① International demand provides support, and downstream purchasing sentiment is positive.
② Caprolactam operating rate stands at 69.22%. Independent coke enterprises' operating rate is 67.85%.
Table 1: Domestic Ammonium Sulfate Price Summary (Unit: CNY/ton)
| Market | Specification | Sep 22 | Sep 23 | Change Value | Change % |
|---|---|---|---|---|---|
| Shandong | Coke-grade | 981-1075 | 1174-1200 | +193/+25 | +19.67%/+2.33% |
| Shanxi | Coke-grade | 900-945 | 1015-1175 | +115/+230 | +12.78%/+24.34% |
| Handan | Coke-grade | 975-1135 | 1095-1135 | +120 /0 | +12.31% /0.00% |
| Henan | Coke-grade | 900-1137 | 1020-1140 | +120/+3 | +13.33% / +0.26% |
| Northwest | Coke-grade | 790-830 | 990-1020 | +200/+190 | +25.32% / +22.89% |
| Northeast | Coke-grade | 832-1035 | 832-1043 | 0/ +18 | 0.00%/ +1.74% |
| Shandong | Caprolactam-grade | 1230-1270 | 1230-1290 | 0/ +20 | 0.00%/ +1.57% |
| Shanxi | Caprolactam-grade | 1200-1200 | 1200-1230 | 0/ +30 | 0.00%/ +2.50 % |
| Key Downstream | |||||
| Shandong | Compound Fertilizer 45%S(3*15) | 3400 | 3400 | 0 | 0.00% |
Taking Shandong coke-grade ammonium sulfate as the benchmark, the price was executed at 1,187 CNY/ton, an increase of 109 CNY/ton, reflecting high purchasing enthusiasm.
Currently, caprolactam units are undergoing narrow adjustments in load, with an operating rate of 69.22%. The operating rate for independent coke enterprises is 67.85%. The capacity utilization rate for domestic compound fertilizer enterprises is 32.99%.
The domestic ammonium sulfate market saw a rapid upward adjustment today, primarily driven by supportive international end-user prices and sufficient orders for domestic granular plants. Considering the upcoming Mid-Autumn Festival and National Day holidays, delivery cycles for raw material plants producing coke-grade products have extended to 2-3 weeks, leading to urgent purchasing sentiment among downstream buyers. It is expected that the ammonium sulfate market will remain at high levels in the short term; attention should be paid to subsequent policy guidance.
Urea: Today, the decline in the domestic urea market widened further, with actual transaction prices in mainstream regions falling back to around 1,670-1,680 CNY/ton. As prices continued to probe lower, some downstream users showed increased willingness to restock at low levels. After today's price cuts, transaction activity improved compared to the previous two days, with a slight increase in new orders for enterprises. Driven by this, the market may stabilize through the Mid-Autumn holiday in the short term. However, pressure to collect orders remains ahead of the National Day holiday. Furthermore, supply is gradually increasing while demand remains flat, and concentrated export shipments are slowing down. The market awaits news from Indian tenders for a boost. Overall, the market trend is expected to continue oscillating at bottom levels, awaiting signals of further volume expansion in transactions.
Table 2: Domestic Ammonium Sulfate Data Overview (Unit: 10k tons)
| Data Item | Release Time | Previous Period Data | Current Period Trend Forecast |
|---|---|---|---|
| Coke Enterprise Capacity Utilization | Friday 17:00 AM | 67.85% | ↘ |
| Caprolactam Capacity Utilization | Thursday 17:00 PM | 69.22% | ↘ |
| Compound Fertilizer Capacity Utilization | Thursday 17:00 PM | 33.41% | ↗ |
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