Procurement sentiment remains moderate, with domestic ammonium sulfate prices trending in a narrow range (September 15, 2026)

1. Today's Summary

① The transition period ends today; non-self-discipline enterprises have ceased inspection declarations.
② Caprolactam operating rate is 68.09%. Independent coking enterprise operating rate is 66.71%.

2. Spot Market Overview

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

Taking Shandong coking-grade ammonium sulfate as the benchmark, prices are executed at 970 RMB/ton, remaining stable. Auction sentiment this week has been fair, with limited fluctuation in current auction prices for coking-grade ammonium sulfate.

3. Production Dynamics

Currently, caprolactam plant loads are undergoing narrow adjustments, with an operating rate of 68.09%. Independent coking enterprises have an operating rate of 66.71%. The capacity utilization rate of domestic compound fertilizer enterprises is 32.99%.

4. Price Forecast

The ammonium sulfate market saw minor adjustments today. Due to relatively high international end-user prices and sufficient orders held by downstream granulation plants, market auction sentiment remains fair. However, given the unclear policy environment at this stage, a cautious wait-and-see attitude persists in the market. It is expected that the short-term ammonium sulfate market will trend steadily with minor adjustments, and price fluctuations will remain limited.

5. Related Product Status

Urea: The implementation of the third batch of export quotas confirms previous rumors regarding exports. However, new Indian tenders are needed to drive further momentum. As the previous round of exports is winding down, substantive short-term drivers for exports are declining, leaving only expectation-based support. Regarding domestic fundamentals, although manufacturers face pre-National Day order collection needs from a timing perspective, there is still considerable time remaining, and rushing order collection may not yield good results. Currently, both supply and demand sides are increasing slowly, resulting in low shipment pressure for enterprises and a temporary stance of maintaining prices. At current price levels, stockpiling demand lacks attractiveness, and rigid demand is primarily based on purchasing as needed. Therefore, the overall market presents a state of supply-demand balancing, with minor fluctuations in trends.

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