Execute orders; domestic ammonium sulfate prices remain stable with smooth shipments.

1. Today's Summary

① International demand provides support, and downstream procurement sentiment is positive.
② Caprolactam operating rate stands at 69.86%. Independent coke enterprises' operating rate is 70.16%.

2. Spot Market Overview

Table 1: Domestic Ammonium Sulfate Price Summary (Unit: CNY/ton)

Taking Shandong coke-grade ammonium sulfate as the benchmark, the price held steady at 1,187 CNY/ton. Factories are stably fulfilling orders placed in previous periods.

3. Production Dynamics

Currently, caprolactam units are undergoing minor load adjustments, with an operating rate of 69.86%. The operating rate for independent coke enterprises is 70.16%. The capacity utilization rate for domestic compound fertilizer enterprises is 35.80%.

4. Price Forecast

Today, the ammonium sulfate market saw stable shipments. Since raw material factories have mostly signed orders extending beyond the National Day holiday, prices are expected to remain unchanged in the short term, resulting in a moderate trading atmosphere. The ammonium sulfate market is projected to trend steadily with a wait-and-see attitude in the near future.

5. Related Product Status

Urea: In September, the domestic urea market rose sharply before retreating to oscillate at lower levels. On the supply side, early-month plant maintenance reduced daily output to approximately 180,000 tons. From mid-to-late month, plants in Hebei, Hubei, Henan, and other regions gradually resumed operations, bringing daily output back to around 200,000 tons. Combined with new capacity releases, overall supply remained relatively loose, and enterprise inventories hovered at high levels. On the demand side, agricultural consumption remains in the off-season, with only limited stockpiling needs in specific regions. Industrial demand has softened; compound fertilizer enterprises' operating rates declined, and their urea procurement is primarily driven by rigid demand, providing limited support. Regarding costs, persistently high coal prices have strengthened production cost support for urea enterprises, offering some floor to prices. In terms of market sentiment, Indian tenders and export port collection provided temporary support, but insufficient domestic absorption led to cautious wait-and-see attitudes. Some factories lowered prices to secure advance orders ahead of the Mid-Autumn and National Day holidays. Supported by pending order books, prices maintained a consolidating trend. Overall, September's market featured cost-supported floors and upward pressure, lacking sustained drivers, thus maintaining range-bound fluctuations.

Table 2: Domestic Ammonium Sulfate Data Overview (Unit: 10,000 tons)

Source: Chempricehub Information
Note:

1. ↓↑ indicates significant fluctuation, highlighting data dimensions with changes exceeding 3%.
2. ↗↘ indicates narrow-range fluctuation, highlighting data dimensions with changes within 0-3%.