Why is China's ammonium sulfate export price rising despite record output?

Why is China's ammonium sulfate export price rising despite record output?
China exported 10.17 million tons of ammonium sulfate in H1 2026, up 15.2% year-on-year, with export value surging 60% to USD 2.06 billion. The average export price jumped 39% to USD 0.20/kg. Key drivers include geopolitical disruption in the Strait of Hormuz, which tightened global urea and ammonia supply and pushed buyers toward ammonium sulfate as a substitute nitrogen-sulfur fertilizer. India's imports grew 403.6% on pre-monsoon restocking and fertilizer subsidy support. Brazil remained the top destination at USD 388 million, followed by India and Australia. Asia and Latin America together absorbed 79% of shipments. The price rally reflects both genuine demand shifts and supply chain disruptions rather than domestic cost inflation.