RED SUN(SZ:000525) Zhong Guo Zheng Quan Bao·2025-06-09 21:46Core Viewpoint - The price of 97% chlorantraniliprole has been adjusted to 300,000 yuan/ton due to limited supply of upstream raw materials, marking an increase of over 40% compared to the low point of 210,000 yuan/ton last year. This price adjustment is expected to lead to a phase of price increase in the market for chlorantraniliprole [1][2]. Industry Summary - Chlorantraniliprole has a global annual sales exceeding $2 billion, making it the largest insecticide worldwide. It was discovered by the former DuPont company in 2000 and was first launched in 2008. The expiration of its compound patent in China on August 13, 2022, significantly changed the market landscape [2]. - Following the patent expiration, the market price of chlorantraniliprole continued to decline, with a cumulative drop of 34.38% from 320,000 yuan/ton at the beginning of 2024 to 210,000 yuan/ton by the end of the year. However, since 2025, prices have rebounded from 210,000 yuan/ton to 228,000 yuan/ton as of May 25, 2025, reflecting an increase of 8.57% [2]. - Currently, over 100,000 tons/year of chlorantraniliprole production capacity is under construction or planned in China. However, actual progress has been hindered by the supply of intermediates and the continuous decline in raw material prices [2]. Company Responses - Lianhua Technology announced that it provides advanced intermediates for chlorantraniliprole through a CDMO business model and does not directly produce chlorantraniliprole. The company has a long-term partnership with its client and has not received any notifications regarding increased demand for related products [3]. - Huayong Co. stated that it has an annual production capacity of 2,000 tons of chlorantraniliprole and intermediates, with steady progress in project construction [3]. - Lier Chemical expressed optimism about the market prospects for chlorantraniliprole and is currently constructing a production facility with a capacity of 5,000 tons/year [3]. - Liming Co. indicated that its products cover various categories of insecticides, and if chlorantraniliprole supply tightens, it may boost the demand for its widely used insecticides, such as abamectin and methomyl, which have overlapping efficacy with chlorantraniliprole [4]. - Industry insiders noted that if the price of chlorantraniliprole rises sharply in the short term, downstream users may opt for alternative insecticides, increasing the demand for substitutes [4].