Ammonium dihydrogen phosphate market consolidates as sulfur holds at 4,750 CNY/ton

1. Today’s Summary

① Recently, the liquid sulfur vessel KOHSEI MARU docked at Nantong Port for operations. This vessel typically carries approximately 3,500 tons of liquid sulfur.

② National port inventory stood at 1.1098 million tons, down 0.22% week-on-week and down 51.32% year-on-year.

2. Spot Market Overview

Table 1: Domestic Sulfur Port Price Summary (Unit: CNY/ton)

Using Zhenjiang Port as the benchmark, today's mainstream granular price was 4,750 CNY/ton, consistent with morning expectations. The market's recent downward trend has converged, and sentiment has improved. Additionally, some traders entered the market to replenish stocks, leading to a slight improvement in inquiry activity. However, buying intentions remained cautious rather than aggressive, preventing any significant price deviations and resulting in stable trading conditions. In the morning, interactions occurred among participants within the port. Although sellers intended to raise offer prices, buyers remained rational and waited for market developments. Subsequently, rumors of multiple transactions emerged, with prices primarily settling around 4,750 CNY/ton.

Figure 1: Trend of Domestic Sulfur Port Spot Index Prices (Unit: CNY/ton)

Data Source: Chempricehub

3. Market Sentiment

Table 2: Sentiment Expectations of Upstream and Downstream Participants in the Domestic Sulfur Market

4. Price Forecast

Although some merchants are currently replenishing stocks at ports, the sustainability of this behavior remains to be verified. Furthermore, the wait-and-see attitude of holders also needs observation. In the short term, if there is no significant fluctuation in the wait-and-see sentiment among all parties, market trends may continue to run stably.

5. Related Products Status

Phosphate Fertilizer Market: Ex-factory prices for 55% powder in Hubei hovered around 3,550–3,600 CNY/ton, with transactions based on actual negotiations. Today, the domestic monoammonium phosphate (MAP) market maintained a consolidation trend. Wait-and-see sentiment dominated, with limited price fluctuations. Downstream compound fertilizer sales were sluggish, and willingness to purchase raw materials was low. Demand-side performance remained weak, and new order trading atmosphere continued to be quiet. Market attention shifted to industry conferences. Today, ex-factory prices for 64% diammonium phosphate (DAP) were around 4,700–4,850 CNY/ton, with actual orders subject to negotiation. The domestic DAP market continued its consolidation and wait-and-see stance. Corporate prices offered room for negotiation, but inventory digestion was slow. Demand-side performance was weak, follow-up on new transaction executions was limited, wait-and-see sentiment continued to intensify, and the market awaited policy news for support.

Sulfuric Acid Market: The national sulfuric acid market lacked sufficient positive support, with intense bargaining prevailing in Henan. Some acid plants in the Jiyuan region completed maintenance, and the resumption of operations led to gradually loosening regional sulfuric acid supply. However, demand from downstream chemical industries did not show obvious recovery, and end-user procurement sentiment remained cautious. Weak pricing in neighboring Shandong continued to constrain Henan acid prices, widening negotiation space for local acid producers. Transaction centers in Yunnan shifted lower. The downstream fertilizer market remained persistently depressed; combined with recent declines in sulfur prices, downstream willingness to externally procure sulfuric acid weakened. Some enterprises have planned maintenance later, leading to further decreases in procurement volumes. Hydrogen calcium producers recently focused on rigid-demand procurement, resulting in insufficient overall demand support. Market wait-and-see sentiment was strong, with transactions primarily based on actual orders. To maintain stability with existing clients, major local acid factories lowered acid prices by 40 CNY/ton yesterday. Although Honghe's main acid factory has planned maintenance later, it will also follow suit by lowering prices by 40 CNY/ton tomorrow due to the impact of the weak market. Acid factories faced pressure on shipments, with limited new order transactions, and traders operated cautiously. The Hebei market experienced tight supply and high prices. Ore-based acid enterprises in Qinhuangdao and Handan remained under maintenance, while local sulfur-based acid enterprises primarily sold internally. Overall supply volume was low, keeping Hebei sulfuric acid prices higher compared to surrounding regions. Meanwhile, low-priced sulfuric acid from outside regions continued to flow in, primarily to Hubei, Inner Mongolia, and Shandong, with potential inflows from Liaoning recently. Currently, negative factors dominate the domestic sulfuric acid market, and short-term acid prices are expected to dip slightly.

6. Data Calendar

Table 3: Domestic Sulfur Data List (Unit: 10,000 tons)