.05 thousand tons from the previous month, marking an 83.03% drop. The average export price for the month was 571.14 USD/ton. From January to February 2024, the cumulative export volume was 99.3 thousand tons, a decrease of 193.7 thousand tons from the previous year, marking a 95.12% decline.

Domestic Monoammonium Phosphate Import Data:

According to customs data, in February 2024, China's import volume of monoammonium phosphate was 945.13 tons, an increase of 944.88 tons from the same period last year, marking a 377950.00% rise; an increase of 717.91 tons from the previous month, marking a 315.95% rise. The average import price for the month was 361.60 USD/ton. From January to February 2024, the cumulative import volume was 1172.35 tons, a decrease of 28.72 tons from the previous year, marking a 2.39% decline.

Domestic Diammonium Phosphate Export Data:

According to customs data, in February 2024, China's export volume of diammonium phosphate was 7.1 thousand tons, a decrease of 8.72 thousand tons from the same period last year, marking a 92.45% decline; a decrease of 10.11 thousand tons from the previous month, marking a 93.42% drop. The average export price for the month was 605.01 USD/ton. From January to February 2024, the cumulative export volume was 115.4 thousand tons, a decrease of 492.07 thousand tons from the previous year, marking a 97.71% decline.

Domestic Diammonium Phosphate Import Data:

According to customs data, in February 2024, China's import volume of diammonium phosphate was 0.45 tons, an increase of 0.25 tons from the same period last year, marking a 126.00% rise; a decrease of 39.80 tons from the previous month, marking a 98.88% drop. The average import price for the month was 5256.64 USD/ton. From January to February 2024, the cumulative import volume was 40.70 tons, an increase of 40.50 tons from the previous year, marking a 20251.00% rise.

Domestic Phosphate Fertilizer Apparent Consumption Data:

Domestic Monoammonium Phosphate Apparent Consumption Data:

In February 2024, China's apparent consumption volume of monoammonium phosphate was 741.2 thousand tons, a decrease of 52.2 thousand tons from January, marking a 6.58% drop, and a decrease of 17.7 thousand tons from the same period last year, marking a 2.33% decline. From January to February 2024, China's cumulative apparent consumption volume was 1534.7 thousand tons, a decrease of 8 thousand tons from the same period last year, marking a 0.52% decline.

Domestic Diammonium Phosphate Apparent Consumption Data:

In February 2024, China's apparent consumption volume of diammonium phosphate was 1142.9 thousand tons, an increase of 61.2 thousand tons from January, marking a 5.65% rise, and an increase of 157.2 thousand tons from the same period last year, marking a 15.95% rise. From January to February 2024, China's cumulative apparent consumption volume was 2224.6 thousand tons, an increase of 494.7 thousand tons from the same period last year, marking a 28.60% rise.

Domestic Phosphate Fertilizer Port Inventory Trends:

Domestic Monoammonium Phosphate Port Inventory Trends:

As of March 22, the domestic mono ammonium phosphate market's main port inventory volume was 21.3 thousand tons, a decrease of 0.7 thousand tons from the end of the previous month, marking a 3.18% drop, and a decrease of 41.7 thousand tons from the same period last year, marking a 66.19% decline. The domestic mono ammonium phosphate market's main port inventory volume continued to decline this month.

Domestic Diammonium Phosphate Port Inventory Trends:

As of February 23, the domestic diammonium phosphate market's main port inventory volume was 93.1 thousand tons, an increase of 12.9 thousand tons from the end of the previous month, marking a 16.08% rise, and a decrease of 30.3 thousand tons from the same period last year, marking a 24.55% decline. The domestic diammonium phosphate market's main port inventory volume increased this month.