Waypoint Market Update - July 2024
Published on
30 July 2024
Written by
Hugo Nankivell
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As we wrap up July, Waypoint have gathered insights from our suppliers on the latest market trends for raw materials and fertilisers in China. Here’s a brief summary:
1. Raw Materials
Sulphur: Prices have increased by 12.9%, with inventory at ports dropping significantly.
Sulphuric Acid: A 20.6% price increase due to supply constraints from maintenance activities.
2. Fertilisers
Nitrogen Fertilisers
Urea: Down by 4.7% due to decreased demand and rising inventories.
Ammonium Sulphate: Prices are also down by 8.4%, though the decline is slowing.
Phosphate Fertilisers
MAP TG: Operating rates are down to 51.4%, with a 7.8% price drop.
MAP (Battery Grade): Up 56.5% over 2023, driven by LiFePO4 production.
UP TG: A drop of 8.0%, reflecting weak export support post-spring season.
Potassium Fertilisers
MOP: Stable at USD 273/MT, but with reduced port inventories and low operating rates.
SOP: Holding steady with high operation rates.
MKP: Down 4.0%, Phosphoric Acid is strong, but challenging pricing dynamics.
3. New Energy
FePO4 & LiFePO4: Markets remain flat with weak demand and negative margins.
Given these trends, how should we navigate the upcoming months? Are there opportunities for strategic purchasing or partnerships?
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