Stable Compound Fertilizer Imports
From January to June 2024, China imported 629,400 tons of NPK compound fertilizers, a year-on-year decrease of 0.45%. The main import sources were Russia, Norway, Belgium, Finland, and Israel.
Export Situation In the same period, exports of NPK compound fertilizers amounted to 162,300 tons, a year-on-year decrease of 61%. However, exports of NP compound fertilizers increased by 30.04%. The average export price of NPK fertilizers was $537.84 per ton, while NP fertilizers averaged $361.03 per ton, contributing to the higher export volume of NP fertilizers. In June, both NPK and NP fertilizer exports increased compared to the previous month, primarily due to the concentrated shipments after inspection regulations were relaxed in May.
Main Export Destinations From January to June, the main export destinations for NPK compound fertilizers were Myanmar, the Philippines, Thailand, and Malaysia. For NP compound fertilizers, the primary export destinations were Brazil (accounting for 43.19%), the Philippines, Vietnam, Indonesia, and Myanmar. As China's influence in the compound fertilizer export market grows, the number of destination countries is also increasing.
Market Outlook
In the third quarter, international fertilizer market demand is expected to be relatively strong, while domestic demand for compound fertilizers will mainly focus on wheat fertilizers and other crops. Therefore, compound fertilizer exports are expected to continue growing, but domestic policies and international conditions need to be considered.
June 2024 Diammonium Phosphate Export Situation and July Outlook
DAP Export Performance in June Was Flat
According to customs data, China exported 483,300 tons of diammonium phosphate (DAP) in June 2024, a month-on-month decrease of 0.76% and a year-on-year decrease of 47.97%. The cumulative export volume from January to June 2024 was 1.5117 million tons, a year-on-year decrease of 47.97%.
Main Export Destinations
In June, DAP was exported to 34 countries. The top five export destinations were India (114,500 tons, accounting for 24%), Vietnam (106,600 tons, 22%), Thailand (52,500 tons, 11%), Bangladesh (37,200 tons, 8%), and New Zealand (35,400 tons, 7%).
FOB Prices Remain Strong
The FOB price of DAP remained strong at $575-585 per ton, up 8.41% month-on-month. The main reasons are the upcoming peak demand season in China, recovering domestic demand, limited export volumes, and tight supply. Recently, Pakistan has been actively importing, and although India's import demand is moderate, it still exists. Additionally, the Indian government is considering a special subsidy of $35-42 per ton to meet import demand.
July Outlook
In summary, DAP export performance in June was flat, but exports are expected to improve in July, driven by rising international market demand and policy support from India and Bangladesh.
Attention: The above information is for commercial reference only due to the diversity of information collected, and Kelewell is not responsible for the authenticity of the data.
Comments