China: Prices under further downward pressure

摘要

China’s sulphur inventories at ports increased to 1.72 million mt, reflecting difficulties destocking. Downstream phosphate markets were set to see peak exports soon, but remained relatively weak. Transactions were therefore limited as demand was lacking. Quotes for spot granular product at ports on the Yangtze River were in the RMB 685-690/mt FCA range, but buyers’ bids fell to RMB 680/mt. Crushed product was offered at RMB 670/mt FCA, indicating relatively tighter supply. For Fangcheng port and Qingdao port, granular product was set at RMB 720/mt FCA, while the actual trading price dropped to RMB 700/mt.