Herbicides China Monthly Report

Herbicide raw material markets traded steady with a soft bias in November, showing diverging price trends across products. Market participants remained cautious overall. Domestic herbicide market performance was stable yet varied, with most product prices declining MoM. The market remained primarily export-driven amid sluggish domestic demand.

Company dynamics

• Hailir and Fengshan Group both reported YoY revenue and net profit growth for the first three quarters of 2025.
• Changqing Co., Ltd. completed the relocation of its Yanjiang plant with new capacity exceeding 10,000 t/a, contributing significantly to 2025 performance. The company enhanced operational efficiency through technical upgrades and cost control measures, while maintaining stable pyrethroid production via self-supply of methyl benzylate. With improved dicamba profitability and growing U.S. exports, the company expects the "one certificate for one product" policy to further strengthen leading players' competitiveness.
• Lier Chemical announced on 15 November that controlling shareholder Jiuyuan Group plans to transfer a 20% stake (160 million shares), with concerted party Huacai Technology simultaneously transferring a 3.5% stake (28.01 million shares). Successful completion could result in changes to the company's controlling shareholder.

Policy

• On 30 October, Hebei Province released draft Pesticide Business License Examination Rules for public comment.
• On 3 November, the Ministry of Agriculture and Rural Affairs solicited feedback on the Administration Rules for Pesticide Registration for Export-Only Products.

Registration

On 30 October, 172 herbicide products, including 17 atrazine mixed formulations, were announced for registration approval.

Trade

China's herbicide formulation exports grew 15.06% by volume and 11.52% by value YoY in the first ten months of 2025. In October alone, however, shipments fell 9.84% YoY in volume and 4.20% YoY in value.

In this monthly report, the USD/CNY exchange rate is USD1.00=RMB7.0867 (Source: The People's Bank of China, 1 November 2025).

Unless otherwise stated, all prices involved in this report include VAT. Export goods are valued at FOB prices. Paraquat is subject to a 9% VAT, while diquat, glufosinate, and glyphosate are subject to a 13% VAT.