草甘膦中国月报(草甘膦中国月度报告202510)

During October, glyphosate ex-work prices remained firm overall. Supported by the continuous low levels of industry stock and the peak season for overseas demand, prices are still in an upward channel, although the rate of increase has narrowed compared to the previous period. The Q3 was a period of rapid price increase for glyphosate, and it is expected that prices will remain high in Q4, but the upward trend is expected to gradually slow down.

In terms of project dynamics, projects related to the glyphosate industry chain are progressing steadily. Jingma Chemicals' 20,000 t/a PMIDA is being constructed in an orderly manner according to plan; Sichuan Minxi's 4,750 t/a glyphosate formulation project passed acceptance check. In addition, the Guizhou Wengfu Jiangshan New Materials and Electronic Chemicals project, as a key regional project, has made phased progress, and its basic supporting mineral processing plant public project (EPC project) has officially started operation.

At the corporate level, several listed pesticide companies have successively disclosed their third-quarter reports for 2025. The industry as a whole shows a trend of increasing revenue and net profit, but it is worth noting that among the main glyphosate-producing enterprises, the proportion of enterprises with a decline in both revenue and net profit has reached half.

In terms of policy environment, the compulsory safety standard "Safety Management Specification for Fine Chemical Enterprises" (AQ3062-2025) issued by the Ministry of Emergency Management of the People's Republic of China has been officially implemented. The standard proposes stricter safety management requirements for pesticide enterprises from the production source to daily operations, marking a comprehensive upgrade in industry safety supervision.

Export trade data shows that in July 2025, China's glyphosate export volume reached 43,694.22 tons. Brazil continues to maintain its position as the largest export destination for our country's glyphosate.