草甘膦中国月报(草甘膦中国月度报告202211)

In Nov., the ex-prices of Chinese glyphosate TC continued to fall, with sluggish supply and demand. The operating rate of Chinese glyphosate TC producers fell by 4% MoM to around 49% in mid-Nov. Although Xingfa Group's glyphosate TC production lines resumed operation, some other glyphosate TC producers instead lowered their operating rates.

However, many producers saw the decline in glyphosate TC prices as a return to normal levels and remained bullish on the future development of glyphosate: Zhejiang Wynca expected that the production and sales of glyphosate products in Q4 are promising; Hebang Biotechnology also remained optimistic about glyphosate TC business and has started the construction of a new 500,000 t/a PMIDA production line.

In terms of policies, China issued 20 measures to further optimise the prevention and control work for the COVID-19 epidemic, and urged local departments to implement precise controls for access to ensure smooth transport. On the other hand, many provinces carried out relevant supervision work to learn from the lessons of the "11.21" fire accident in Henan Province. 

The USD/CNY exchange rate used is USD1.00=CNY7.2081, sourced from the People's Bank of China on 1 Nov. 2022. All the prices mentioned in this newsletter will include the VAT, unless otherwise specified. 

Note: According to the enterprise information on 25 Nov., Sichuan Leshan Fuhua Tongda Agro-chemical Technology Co., Ltd. (Leshan Fuhua) has officially changed its name to Fuhua Tongda Agro-chemical Technology Co., Ltd. (Fuhua Tongda). The Glyphosate China Monthly Report retains its old name in this issue and will use the new one next month.