Ammonium Sulfate Market Report — Week 39, 2026

This is our market report for the week of 21-25 September 2026, a week in which the domestic Chinese market did the moving and the export market waited for an allocation decision. Domestic caprolactam-grade climbed to ¥1,230-1,270/t ex-works in Shandong, export fob held near $205-215/t, and Brazil stayed firm. Traders say the end-September allocation round is now the variable everyone is watching.

Weekly numbers

Domestic reference points moved through the week: on 20 Sep Cangzhou Xuyang lifted its caprolactam-grade offer ¥50 to ¥1,270/t bulk with normal offtake, on 23 Sep Shandong caprolactam-grade was assessed at ¥1,230-1,270/t and coking-grade at ¥981-1,175/t, and on 24 Sep Hualu Hengsheng raised caprolactam-grade bulk ¥20 to ¥1,320/t and power-plant grade ¥80 to ¥1,175/t. Coking-grade held a wide ¥981-1,175/t band in Shandong, with steel mills’ auctions still attracting active bidding. Standard caprolactam-grade fob China sat near ~$205/t, compacted granules near ~$215/t, Brazilian cfr at ~$250-255/t and southeast Asian caprolactam-grade near ~$230/t.

For context, the previous week (14-18 September) closed with the domestic spot benchmark around ¥1,230/t, up 3.07% on the week and nearly 30% year-on-year. This week extended that trend rather than reversing it. Sellers attribute the repeated ex-works lifts to auction competition.

Weekly drivers

The strongest signals came from coking-grade and steel-grade auctions, where bidding stayed aggressive as Chinese compactors bought raw material for Brazilian granular programmes. That demand chain — Brazilian buying, granulation margin, compactor restocking, auction prices — is still intact, exactly as it was last week. The ¥80 jump in power-plant grade at Hualu Hengsheng is wider than the headline caprolactam figure; sellers say lower grades reprice ahead of the rest when availability tightens.

Standard caprolactam-grade sat near $205/t fob and compacted granules near $215/t fob on the latest assessments, with domestic ex-works around ¥1,230-1,270/t putting the fob equivalent of domestic material close to parity with export levels, the same structure described in our 23 September note. At parity, sellers have little reason to discount, and tonnage moves on allocation rather than price. Traders report export offers held rather than jumped this week.

Allocation round

The 15 September end of the export inspection transition period has settled into a workable routine: enterprises holding valid CIQ approvals continue to load and ship, and approved cargoes are clearing normally. Volumes remain tied to approved quantities, so the transition end did not expand the pool of exportable tonnage. That leaves the second allocation round, expected by the end of September, at the centre of the fourth-quarter outlook, traders say.

If the round arrives with volume and extends eligibility, steel-grade in particular, Q4 supply loosens and the current premium structure eases; if it is delayed or restricted, tightness persists into October-November and offers keep clustering around whoever still holds approved tonnage. Buyers are being advised to model both outcomes rather than one scenario. Until the announcement lands, sellers who know their allocation status hold the information advantage, traders say.

Regional demand

Brazil remains the engine, with the October-November planting window keeping compacted and granular demand firm at around $250-255/t cfr main ports. Recent weeks have seen ammonium sulfate gain roughly $40/t internationally alongside rising urea, and with Egyptian and Middle East urea benchmarks firm and supply constrained, the cost-per-nitrogen comparison still favours ammonium sulfate for sulfur-hungry soybean ground. Enquiry has been steady through the planting window, sellers say.

Southeast Asia is quiet, as it was last week, with the July-September application season closed, buyers executing existing contracts, and crystalline material for compound fertilizer blending seeing thin new enquiry; regional caprolactam-grade assessments sit near $230/t cfr. Turkey demand is recovering, with standard offered around $260/t cfr and granular $270-290/t cfr, and a Mexican importer is seeking around 30,000t of standard and granular material for east coast delivery. Chinese standard offers at $240-250/t cfr in East Africa are finding no buyers at that level, traders say.

Sulphur costs

Sulphur has stayed firm on the Tampa and North Africa benchmarks, setting the production-cost base for synthetic-route material — ammonia plus sulphuric acid — which fills the bottom of the offer stack when by-product grades are tight. With the by-product side allocation-constrained, a rising synthetic-route cost base removes the usual safety valve that caps rallies. Our production source guide explains why the routes do not substitute for one another.

Buyer guidance

Buyers are being advised to ask whether a supplier holds approved tonnage for the loading window before negotiating price, since a firm answer is worth more than a $5/t discount from someone who cannot ship. Brazil wants compacted or granular, Southeast Asia and ANZ blending programmes want crystalline, and the grades do not substitute. Programmes stretching into Q4 are being modelled against both allocation outcomes, traders say.

Mixed-source compacted material carries different guaranteed figures than single-route crystalline, so buyers are confirming nitrogen assay, free acid and moisture against their application before comparing prices across grades. Freight remains the most volume-sensitive component of delivered pricing, and a Brazil cfr for one parcel size does not transfer to another. Every cfr number is parcel-specific rather than a market level, traders say.

Watch list

The base case into next week is domestic firm, export fob steady-to-firm, and the allocation round deciding everything downstream of it. Sellers say the second allocation round and steel-grade eligibility will decide most of the Q4 price path. Sulphur benchmarks and the Brazilian buying pace are the items they name next.

Sourcing ammonium sulfate from China

The grades discussed here — standard, compacted granular and crystalline — cover the main forms in which ammonium sulfate leaves China, with Qingdao and Tianjin the usual loading ports. Inspection and documentation requirements have changed more than once this year, so buyers planning a shipment window should confirm which grades and documents currently apply before fixing a load plan.

• Ammonium Sulfate — the full grade range and typical specifications
• Granular Ammonium Sulfate — for direct soil application; the grade Brazilian programmes specify
• Crystalline Ammonium Sulfate — for compound fertilizer blending and industrial use
• How to import ammonium sulfate from China — documentation, inspection and shipping, step by step

Tell us the grade and destination you are working with and we will share the specification and documentation details relevant to that route.

On pricing in this article. The figures above are indicative market assessment levels for the grades and bases referenced, drawn from our own market monitoring and information from our own trading desks. They are not offers and do not represent a quotation for any specific parcel, origin or shipment window. Ammonium sulfate prices vary with grade, production source, packaging, parcel size, destination and freight, and are quoted per inquiry and confirmed in the sales contract.