① International urea prices have retreated, and end-user acceptance of ammonium sulfate remains limited.
② Caprolactam operating rate stands at 70.79%. Independent coking enterprises' operating rate is 70.37%.
Table 1: Domestic Ammonium Sulfate Price Summary (Unit: CNY/ton)
| Market | Specification | Nov 10 | Nov 10 | Change | % Change |
|---|---|---|---|---|---|
| Shandong | Coking-grade | 1107-1145 | 1010-1040 | -97/-105 | -8.76%/-9.17% |
| Shanxi | Coking-grade | 975-1060 | 900-1000 | -75/-60 | -7.69%/-5.66% |
| Handan | Coking-grade | 1100-1140 | 1055-1095 | -45/-45 | -4.09%/-3.95% |
| Henan | Coking-grade | 1033-1060 | 980-1056 | -53/-4 | -5.13%/-0.38% |
| Northwest | Coking-grade | 876-980 | 861-890 | -15/-90 | -1.71%/-9.18% |
| Northeast | Coking-grade | 900-1135 | 900-1135 | 0/0 | 0.00%/0.00% |
| Shandong | Caprolactam-grade | 1200-1250 | 1200-1230 | 0/-20 | 0.00%/-1.60% |
| Shanxi | Caprolactam-grade | 1200-1200 | 1200-1200 | 0/0 | 0.00%/0.00% |
| Key Downstream | |||||
| Shandong | Compound Fertilizer 45%S(3*15) | 3280 | 3250 | -30 | -0.91% |
Based on Shandong coking-grade ammonium sulfate, the transaction price was 1,126 CNY/ton, remaining stable. This week, coking-grade ammonium sulfate prices showed weakness, with some new quotes adjusting downward weakly.
Currently, caprolactam units are undergoing narrow adjustments in load, with an operating rate of 70.79%. The operating rate for independent coking enterprises is 70.37%. The capacity utilization rate for domestic compound fertilizer producers is 24.00%.
The ammonium sulfate market faced pressure and adjusted downward today. International conditions have weakened, and demand support is insufficient, with clear bearish signals in the market. Domestic procurement enthusiasm cooled accordingly. In the short term, the ammonium sulfate market is expected to continue trending downward.
Urea: Today, domestic urea factory quotations concentrated upward, reflecting strengthened intentions from manufacturers to maintain prices. However, downstream traders' willingness to chase higher prices fell rapidly, leading to a slowdown in overall transactions. Agricultural demand remains sluggish, while industrial rigid demand from sectors such as compound fertilizers and board materials is limited. Disagreements regarding winter stockpiling have increased; trader sentiment has returned to caution, with many controlling inventories and purchasing small volumes based on actual needs. High-priced goods face weak absorption. On the supply side, operating rates remain stable, with some units planning maintenance shutdowns, keeping inventory pressure manageable. Short-term market conditions may enter a stalemate or bargaining phase, with resistance to further price increases. Key focus should be on negotiation discounts and the pace of off-season stockpiling purchases.
Table 2: Domestic Ammonium Sulfate Data Overview (Unit: 10,000 tons)
| Data Indicator | Release Time | Previous Period | Current Trend Forecast |
|---|---|---|---|
| Coking Enterprise Capacity Utilization Rate | Friday 17:00 AM | 70.37% | -- |
| Caprolactam Capacity Utilization Rate | Thursday 17:00 PM | 70.79% | ↘ |
| Compound Fertilizer Capacity Utilization Rate | Thursday 17:00 PM | 24.00% | ↘ |
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