SunSirs: The Ammonium Sulfate Market Continued to Decline in the First Half of 2023

Price trend

According to the Commodity Market Analysis System of SunSirs, the average reference price of domestic ammonium sulfate on January 1 was 1,243 RMB/ton, and on June 30, the average reference price of domestic ammonium sulfate was 686 RMB/ton. In the first half of 2023, the price of ammonium sulfate decreased by 44.77%.

Analysis review

The ammonium sulfate market continued to weaken in the first half of 2023, with prices falling continuously. In the first half of the year, the demand for ammonium sulfate in the market continued to be weaker, downstream procurement was limited, with most purchases being priced down, and the new order transaction was weak. The export performance of ammonium sulfate was poor, and the market situation was sluggish. The bidding price of coking grade ammonium sulfate had significantly decreased, with domestic grade ammonium sulfate following the downward trend. The continuous weakening of urea prices in the first half of the year had negatively impacted the ammonium sulfate market. As of June 30th, the mainstream factory quotation for coking grade ammonium sulfate in Henan region was around 670 RMB/ton. The mainstream factory quotation for domestic ammonium sulfate in Shandong was around 700 RMB/ton.

According to the K-bar chart from January to June 2023, it can be seen that the domestic ammonium sulfate price decreased significantly in the first half of the year. The largest decline occurred in March, with a maximum decline of 21.79%.

Market outlook

Ammonium sulfate analysts from SunSirs believe that due to the recent rise in urea prices, which was beneficial for the ammonium sulfate market, the price of ammonium sulfate started to rise significantly. However, market demand was still weak, and new orders had limited transactions. It is expected that the high price of ammonium sulfate will be consolidated in the short term.

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