A year’s work begins in spring. Spring plowing, as the key period for fertilizer use throughout the year, has always been a traditional peak season for the pesticide and fertilizer industry, and also the peak period with the most concentrated demand throughout the year. Driven by factors such as the start of spring fertilizer preparation and the countermeasures against internal competition in the chemical industry, institutions’ expectations for the increase in pesticide and fertilizer prices have somewhat risen.
According to data from Zhuochuang Information, as of February 25th, the domestic fertilizer market showed a differentiated trend. Among them, the factory price of 55% monopotassium phosphate was 3,850 yuan per ton, with a year-on-year increase of 16.67%; compound fertilizer rose by 387 yuan per ton, with a year-on-year increase of 12.63%; the average market price of small and medium-sized granular urea in China was 1,823 yuan per ton, with a year-on-year decrease of 1.83%.
Stock prices have soared.
Before the Spring Festival, the national authorities had already made advance arrangements for ensuring the supply and stabilizing the prices of fertilizers. On February 5th, the National Development and Reform Commission issued the “Notice on Doing a Good Job in the Supply and Stabilization of Fertilizers for the 2026 Spring Ploughing and the Whole Year”, stating that it is necessary to ensure the supply of raw materials for fertilizer production and stabilize fertilizer production.
Specific measures include: promoting stable production of phosphate rock and maintaining a reasonable price level. Encouraging domestic sulfur to be directly supplied to domestic phosphate fertilizer manufacturers; phosphate fertilizer manufacturers will actively supply domestic phosphate fertilizers to the domestic market, especially strengthening production supply during the spring ploughing period. The Association of Sulfuric Acid and Phosphate Compound Fertilizer jointly organized to ensure the connection of sulfuric acid production and sales of sulfuric acid and phosphate fertilizer manufacturers, and stabilize the purchasing and selling relationships between upstream and downstream.
However, due to the significant increase in raw material prices, the prices of some fertilizer products have risen. After the Spring Festival, the stock prices of companies in the pesticide and fertilizer sector performed strongly.
Sulfur, as one of the raw materials for fertilizers, has seen a clear upward trend in price since 2025. From the beginning of 2025 to the end of the year, the price of sulfur rose from 1,600 yuan per ton to 4,000 yuan per ton. In 2026, the price of sulfur continued to rise. As of January 30th, the average price of solid sulfur in China was 4,126 yuan per ton, up by 459 yuan per ton, or 12.51%; the average price of liquid sulfur in China was 4,099 yuan per ton, up by 477 yuan per ton, or 13.17%.
However, in the future, the price trend of fertilizer products may stabilize. March is a crucial period for spring plowing and fertilizer preparation. As the preparation period shortens, the market demand gap may gradually emerge, and the trading activity is expected to gradually increase. However, affected by the policy of ensuring supply and stabilizing prices, the prices of phosphorus fertilizer leading enterprises may still fluctuate mainly around the guidance prices.
It should be noted that some small enterprises and distributors, supported by the spring plowing demand, do have a slight intention to raise prices. However, due to policy constraints and the limited acceptance of high prices by the terminals, industry insiders predict that the upward space of fertilizer prices is limited.
In terms of raw materials, the price of sulfur has begun to decline. On February 26th, the benchmark price of sulfur on Bizhesheng was 3,810 yuan per ton, a decrease of 9.5% compared to the beginning of February.
The price trend of phosphate rock is expected to stabilize. In 2026, the phosphate rock market may present a “relatively balanced supply and demand” situation. With the continuous release of new production capacity, the increase in downstream demand is limited, resulting in certain downward pressure on prices. However, prices are subject to three constraints: controllable export volume, long-term pricing model, and increasing environmental protection costs. The decline is limited. It is expected that the prices will mainly fluctuate within a range, with a stable but slightly weak trend.
Post time: Apr-08-2026