Brief Analysis of Ammonium Sulfate Export Market in January 2024

According to customs statistics, China exported 1.029 million tons of ammonium sulfate in January 2024, with an export value of US$144.189 million, an average export price of US$140.13/ton, and an export volume increase of 14.73% year-on-year. In February 2024, 817,300 tons of ammonium sulfate were exported, with an export value of US$121.15 million and an average export price of US$148.23/ton. The export volume decreased by 20.57% month-on-month and 7.88% year-on-year. The total export volume from January to February reached 1.846 million tons, an increase of 3.47% year-on-year.

The main reasons for the increase in exports in January this year are as follows:

First, the price advantage. In January this year, the domestic average price of coking ammonium sulfate was around 775 yuan/ton, while last year it was at a high of around 1,170 yuan/ton. It fell 33.76% year-on-year this year. Last year, the average FOB price in China was around US$174/ton, but this year it dropped to around US$132/ton, a decrease of 24.14% year-on-year. Lower prices are more favored by the international market.

Secondly, the overall operating rate this year is higher than last year, and the high output urgently needs the "help" of the international market to digest it. In January last year, the operating rate of coking enterprises was 72.13%, and the operating rate of caprolactam was 75.68%. This year, the operating rate of coking enterprises was 73.61%, and the operating rate of caprolactam was 82.86%.

Thirdly, January last year coincided with the Spring Festival holiday, and all aspects of logistics were subject to certain restrictions.