China's potassium chloride imports in March 2023 were at 956,000 tons, up 37.74% QoQ, with an average import price of 537.78 USD per ton. Total imports from January to March were at 2,572,700 tons, up 22.62% YoY. The import volume of potassium chloride increased significantly, and China's supply remained relatively adequate in the spring market.
Looking at the import data for the first quarter of 2023, excluding February's imports, which were slightly lower than February 2022's volume, the imports of the other two months increased significantly, thus reaching a year-on-year increase of 22.62% in the first quarter, ensuring the supply of potash under the spring demand.
At the same time, in the first quarter, the start-up of potassium chloride installations in China also increased compared to the same period last year, with the total output of domestic potassium chloride reaching 1,366,900 tons in the first quarter of 2023, an increase of 23.37% year-on-year.
With the combination of imports and domestic production, the supply of potassium chloride in China has increased significantly and the contradiction between supply and demand has become apparent, resulting in lower market prices.
From the perspective of the import volume of border trade, the import volume of border trade in March also increased significantly, the import volume in 143,300 tons, an increase of 18.23% QoQ, the average price of imports in 417 USD per ton.
And the total import volume of border trade from January to March 2023 reached 370,900 tons, an increase of 8.39% year-on-year, a more significant increase.
From the viewpoint of subsequent market orders, orders for border trade in May are still under negotiation and have not yet been fully confirmed.
The China-Europe Railway Express has also decreased, and some of the imported potassium from the port has entered the bonded warehouse, and the saleable quantity is more concentrated.
With the strong willingness of most traders to hold up their prices and the continued dumping of low prices not effectively promoting transactions, the market price of potassium chloride in China gradually tended to a stable state.
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