草甘膦中国月报(草甘膦中国月度报告202210)

In Oct., the ex-works price of Chinese glyphosate TC stayed stable in early the month, while then slid with the sluggish market.

In terms of company dynamics, the operating rate of glyphosate TC producers has been running at a low level for the past few months, and saw a slight increase in mid-late Oct. Nantong Jiangshan announced to invest in the projects of the PMIDA TK wastewater treatment optimisation and upgrading, flame retardant phase II and wharf reconstruction; Shandong Binnong dismantled  all glyphosate TC production installations in the consideration of the company's development strategy and other factors; Weifang Rainbow proposed the technical reform project of 25,000 t/a glyphosate equipment.

In terms of policy, as the winter heating season dawned in many parts of China, domestic plans for winter heating, amidst the energy shortage in Europe, are of great concern to chemical producers. To secure electricity for people's livelihoods and industrial production, many provinces have held special meetings in late Sept. on the arrangement of cyclical energy consumption for winter heating, and some even had scheduled as early as the summer power consumption peak; As of 21 Oct., China has completed two rounds of environment inspections and will arrange the new round of inspections systematically based on the practical experience, to address the key ecological problems.

The USD/CNY exchange rate used is USD1.00=CNY7.0992, sourced from the People's Bank of China on 10 Oct., 2022. All the prices mentioned in this newsletter will include the VAT, unless otherwise specified.