Fungicides China Monthly Report

In April, the market for fungicide TC fluctuated upwards, with the overall prices of major fungicide showing an upward trend. In April 2025, the average price of key fungicide raw materials surged by 31.58% MoM, largely due to the disorderly domestic pricing of bromine.

Company dynamics:

• On 31 March, 2025, CAC Nantong launched its subscription (code: 301665) at USD1.43/share (RMB10.27/share), with a price-earnings ratio of 13.40 times and an issuance volume of 45 million shares. The total funds raised are expected to be USD64.37 million (RMB462 million), with a net amount of about USD54.39 million (RMB389.70 million), to be used to expand the production capacity of the core fungicide azoxystrobin TC and scale up the production of new fungicide products.
• On 3 April, 2025, Huai'an Glory's completion inspection announcement for the 1,000 t/a pyraclostrobin TC, 682 t/a by-product sodium bromide and 5,200 t/a mixed potassium salts technological renovation project was publicised.
• In April 2024, fungicide listed companies successively released their performance reports for the year 2024. Among them, Limin Chemical, Xinnong Chemical, and Hunan Haili all achieved growth in performance; Yingde Greatchem's net profit excluding non-recurring gains decreased by 11.45%, and Suli made a loss with a net profit loss exceeding 150%.

Policy: On 2 April, 2025, the Department of Agriculture and Rural Affairs and the Department of Finance of Heilongjiang Province issued the "2025 Heilongjiang Province Soybean Rhizobium Inoculant Technology Demonstration and Promotion Project Implementation Plan", planning to promote soybean rhizobium inoculation technology in 75 counties (cities, districts), covering an area of 433,300 hectares, and to create 33,300 hectares of model fields.

Registration: On 27 March, ICAMA publicised the 3rd-batch pesticides that it had planned to approve of registration, which includes 97 fungicide products, with the majority being SC formulations. Popular active ingredients of these fungicide products are pyraclostrobin, tebuconazole, azoxystrobin, fludioxonil, and epoxiconazole.

Disease control: On 1–2 April, 2025, according to the expert consultation meeting held by the Jiangsu Provincial Plant Protection and Quarantine Station, it is predicted that in 2025, the wheat ear diseases in Jiangsu Province, mainly fusarium blight, will generally occur moderately to severely. Fusarium blight poses the highest risk and requires close attention, especially in the Jianghuai and Huaihe regions. On 14 April, 2025, according to the monitoring data from the Plant Protection Work Station of Shaanxi Province, it is expected that the main diseases of wheat in the middle and later periods of 2025 will occur moderately, with an affected area of about 3.22 million hm². Among them, the risk of Fusarium blight is high in the central and southern Weinan, the northeastern Xi'an, and the central and eastern Xianyang, with a moderate occurrence of stem base rot disease in Weinan and Xianyang, and stripe rust occurring moderately in the central and western Guanzhong Weihe River Valley and the northern bank platform area, Qian River Basin.

Trade analysis: In March 2025, exports of China's fungicide formulations reached 21,797.7 tonnes, up 22.1% YoY, with the export value rising by 27.03% YoY to USD97.53 million, and the average export price increased by 3.95% YoY.