① Operating rates for caprolactam and coke producers edged up slightly.
② Price expectations for the Indian tender turned bearish, causing international urea prices to decline.
③ Raw material costs remain elevated, leading to cautious sentiment among downstream buyers.
This week, the domestic ammonium sulfate market trended downward primarily due to two factors: First, results from the recent Indian urea tender fell short of previous benchmarks, weakening the international urea price trend and indirectly affecting end-user price negotiations for Brazilian granular ammonium sulfate. Second, raw material costs surged aggressively prior to this period due to holiday-related disruptions. Considering the softening end-market demand and high cost pressures, downstream procurement sentiment cooled significantly. The market has entered a short-term wait-and-see phase as participants await the release of details regarding the second batch of voluntary export quotas under regulatory inspection and subsequent non-quota export regulations.
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