According to China Chemical News, the latest customs data shows that China imported 1.2131 million tons of potassium chloride in October 2025, marking a 9.93% month-on-month increase. From January to October 2025, cumulative potash imports reached 9.9815 million tons, down 3.12% year-on-year. In October, China exported 2,000 metric tons of potassium chloride, down 4.76% month-on-month. From January to October 2025, cumulative potassium chloride exports totaled 31,300 metric tons, a year-on-year decrease of 71.80%.

Looking at monthly potassium chloride imports, October's volume rebounded to over 1.2 million tons, essentially matching last year's monthly average import level, indicating a significant replenishment.

Although China's major potash import contracts for this year were signed in June, most shipments were initially directed to higher-priced international markets while global market conditions remained favorable. Consequently, shipments destined for China decreased, particularly in maritime transport volumes, which saw a notable decline.

Border trade imports of potassium chloride increased significantly. From January to October, total border trade imports of potassium chloride reached 2.1469 million tons, a year-on-year increase of 112.31%. After large volumes entered the domestic market through border trade, consumption was primarily concentrated in Northeast China. Even during the region's off-peak fertilizer season—the second and third quarters—border trade volumes remained higher than the import volumes during the same period in 2024.

Recently, domestic potash prices have shown a notable upward trend. Taking large-grain prices in Northeast China as a benchmark, the increase reached as high as 320 yuan per ton. Prices rose from below the guidance level to above it, re-establishing a dual-track pricing system in the market.

However, as domestic KCl prices reached elevated levels, traders and downstream factories showed diminishing interest in stockpiling or purchasing at these high prices. With both phosphate and potash prices remaining high while nitrogen fertilizer prices stayed low, most downstream factories adopted a cautious approach to future market operations.

According to the latest statistics, the current operating rate of China's compound fertilizer sample factories stands at approximately 34.61%. With the gradual launch of the winter stockpiling market, some previously idled facilities in Hebei have resumed production, large-scale enterprises in Hubei have increased their operating rates, and some enterprises in Northeast China have started low-load production. However, operating rates in other production areas have remained largely unchanged. Downstream factories, benefiting from recent sustained shipments by major potash producers, hold adequate raw material inventories. With market prices remaining elevated, procurement remains relatively limited, with purchases largely guided by cautious planning for future compound fertilizer production.

In the short term, with potassium chloride imports gradually recovering and market prices remaining elevated, new order transactions have stalled. Consequently, as key industry players' sentiment has shifted slightly, the volume of marketable inventory has notably increased.

As an integrated internet platform providing benchmark prices, on November 25, the benchmark price of potassium chloride (imported) on the business information platform was 3,500.00 RMB/ton, an increase of 2.94% compared with the beginning of the month (3,400.00 RMB/ton).

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