September 17 Phosphate Fertilizer Daily Review: Weaker Cost Support and Sluggish Demand Leave MAP Under Pressure and DAP Consolidating

September 18, 2026

FDD-global.com

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Guide

Highlights at a glance

China's MAP and DAP markets saw minimal fluctuations as of September 17, with MAP prices showing slight declines while DAP prices remained firm. The MAP market is characterized by weak demand, subdued trading activity, and high raw material costs. In contrast, the DAP market exhibited signs of gradual recovery in downstream demand with limited large-scale procurement. Sulfur prices fell due to downward market pressure and cautious demand from phosphate fertilizer producers. The short-term forecast suggests range-bound trading amid weak cost support and tepid demand recovery. Key factors to monitor include raw material price trends, downstream fertilizer stockpiling activities, and geopolitical developments impacting supply.

MAP Price Index:

According to FDD data, on September 17, China's 55% powdered MAP index stood at 4,056.25, down 0.09% from the previous working day. The 55% granular MAP index was unchanged at 4,300.00, while the 58% powdered MAP index was unchanged at 4,416.67.

MAP Market Analysis and Forecast:

China's MAP market continued to trade on a weak note today. On the producer side, most plants are still fulfilling previous orders, while market prices for 55% powdered MAP continue to decline, with actual transactions remaining negotiable. On the market side, the subdued and deadlocked trading atmosphere persists. On the demand side, demand from some downstream compound fertilizer producers has shown no significant improvement. Buyers are maintaining only small purchases for essential needs, with many waiting for lower-priced raw materials. Purchasing enthusiasm remains weak, new-order transactions are limited, and market sentiment remains cautious, leaving demand relatively sluggish. On the raw material side, domestic sulfur prices continued to weaken today. Sulfur port inventories remain relatively low overall, sulfuric acid prices continue to undergo weak consolidation, and the phosphate rock market is mainly stable. Although raw material prices have declined, they remain at high levels and continue to provide relatively strong support for producers. Overall, the MAP market is characterized by marginally weaker cost support and a sluggish demand recovery and is expected to remain weak in the short term. Attention should focus on raw material price trends, the pace at which downstream compound fertilizer producers begin autumn stockpiling, and the impact of geopolitical developments on costs.

DAP Price Index:

According to FDD data, on September 17, China's mainstream 64% granular DAP index stood at 4,563.33, unchanged from the previous working day. The 60% brown DAP index was unchanged at 4,700.00, while the 57% DAP index was unchanged at 4,367.50.

DAP Market Analysis and Forecast:

China's DAP market continued to consolidate today. On the producer side, some producers remain focused on shipping orders booked earlier, while prices remain firm and actual transactions are negotiable. On the market side, the trading atmosphere has improved somewhat. On the demand side, as the autumn fertilizer stockpiling window gradually approaches, downstream end-user demand is being released progressively. Product circulation has accelerated compared with the previous period, and the market trading atmosphere is showing signs of recovery. However, purchases remain concentrated on small orders for essential needs, and large-scale procurement has yet to begin. On the raw material side, domestic sulfur prices continued to trade weakly today. Sulfur port inventories remain relatively low overall, sulfuric acid prices continue to weaken, and the phosphate rock market is mainly stable. Although raw material prices have declined, they remain relatively high and continue to provide strong support for the market. Overall, the DAP market is expected to remain deadlocked and range-bound in the short term. Attention should focus on raw material price movements, downstream demand follow-up, and subsequent adjustments to export policies.

Sulfur Market Prices:

According to FDD data, on September 17, the price of granular sulfur at Zhenjiang Port was RMB 7,200/tonne, down RMB 200/tonne from the previous working day. The price of granular sulfur at Dafeng Port was RMB 7,180/tonne, down RMB 200/tonne. Powdered and lump sulfur at Zhenjiang Port was priced at RMB 7,150/tonne, down RMB 200/tonne, while the price at Dafeng Port was RMB 7,130/tonne, down RMB 200/tonne. Solid sulfur in East China was unchanged at RMB 7,800/tonne, while liquid sulfur in East China was unchanged at RMB 7,620/tonne.

Sulfur Market Analysis and Forecast:

The sulfur market continued its weak downward trend today, with overall trading activity subdued. On the port side, holders remain unsettled and have been forced to adjust prices in response to aggressive bids from sporadic buyers, leaving the market's price center under continued pressure. Auctions for liquid sulfur from Shandong independent refineries also weakened. Downstream participation declined noticeably, unsuccessful auctions became more frequent, and shipment volumes fell. On the supply side, by-product sulfur from domestic refineries continues to enter the market normally, while port arrivals remain relatively steady. Supply disruptions caused by overseas geopolitical developments persist and continue to provide some psychological support. On the demand side, phosphate fertilizer producers are constrained by costs and have become more cautious about purchasing. Most are replenishing only as needed, with no concentrated restocking activity yet. Follow-up from the downstream chemical sector is also moderate, and substantive purchasing volumes remain limited. Sentiment among traders in the distribution segment is divided. Some holders need to accelerate sales and recover funds, resulting in greater flexibility in offers. Overall, bullish and bearish factors are currently intertwined, and the market has yet to establish a clear direction. Range-bound trading is expected to continue in the short term. Attention should focus on the pace of operating-rate recovery in the phosphate fertilizer sector, changes in port inventories, and the impact of overseas cargo flows.

Phosphate Fertilizer Market Updates:

September 17: Delivered offers for 55% powdered MAP in Anhui were approximately RMB 4,050-4,150/tonne, with quotations stable.

September 17: Delivered offers for 55% powdered MAP in Northeast China were approximately RMB 4,200-4,230/tonne, with quotations lowered.

September 17: Delivered offers for 55% powdered MAP in Henan were approximately RMB 3,980-4,150/tonne, with quotations stable.

September 17: Mainstream ex-factory prices for 55% powdered MAP in Hubei were approximately RMB 3,900-4,100/tonne, with quotations stable.

September 17: Delivered offers for 55% powdered MAP in Jiangsu were approximately RMB 3,950-4,150/tonne, with quotations stable.

September 17: Delivered offers for 55% powdered MAP in Shandong were approximately RMB 3,950-4,150/tonne, with quotations stable.

September 17: Delivered offers for 55% powdered MAP in Sichuan were approximately RMB 3,950-4,050/tonne, with quotations stable.

September 17: Ex-factory offers for 55% powdered MAP in Yunnan were approximately RMB 4,000-4,050/tonne, with quotations stable.

September 17: Ex-factory self-pickup offers for 60% DAP in Shaanxi were RMB 4,500-4,650/tonne, with quotations stable.

September 17: Ex-factory self-pickup offers for 64% DAP in Northeast China were RMB 4,550-4,600/tonne, with quotations stable.

September 17: Self-pickup offers for 57% DAP in Hebei were RMB 4,350-4,400/tonne, with quotations stable.

September 17: Ex-factory self-pickup offers for 64% DAP in Hubei were RMB 4,800-4,850/tonne, with quotations stable.

September 17: Ex-warehouse self-pickup offers for 64% DAP in Shandong were RMB 4,850-4,950/tonne, with quotations stable. Self-pickup offers for 57% DAP at railway stations were RMB 4,300-4,400/tonne, also unchanged.

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