Ammonia synthesis: The China ammonia synthesis market has gradually turned weak and adjusted this week. After the previous reduction in production volume and the digestion of the good news, there has been no obvious improvement in demand. The downstream market is resistant to the high market price, and in order to sell goods smoothly, the new order price in many places has relaxed in the later part of last week, resulting in a decline of 50-150 RMB/ton in the main production areas at the end of last week. With the atmosphere of "buying the rise, not the fall", the weakness continues this week, and the bidding price is further adjusted in a narrow range. After the supply recovery, the price in the north declined first, and the price in the central and late period of the south gradually caught up with the low price. In the later period, as the ammonia synthesis enterprises adjusted the price to sell goods, the inventory pressure was reduced and then the price was supported to observe again. In the short term, there is no obvious impact of good news or bad news, and it continues to adjust flexibly in a narrow range according to the situation of sales.

Urea: This week, the China urea market has experienced a decline followed by an increase, with a fluctuation adjustment of 20-70 RMB/ton. As of Thursday this week, the reference price for small and medium-sized particles in the mainstream areas is 1500-1620 RMB/ton.

China urea production fluctuated narrowly at 203,000-206,000 tons per day during the week, with a stable supply of urea at high levels and an ample market supply. Demand side: Some compound fertilizer factories in the Northeast region are replenishing raw materials, and they are actively purchasing large granules, and they are also accumulating demand, waiting for a low price to enter the market. In addition, urea futures continue to be strong, and under the dual support of sentiment and demand, urea prices have continued to rebound recently. On the mid-week market, there was a fear of being too high, and some factories slowed down the new contract transactions. This Thursday, the Indian standard set the lowest standard price, with the East Coast CFR at 418.40 US dollars/ton and the West Coast CFR at 419.90 US dollars/ton, which basically met market expectations and may once again support market sentiment.

Monocalcium Phosphate: This week, the China monocalcium phosphate market has been consolidating at high levels. The price of raw material sulfur continues to rise, and the price of phosphate rock remains high, leading to a continuous increase in cost prices. Enterprises are facing significant production pressure; downstream compound fertilizer enterprises are cautious about chasing high prices and mainly maintain essential purchases, with only a small amount of transactions. Enterprises continue to execute orders that are yet to be shipped. After the guidance price is issued, the new price of major enterprises is synchronized with the guidance price. Some enterprises continue to suspend order acceptance. The market supply of goods is relatively tight, and the overall trading atmosphere has improved, with an increase in inquiries. However, a cautious attitude still prevails. It is reported that at present, the mainstream ex-factory price of 55% powder in Hubei area is about 3600-3650 RMB/ton, and the mainstream delivered quotation in Shandong area is about 3750-3800 RMB/ton, with actual transactions negotiated. In the short term, we will observe the trend of raw materials and demand. It is expected that the China monocalcium phosphate market will continue to consolidate at high levels.

Diammonium Phosphate: This week, the China diammonium phosphate market has shown an upward trend. The raw material sulfur price continues to rise strongly, and the phosphorite price is fluctuating at a high level, which further increases the cost pressure of enterprises; the downstream demand is weak, and the fertilizer enterprises are not very enthusiastic about purchasing, and only maintain the follow-up of demand as needed. Enterprises are mainly waiting for orders to be shipped before the peak season, and most continue to suspend quotations and hold off on accepting orders. and the overall supply of goods in the market is becoming tighter. The holders are obviously holding back, and the market price center is moving up under the dual support of high cost and tight supply. It is reported that at present, the mainstream ex-factory price of 64% diammonium phosphate in Hubei area is about 4000-4050 RMB/ton, and the mainstream ex-warehouse price of 64% diammonium phosphate in Shandong area is about 4250-4350 RMB/ton, and the actual transaction is mainly negotiated. Short-term observe the demand and raw material trend, and it is expected that the China diammonium phosphate market will operate firmly at a high level.

Potassium Chloride: The market trend of potassium chloride has continued to rise this week, with the quotation showing a continuous upward trend, and the high-end quotation has increased by about 50-100 RMB/ton compared to last week. In terms of China potassium, the mainstream production enterprises are operating steadily. The manufacturers mainly supply downstream compound fertilizer customers, and the amount of tradable goods in the hands of traders is tight. Coupled with the recent improvement in the market trend of imported potassium, it has led to the synchronous rise in the quotation of China potassium. At present, the market price range of 60% crystal potassium chloride is 3100-3180 RMB/ton, and the details are negotiated. In terms of port inventory, the concentration of goods is high and the small and medium-sized traders are reluctant to sell, which further pushes up the market price. The mainstream quotation of 62% white potassium has increased to 3150-3500 RMB/ton, and the mainstream quotation of 60% Lao potassium is 3200 RMB/ton. The actual transaction is negotiated on a one-to-one basis. In terms of border trade, due to the tight supply, the high-end quotation of 62% white potassium is 3250 RMB/ton, which forms a strong support for the market bottom price. However, it is worth noting that as the price continues to increase, the downstream purchasing mentality becomes more cautious, and the new order follow-up rhythm is significantly slowed down, and the market is more optimistic.

