September 20 Phosphate Fertilizer Daily Review: Weaker Raw Materials and Sluggish Demand Weigh on the Market

September 21, 2026

FDD-global.com

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Guide

Highlights at a glance

On September 20, China's MAP index for 55% powdered MAP was unchanged at 4,056.25, while DAP saw mixed trends. The market shows weak trading, with subdued demand and cautious sentiment from buyers. Low-cost offers for MAP have not significantly boosted transactions, as raw material costs provide marginal support. Despite some recovery in DAP trading due to approaching autumn stockpiling, purchases remain conservative. For sulfur, weak consolidation persists, with geopolitical and supply chain issues affecting costs. The phosphate fertilizer market is characterized by sluggish demand and stable to slightly declining prices. Future trends depend on raw material costs and geopolitical impacts.

MAP Price Index:

According to FDD data, on September 20, China's 55% powdered MAP index stood at 4,056.25, unchanged 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 traded weakly 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, low-priced offers have frequently emerged, but transactions remain sporadic and the subdued, deadlocked 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, market sentiment remains cautious, and demand continues to be sluggish.On the raw material side, domestic sulfur prices fluctuated weakly today, with divergent trends. 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 20, 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 stood at 4,466.36, down 1.83% from the previous working day.

DAP Market Analysis and Forecast:

China's DAP market underwent weak consolidation today. On the producer side, some enterprises 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, grassroots 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, with divergent trends. 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 20, the price of granular sulfur at Zhenjiang Port was RMB 7,150/tonne, down RMB 50/tonne from the previous working day. Granular sulfur at Dafeng Port was RMB 7,130/tonne, down RMB 50/tonne. Powdered and lump sulfur at Zhenjiang Port was RMB 7,100/tonne, down RMB 50/tonne, while the price at Dafeng Port was RMB 7,080/tonne, down RMB 50/tonne. Solid sulfur in East China was unchanged at RMB 7,400/tonne, while liquid sulfur was RMB 7,325/tonne, down RMB 70/tonne.

Sulfur Market Analysis and Forecast:

China's sulfur spot market underwent weak consolidation today, with subdued trading activity. Sentiment among port cargo holders diverged. Some traders offered price concessions to secure transactions, while international prices and geopolitical shipping risks continued to impose cost constraints on the domestic market.

Downstream phosphate fertilizer producers have generally become more cautious about purchasing and are mainly replenishing raw materials as needed, with little willingness to build substantial inventories proactively. Some downstream chemical producers are likewise maintaining purchases for essential needs, with no concentrated procurement activity.On the supply side, domestic refineries continue to maintain stable production. The pace of imported cargo arrivals remains disrupted by overseas geopolitical and shipping factors, making port inventory levels a key focus in the current market contest. On the demand side, as autumn phosphate fertilizer production gradually progresses, the market expects some sulfur purchasing demand to emerge later. However, downstream operating rates have yet to increase significantly in the short term, and substantive demand has not materialized.

Overall, the sulfur market is currently caught in a contest between upstream and downstream participants. Prices are expected to fluctuate weakly in the short term, while import costs limit the potential for a steep decline. Attention should continue to focus on the pace of port arrivals, the recovery of operating rates among phosphate fertilizer producers, and changes in international geopolitical and shipping conditions.

Phosphate Fertilizer Market Updates:

September 20: Delivered offers for 55% powdered MAP in Anhui were approximately RMB 4,050-4,150/tonne, with quotations stable.

September 20: Delivered offers for 55% powdered MAP in Northeast China were approximately RMB 4,200-4,230/tonne, with quotations stable.

September 20: Delivered offers for 55% powdered MAP in Henan were approximately RMB 3,980-4,150/tonne, with quotations stable.

September 20: Mainstream ex-factory prices for 55% powdered MAP in Hubei were approximately RMB 3,900-4,100/tonne, with quotations stable.

September 20: Delivered offers for 55% powdered MAP in Jiangsu were approximately RMB 3,950-4,150/tonne, with quotations stable.

September 20: Delivered offers for 55% powdered MAP in Shandong were approximately RMB 3,950-4,150/tonne, with quotations stable.

September 20: Delivered offers for 55% powdered MAP in Sichuan were approximately RMB 3,950-4,050/tonne, with quotations stable.

September 20: Ex-factory offers for 55% powdered MAP in Yunnan were approximately RMB 4,000-4,050/tonne, with quotations stable.

September 20: Ex-factory self-pickup offers for 60% DAP in Shaanxi were RMB 4,500-4,650/tonne, with quotations stable.

September 20: Ex-factory self-pickup offers for 64% DAP in Northeast China were RMB 4,550-4,600/tonne, with quotations stable.

September 20: Self-pickup offers for 57% DAP in Hebei were RMB 4,250-4,350/tonne, with quotations lowered.

September 20: Ex-factory self-pickup offers for 64% DAP in Hubei were RMB 4,800-4,850/tonne, with quotations stable.

September 20: 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 4,250-4,350/tonne, with quotations lowered.

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