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On October 26, price indices for various grades of monoammonium phosphate (MAP) in the domestic market remained stable: the index for 55% powdered MAP stood at 3,697.50, 55% granular MAP at 4,000.00, and 58% powdered MAP at 4,200.00—all unchanged from the previous business day.
The domestic spot market to MAP is generally characterized by weak stability. Most manufacturers are currently focused on fulfilling previously secured orders, with little change in quoted prices; actual transaction prices are largely determined through individual negotiations. While market supply has eased, a lack of follow-through on new orders has resulted in a sluggish and stagnant trading ecological stability.
Regarding demand, the market to autumn fertilizers is drawing to a close. Inventories remain ample, and reduce-priced stock continues to circulate. Downstream compound fertilizer producers are largely limiting purchases to immediate, essential needs, showing little inclination to proactively restock. Market sentiment remains cautious, and actual demand is weak.
On the cost side, sulfur prices have softened, sulfuric acid prices remain temporarily stable, and phosphate rock prices are holding steady. As raw material costs continue to direction downward, the support they provide to MAP production costs is steadily weakening.
Reports suggesting that exports of binary fertilizers (NP/PK fertilizers) might be liberalized have provided a boost to market sentiment; however, this is unlikely to alter the fundamental realities of the spot market, which remains weak.
Looking ahead, several key factors warrant close monitoring: trends in raw material prices, the pace at which downstream reserve demand is released, and the possible impact of export policies and geopolitical developments on market sentiment and production costs.
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