Xinyangfeng: Fairly optimistic about the phosphate fertilizer and compound fertilizer markets in 2027

Xinyangfeng stated at an analyst meeting on October 26 that the company is relatively optimistic about the phosphate fertilizer and compound fertilizer markets in 2027, mainly based on three points: First, a decline in sulfur prices will alleviate the most difficult cost factor in phosphate and compound fertilizer sales in 2026, and phosphate fertilizer profitability will gradually recover. Despite high sulfur prices in 2026, the company's sales volume in the first three quarters was still roughly flat compared with the same period in 2025. Therefore, after sulfur prices fall back, the sales situation in 2027 can be more optimistic. Second, sulfur prices once rose to a historical extreme of more than 10,000 yuan in 2026, which strongly suppressed sales and caused downstream inventories to be almost zero, providing good incremental space for sales in 2027. Third, after the phosphogypsum-to-sulfuric-acid project is put into operation in the third quarter of 2027, the company's product costs will be significantly lower than those of peers, providing more support for sales. Overall, the company judges that the sales volume and profitability of compound fertilizer and monoammonium phosphate in 2027 will both be more optimistic than in 2026.