Price trend

According to data monitoring by SunSirs, as of November 23, 2023, the reference average price of 30% grade phosphate rock in China was around 1,054 RMB/ton. Compared with November 1, 2023 (the reference price of phosphate rock was 1,024 RMB/ton), the price increased by 30 RMB/ton, an increase of 2.93%.

Analysis review

From the data monitoring chart of SunSirs, it can be seen that since November, the overall domestic phosphate rock market had shown a steady upward trend, with the focus of the phosphate rock market constantly moving towards the high-end. Many mining enterprises in China, including Guizhou, Sichuan, and Guangxi regions, had raised the prices of mid to high-end grade phosphate rock, with a cumulative increase of around 50-90 RMB/ton for 30% grade phosphate rock within the month. The supply of low-priced phosphate rock in the market was gradually decreasing, and the difference between high and low prices had narrowed. As of November 23, the domestic 30% grade phosphate rock market price was referenced around 1,000 to 1,100 RMB/ton, while the price at the higher end was referenced around 1,150 RMB/ton.

Analysis of Supporting Factors for Phosphate rock Market

In terms of demand: The upward trend of the downstream terminal market of phosphate rock provided impetus for the upward trend of the phosphate rock market, and the rebound of the terminal market drove the boost of downstream demand for phosphate rock. The overall demand transmission of the phosphate rock market was good.

In terms of supply: As of November 23, the domestic phosphate rock market was still facing a tight supply situation. As downstream winter storage began, downstream demand orders for phosphate rock had improved, and the overall market continued to be tight. Some regions mainly received pre orders, and the overall spot circulation in the market was still tight.

Market outlook

As of November 23, the overall trading atmosphere of phosphate rock was acceptable, and the industry had a good mentality. The support provided by both supply and demand to the phosphate rock market was still good. The phosphate rock data analyst of SunSirs believes that in the short term, the domestic phosphate rock market will mostly be dominated by consolidation at high levels, and the specific trend needs to pay more attention to changes in news on the supply and demand side.

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