Procurement sentiment is mixed, with the market showing divergent trends

1. Today's Summary

① International urea prices have declined, reducing end-user acceptance of ammonium sulfate.
② Caprolactam operating rate is at 71.64%. Independent coking enterprises' operating rate is 71.23%.

2. Spot Market Overview

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

Taking Shandong coking-grade ammonium sulfate as the benchmark, the price stands at 1,052 RMB/ton, remaining stable with moderate procurement sentiment.

3. Production Dynamics

Currently, caprolactam plant loads are undergoing narrow adjustments, with an operating rate of 71.64%. The operating rate for independent coking enterprises is 71.23%. The capacity utilization rate of domestic compound fertilizer enterprises is 35.80%.

4. Price Forecast

Today's ammonium sulfate market showed mixed trends. International urea prices edged up slightly, and some granulation plants have pending orders to fulfill, resulting in better-than-expected market participation. Auction prices for coking-grade ammonium sulfate fluctuated both upwards and downwards, leading to varied procurement sentiment. In the short term, the ammonium sulfate market is expected to consolidate within a narrow range.

5. Related Product Updates

Urea: Today, the domestic urea market remained weakly stagnant, with no significant positive factors emerging and trading sentiment being quiet. Most enterprise quotes held steady temporarily, while a few made minor adjustments. Transactions were dominated by low-priced inventory, whereas high-priced goods had listed prices but little actual sales. Fundamentally, industry daily production remains high, ensuring ample supply; demand is in a seasonal off-peak period, with downstream buyers only meeting rigid requirements. Factories face pressure on order intake, and the overall trend of inventory accumulation continues. Cost-side support persists, limiting significant downside potential; however, if new orders remain weak, manufacturers may implement slight price cuts to promote shipments. Short-term market conditions are likely to remain weakly stable. Future focus should be on changes in factory inventories, the progress of winter stockpiling, and Indian tender outcomes.

Table 2: Domestic Ammonium Sulfate Data Overview (Unit: 10,000 tons)