① International urea prices rebounded, while terminal quotes for international ammonium sulfate adjusted downward during the same period.
② Caprolactam operating rate stood at 70.78%. Independent coking enterprises' operating rate was 71.84%.
Table 1: Summary of Domestic Ammonium Sulfate Prices (Unit: RMB/ton)
| Market | Specification | Oct 20 | Oct 21 | Change | % Change |
|---|---|---|---|---|---|
| Shandong | Coking-grade | 1019-1065 | 1081-1155 | +62/+90 | +6.08% /+8.45% |
| Shanxi | Coking-grade | 930-1030 | 990-1140 | +60/+110 | +6.45%/+10.68% |
| Handan | Coking-grade | 1000-1040 | 1105-1145 | +105/+105 | +10.5%/+10.10% |
| Henan | Coking-grade | 930-1070 | 1010-1075 | +80/+5 | +8.60% / +0.47% |
| Northwest | Coking-grade | 840-880 | 890-940 | +50/+60 | +5.95%/+6.82% |
| Northeast | Coking-grade | 832-1100 | 832-1100 | 0/0 | 0.00%/0.00% |
| Shandong | Caprolactam-grade | 1200-1230 | 1200-1230 | 0/0 | 0.00%/0.00% |
| Shanxi | Caprolactam-grade | 1130-1130 | 1130-1130 | 0/0 | 0.00% /0.00% |
| Key Downstream | |||||
| Shandong | Compound Fertilizer 45%S(3*15) | 3350 | 3330 | -20 | -0.60% |
Based on coking-grade ammonium sulfate in the Shandong region, the executed price rose to 1,118 RMB/ton, an increase of 76 RMB/ton. Strong order support for granular products led to a significant upward adjustment.
Currently, caprolactam units are undergoing minor load adjustments, with an operating rate of 70.78%. The operating rate for independent coking enterprises is 71.84%. The capacity utilization rate of domestic compound fertilizer producers is 31.02%.
The domestic ammonium sulfate market saw a notable rise today. Due to urgent delivery requirements for orders from granular product plants, bidding sentiment for coking-grade ammonium sulfate remained high, leading to a clear overall price increase. In the short term, the ammonium sulfate market is expected to maintain stability with potential further gains. Attention should be paid to policy developments and export conditions.
Urea: The domestic urea market continued its stalemate pattern today. Based on production and sales performance in major regions, quotes remained largely firm and stable, with limited room for fluctuation. Market wait-and-see sentiment was strong, with the core focus centered on the outcome of India's new tender. The volume and price results of the Indian tender will directly influence short-term market volatility. Spot transactions for new orders were weak today, as downstream buyers showed low enthusiasm for procurement, mostly maintaining rigid demand purchasing with little bulk restocking. As shipments slowed, inventory levels among domestic urea producers increased, gradually revealing supply-demand pressure. Before news regarding the Indian tender becomes clear, the market lacks definitive drivers, and prices may continue to fluctuate within a narrow range. It is recommended to closely track the Indian tender results, producer scheduling, and the start of winter stockpiling.
Table 2: Domestic Ammonium Sulfate Data Overview (Unit: 10,000 tons)
| Indicator | Release Time | Previous Period | Current Trend Forecast |
|---|---|---|---|
| Coking Enterprises Capacity Utilization Rate | Friday 17:00 AM | 71.84% | ↗ |
| Caprolactam Capacity Utilization Rate | Thursday 17:00 PM | 70.78% | ↘ |
| Compound Fertilizer Capacity Utilization Rate | Thursday 17:00 PM | 31.02% | ↘ |
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