How are sulfur and phosphate rock costs driving monoammonium phosphate producers into losses?

How are sulfur and phosphate rock costs driving monoammonium phosphate producers into losses?
Cost pass-through has broken down for MAP producers without captive resources. Hubei 55% powdered MAP rose 600 yuan/mt in the first half of 2026, from 3,850 to 4,450 yuan/mt, but that gain came entirely from sulfur, sulfuric acid and freight. Industry-wide, theoretical margins for plants buying sulfur externally hit a loss of 1,972 yuan/mt by end-June; even those buying sulfuric acid lost 781 yuan/mt. Average capacity utilization fell to 60.4%, down 0.77 percentage points year on year, as some plants cut loads or shut for maintenance. With exports still closed, overseas prices cannot rescue domestic margins. Profit is concentrating into integrated players with their own mines and long-term procurement.