Herbicides China Monthly Report(Herbicides China Monthly Report 202410)

In October, the herbicide market showed signs of an off-peak season, with supply and demand remaining relaxed. There are hopes for improved domestic and foreign demand, leading to mostly stable prices for herbicide products, which fluctuated slightly. The average ex-works price of Herbicide TC fell by 0.18% MoM. Most raw material costs stayed fairly steady. Factory maintenance and restarts occurred simultaneously, and the market continued to have a relaxed supply and demand situation.

Company dynamics: Hangzhou Nutrichem Co., Ltd. publicised its 5,000 t/a pretilachlor and 5,000 t/a propisochlor TC technical renovation project; Guang'an Lier Chemical Co., Ltd.'s EI reports for the 10,000 t/a TCPA sodium salt project and pinoxaden TC project were publicised; Shandong Cynda Chemical Co., Ltd.'s novel herbicide pyrazolynate has been approved for registration; Nanjing Red Sun Co., Ltd. announced that the company has signed a formal investment agreement , and its restructuring will see new progress.

Policy: On 23 October, 2024, the Ministry of Agriculture and Rural Affairs issued the Guiding Opinions of Vigorously Developing Intelligent Agriculture, aiming to advance the comprehensive and full-chain application of agricultural intelligent technology and smart farming, and to improve the efficiency and quality in agriculture.

Trade: From January to September 2024, the total export volume and value of herbicide formulations from China increased by 31.46% and 4.43% YoY, respectively. But in September, the export volume and value decreased by 26.96% and 27.65% YoY, respectively.