September 29 Phosphate Fertilizer Daily: Pre-Holiday Demand Remains Weak as Phosphate Fertilizer and Sulfur Markets Consolidate on a Soft Note

Monoammonium Phosphate Price Index

According to Feidoodoo data, on September 29 China’s 55% powdered monoammonium phosphate (MAP) index was 3,893.75, unchanged from the previous working day; the 55% granular MAP index was 4,300.00, unchanged; and the 58% powdered MAP index was 4,350.00, also unchanged.

Monoammonium Phosphate Market Analysis and Outlook

China’s domestic MAP market remained weak today. On the producer side, most plants continued to execute earlier orders, while factories and traders generally refrained from issuing firm offers and negotiated actual transactions case by case. On the market side, supply was ample, and trading activity remained subdued and deadlocked. On the demand side, requirements from some downstream compound fertilizer producers improved, but purchases were still limited to essential needs. Market sentiment remained cautious and overall demand stayed weak.On the raw material side, domestic sulfur prices consolidated within a narrow range today; port sulfur inventories remained relatively low overall; sulfuric acid prices weakened; and the phosphate rock market was broadly stable. Continued declines in feedstock prices reduced cost support for producers. Overall, the MAP market is characterized by weakening marginal cost support and a sluggish demand recovery, and a soft downward trend is expected in the short term. Key factors to monitor include feedstock price movements, the pace of autumn fertilizer restocking by downstream compound fertilizer producers and the transmission of geopolitical developments to the cost side.

Diammonium Phosphate Price Index

According to Feidoodoo data, on September 29 China’s mainstream 64% granular diammonium phosphate (DAP) index was 4,546.67, down 0.37% from the previous working day; the 60% brown DAP index was 4,600.00, unchanged; and the 57% grade index was 4,262.50, down 2.96%.

Diammonium Phosphate Market Analysis and Outlook

China’s domestic DAP market continued to consolidate as participants remained on the sidelines today. On the producer side, some companies focused mainly on shipping previously booked orders. Producers maintained firm offers, while actual transactions remained subject to negotiation. On the market side, display a strong wait-and-see attitude. On the demand side, end-user demand at the grassroots level was released slowly, and downstream purchases were concentrated in small volumes for essential needs. Most participants remained cautious, large-scale procurement had not yet begun, and sentiment among some traders was under pressure, causing market prices to soften. On the raw material side, domestic sulfur prices consolidated within a narrow range today; port sulfur inventories remained relatively low overall; sulfuric acid prices continued to decline; and the phosphate rock market was broadly stable. Lower feedstock prices weakened cost support for the market. Overall, the DAP market is expected to remain weak and consolidate in the short term. Key factors to monitor include changes in feedstock prices, follow-through in downstream demand and subsequent adjustments to export policy.

Sulfur Market Prices

According to Feidoodoo data, on September 29 granular sulfur at Zhenjiang Port was priced at RMB 7,100/mt, down RMB 50/mt from the previous working day; granular sulfur at Dafeng Port was RMB 7,080/mt, down RMB 50/mt; Zhenjiang Port powder/lump sulfur was RMB 7,050/mt, down RMB 50/mt; Dafeng Port powder/lump sulfur was RMB 7,030/mt, down RMB 50/mt; solid sulfur in East China was RMB 7,200/mt, unchanged; and liquid sulfur in East China was RMB 7,345/mt, down RMB 45/mt.

Sulfur Market Analysis and Outlook

China's domestic sulfur market fluctuated and consolidated overall today, with participants becoming more cautious as the National Day holiday approached. For domestic supply, refinery sulfur output followed the operating pace of upstream refining and chemical units, while maintenance at some refineries caused disruptions and producers differed in their willingness to sell. Tradable supplies of granular sulfur at ports were limited, traders became increasingly cautious, and some merchants were unwilling to liquidate cargo aggressively, retaining a preference to defend prices. Downstream phosphate fertilizer and sulfuric acid producers remained rational in procurement, mostly buying as needed rather than undertaking concentrated pre-holiday restocking. Actual inquiry and purchasing activity was limited, and spot transaction volumes remained modest overall. Internationally, geopolitical developments continued to create uncertainty, while potential risks to overseas supply and shipping continued to influence domestic sentiment. Costs and limited availability provided some support, but weak downstream follow-through capped the upside. With bullish and bearish factors offsetting each other, the market is unlikely to establish a clear direction in the near term. Participants are awaiting guidance from the post-holiday recovery in downstream operating rates and the arrival of imported cargoes.

Phosphate Fertilizer Market Updates

September 29: Delivered offers for 55% powdered MAP in Anhui were around RMB 3,900–4,000/mt, unchanged.

September 29: Delivered offers for 55% powdered MAP in Northeast China were around RMB 4,200–4,230/mt, unchanged.

September 29: Delivered offers for 55% powdered MAP in Henan were around RMB 3,850–3,950/mt, unchanged.

September 29: Mainstream ex-works prices for 55% powdered MAP in Hubei were around RMB 3,700–3,900/mt, unchanged.

September 29: Delivered offers for 55% powdered MAP in Jiangsu were around RMB 3,850–3,950/mt, unchanged.

September 29: Delivered offers for 55% powdered MAP in Shandong were around RMB 3,850–3,950/mt, unchanged.

September 29: Delivered offers for 55% powdered MAP in Sichuan were around RMB 3,800–3,900/mt, unchanged.

September 29: Ex-works offers for 55% powdered MAP in Yunnan were around RMB 3,850–3,900/mt, unchanged.

September 29: Ex-works pickup offers for 60% DAP in Shaanxi were RMB 4,500–4,650/mt, unchanged.

September 29: Ex-works pickup offers for 64% DAP in Northeast China were RMB 4,550–4,600/mt, unchanged.

September 29: Pickup offers for 57% DAP in Hebei were RMB 4,250–4,300/mt, with offers lowered.

September 29: Ex-works pickup offers for 64% DAP in Hubei were RMB 4,800–4,850/mt, unchanged.

September 29: Ex-warehouse offers for 64% DAP in Shandong were RMB 4,800–4,900/mt, with offers lowered; ex-platform pickup offers for 57% DAP were RMB 4,200–4,300/mt, also lower.