Potassium Sulfate: This week, the overall market trend of potassium sulfate has been on the rise, with prices increasing. In terms of raw materials, the price of chlorized potassium continues to rise, and the cost of sulfuric acid has also increased accordingly. Coupled with the intensified phenomenon of the inverted market of by-product hydrochloric acid, the production cost pressure of potassium sulfate has significantly increased, and the manufacturers' mentality of holding prices has become increasingly strong. In terms of price, the mainstream quotation of processed potassium sulfate 52% powder has increased to 3850-3950 RMB/ton, with detailed negotiations as the main focus. Some enterprises, due to significant cost pressure, have maintained a low rate of device startup, which further supports the price. Resource-based potassium sulfate enterprises mostly continue the previous quotation, with the device operating at a high level. The ex-factory price of Xinjiang Luo Potassium 52% powder potassium sulfate is stable at 3600 RMB/ton, and the manufacturer mainly meets the supply needs of fixed customers; the ex-factory price of 50% powder potassium sulfate in Qinghai is 3480-3580 RMB/ton, and the actual transaction is mainly based on single negotiations. Downstream compound fertilizer enterprises are suppressed by high prices, and the pace of new orders has slowed down, mostly for essential purchases. It is expected that the short-term potassium sulfate market will continue to maintain a stable and strong trend under the dual support of cost and supply, and close attention needs to be paid to the trend of chlorized potassium prices and the change in downstream purchasing sentiment.

Compound Fertilizer: The China compound fertilizer market has continued to rise this week, with most areas' enterprises' prices moving towards the high end. Price reference: 45%S(14:16:15/3*15)2900-3050 RMB/ton, 45%CL(3*15)2450-2550 RMB/ton. Raw material aspect: The price of urea has been fluctuating upwards, the price of phosphatic fertilizers has been adjusted upwards, the price of potash fertilizers has been locally explored and increased, and the cost support for compound fertilizers has been strengthened. Supply and demand aspect: Downstream demand is sporadic, dealers are not very enthusiastic about paying, and enterprises have a large inventory pressure. Some large-scale enterprises have reduced load operation, small and medium-sized enterprises have stopped for maintenance, and it is expected that production will resume at the end of the month. The market supply is still sufficient, and the average start-up is adjusted narrowly. Price aspect: The mainstream area enterprises' quotations have increased by 50-100 RMB/ton, the market's watchful mood is relatively heavy, the trading atmosphere is general, and some factories adjust preferential policies for different regions, the transaction is relatively flexible, and some factories in the north and central China regions have canceled quotations and negotiated transactions. Overall, the compound fertilizer market has been actively operated this week, and continue to pay attention to the raw material price trend and the formulation and price of the winter storage policy in the later period.

Sulphur: The overall upward trend of the China sulphur market continued this week, with the Indonesian sulphur tender price continuing to climb, and at the same time, it was reported that Qatar Energy Marketing Company ended the new round of 35,000 tons of monthly sulphur tender on November 19th, with the price around FOB $460-490/ton, marking the continuous high operation of the international sulphur market, supporting the port holders to continue to push up, accompanied by the new round of 0.63 million tons of sulphur tendered by Dalian Hengli Petrochemical on November 18th, with the transaction price of 3856 RMB/ton, up 170 RMB/ton from the tender price on November 13th, and the spot negotiation price of imported bulk granular sulphur in the main trading area of the Yangtze River coast quickly rose to 3970-3990 RMB/ton. Moreover, with good sales and no inventory, the selling price of most China sulphur production enterprises continued to increase, and it was difficult to find low-priced sources of goods in the market. However, the downstream factories of sulphur could not accept the continuously high and fast rising sulphur price, and the new order transactions in the market were significantly reduced, and the increase of the main China sulphur production enterprise, Puguang Gas Field, this week was still far below the market expectation, and the market became more optimistic. Especially at present, the port is full of profit-taking positions, and with the decrease in new order transactions, the expectation of some small order holders to take profit has increased, and the resistance to the continuous rise of the sulphur market is great. In the next period of time, the focus is on the terminal factory's entry to replenish the warehouse and the trend of the foreign盘, and the China sulphur market is expected to be stagnant at a high level under the high foreign盘 and the decrease in new order transactions. Data from Jinxianchong shows that as of November 20th, the China Sulphur Price Index 3786, up 207 points from November 13th.

Sulfuric acid: This week, the China sulfuric acid market has been strong, with price increases in many places. The market in Shandong has been strong, with low inventory levels in all acid enterprises, and the price of sulfur has also increased, which has led to a general increase in the price of sulfuric acid in the main areas such as the western region, Dongying, Yantai, and Laiwu, and the price of local refining has also increased. At present, the mainstream ex-factory price of 98% sulfuric acid in Shandong is about 1010-1060 RMB/ton. In Hunan, the main manufacturers in some areas have sudden maintenance, reducing the supply and increasing the price of sulfuric acid. At present, the mainstream ex-factory price of 98% refined sulfuric acid in Hunan is about 730-830 RMB/ton. In Hubei, the market continues to rise strongly, the price of sulfur continues to climb, the utilization rate of sulfuric acid equipment continues to decline, the enthusiasm of downstream enterprises to purchase sulfuric acid is high, the inventory of acid plants is generally low, and limited shipment measures are taken. The price of sulfuric acid in the main areas such as Hubei, Anhui, and Jiangxi has been increased accordingly. At present, the mainstream ex-factory price of 98% refined sulfuric acid in Hubei is about 940-1000 RMB/ton, and the mainstream ex-factory price of 98% refined sulfuric acid in Anhui is about 860-890 RMB/ton. In Zhejiang, due to the high price of sulfur and the continuous price increase of surrounding areas such as Anhui and Hubei, the market is optimistic. The price of sulfuric acid in the main manufacturers has been increased. At present, the mainstream ex-factory price of 98% refined sulfuric acid in Zhejiang is about 830-890 RMB/ton. In Liaoning, the market supply is tight, and some equipment in the main manufacturers has short-term faults, and the price of sulfuric acid has been increased. At present, the mainstream ex-factory price of 98% refined sulfuric acid in Liaoning is about 960-1020 RMB/ton. In addition, there are price increases in acid prices in Jiangsu, Henan, Hebei, Gansu, Shanxi and other areas.

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