Raw materials: coal, phosphate rock prices stable. October, the price of domestic coal and phosphate rock ring is relatively stable, nitrogen fertilizer, phosphate fertilizer price fluctuations of fertilizer profitability is still in the relatively low level of the year.
Nitrogen fertilizer: the significant increase in export volumes and prices stabilize. September nitrogenous fertilizer export 1,592,400 tons, an increase of 134.69%. The off-season export tariffs and domestic and foreign price (500 yuan / ton) is the main reason for the significant increase in exports. With the increase in demand for winter storage and export, look forward to the stabilization and recovery of the price of urea.
Phosphate fertilizer: exports for two consecutive months falling significantly. September phosphate fertilizer exports of 7.17 million tons, a year-on-year decrease of 56.16%. Domestic and foreign price to fall, mainly due to reduced international demand is leading to the decline of China's phosphate fertilizer exports.
Given fertilizer industry "overweight" investment rating. Domestic fertilizer prices at a low level, With the increase in demand for winter storage and export, domestic fertilizer prices are expected to stabilize, and look forward to next year spring fertilizer prices, given the fertilizer industry "overweight" rating. The future concern events including: increased gas prices, fertilizer exports. The main concern of the company include: Hing Fat Group, Huaneng Power upgrade. (Mining Winter)