Investment Rating - The report suggests a focus on raw material companies such as Yangnong Chemical and high-barrier formulation companies like Runfeng Co., Ltd. and Guoguang Co., Ltd. [5] Core Insights - The pesticide market has reached a bottom, with the raw material price index showing a month-on-month increase of 0.47% as of September 22, 2024, despite a year-on-year decline of 13.9% [3] - Glyphosate market is currently in a state of observation and adjustment, with the average market price for 95% glyphosate raw powder remaining stable at 24,975 CNY/ton [3] - The market for paraquat is stable, with an average price of 12,250 CNY/ton and improved order-taking conditions for companies [4] - The market for pyrethroids is weakly stable, with prices remaining steady, and the average price for 98% bifenthrin is between 130,000 to 135,000 CNY/ton [4] - The nicotine class products are seeing high market attention, with prices for imidacloprid raw materials reported at 73,000 CNY/ton [4] - The price of Bacillus subtilis is on the rise, with actual transaction prices reaching 23,000 CNY/ton, marking a 4.55% increase from the previous week [4] Summary by Sections Pesticide Market Overview - The overall pesticide market is stabilizing, with the raw material price index showing a slight month-on-month increase [3] - Glyphosate and paraquat markets are experiencing stable pricing, while demand remains consistent [3][4] Specific Product Insights - Glyphosate: Average price stable at 24,975 CNY/ton, with supply slightly increasing [3] - Paraquat: Price stable at 12,250 CNY/ton, with improved order conditions [4] - Pyrethroids: Prices remain steady, with bifenthrin averaging 130,000 to 135,000 CNY/ton [4] - Nicotine products: High market attention with varying prices for different products [4] - Bacillus subtilis: Price increase noted, with transaction prices at 23,000 CNY/ton [4]
化工行业周报：农药市场触底，原药价格指数环比上涨，百菌清等部分产品价格上行
Haitong Securities·2024-09-26 08:36