草甘膦中国月报(草甘膦中国月度报告202509)

In September, saw stable domestic demand and increased foreign trade for glyphosate, with Chinese glyphosate ex-works prices continuing to rise. The price increase was mainly due to the suspension of production for maintenance at some manufacturing enterprises and a further decrease in inventory levels, leading to a tightening market supply. This, combined with sustained strong downstream demand, jointly drove prices higher.

In terms of project dynamics, the construction of key raw material projects for glyphosate is progressing steadily. The environmental impact report for 5,000 t/a diethyl phosphite project by Yichang Anlan and the 10,000 t/a triethylamine project by Anhui Weibao were released.

At the corporate level, several listed pesticide companies have successively disclosed their semi-annual performance for 2025. Among them, Xingfa Group achieved revenue growth in H1, but net profit declined. Although glyphosate prices recovered somewhat in Q2, their positive impact on overall performance remains limited; Jiangshan Stock's net profit for the H1 2025 saw a significant increase, and its new production capacity of 120,000 tons of glyphosate is expected to be operational by the end of the year.

On the policy front, NDRC issued the Measures for Energy Efficiency Review and Carbon Emission Assessment of Fixed-Asset Investment Projects, which officially came into effect on September 1, marking a shift in project approval from "energy consumption dual control" to "carbon emission dual control."

Trade export data shows that in June 2025, China's glyphosate product exports reached 30,774.24 tons, with Brazil continuing to maintain its position as the largest export destination for Chinese glyphosate.