磷肥及磷化工行业定期跟踪：磷酸二铵价格保持稳定，磷酸二氢钙价格环比显著上涨

Investment Rating - The industry rating is "Outperform the Market" [5] Core Viewpoints - The price of phosphate rock remains high, supporting the overall industry chain's prosperity [1] - The price of monoammonium phosphate (MAP) has decreased slightly, while the price of diammonium phosphate (DAP) remains stable [2] - The supply of phosphate rock has increased year-on-year, with a monthly production of approximately 10.698 million tons in October 2024, a year-on-year increase of 23.5% [1][80] - The apparent consumption of MAP and DAP has decreased compared to the same period last year, indicating a potential decline in demand [4][105] Summary by Sections Phosphate Rock - The average price of 30% grade phosphate rock in China for October 2024 is approximately 1,037.5 CNY/ton, a month-on-month increase of 1.40% and a year-on-year increase of 5.47% [1][78] - The monthly import volume of phosphate rock in October 2024 is approximately 88,900 tons, a month-on-month decrease of 68.4% and a year-on-year decrease of 37.7% [1][82] Phosphate Fertilizers - The average market price of MAP in October 2024 is approximately 3,121.6 CNY/ton, a month-on-month decrease of 0.91% and a year-on-year decrease of 0.12% [2][87] - The average market price of DAP in October 2024 is approximately 3,953.2 CNY/ton, a month-on-month increase of 0.46% and a year-on-year increase of 0.90% [2][88] - The monthly production of MAP in October 2024 is approximately 808,000 tons, a month-on-month increase of 4.1% and a year-on-year increase of 1.9% [3][103] - The monthly production of DAP in October 2024 is approximately 1,207,000 tons, a month-on-month decrease of 0.3% and a year-on-year increase of 5.0% [3][103] Demand and Supply - The apparent consumption of MAP in October 2024 is approximately 664,500 tons, a month-on-month decrease of 0.1% and a year-on-year decrease of 12.2% [4][105] - The apparent consumption of DAP in October 2024 is approximately 550,800 tons, a month-on-month increase of 1.6% and a year-on-year decrease of 30.5% [4][105] - The operating rate of compound fertilizers in October 2024 is approximately 34%, a month-on-month decrease of 6.89 percentage points [4][110] Inventory and Exports - The inventory of MAP in October 2024 is approximately 201,000 tons, while the inventory of DAP is approximately 238,000 tons [4][124] - The export volume of MAP in September 2024 is approximately 116,400 tons, a year-on-year increase of 33.2% [5][129] - The export volume of DAP in September 2024 is approximately 660,200 tons, a year-on-year increase of 82.3% [5][134] Other Phosphate Chemicals - The average price of yellow phosphorus in October 2024 is approximately 23,741.14 CNY/ton, a month-on-month decrease of 0.44% and a year-on-year decrease of 6.96% [8][143] - The average price of feed-grade calcium hydrogen phosphate in October 2024 is approximately 3,930.70 CNY/ton, a month-on-month increase of 2.18% and a year-on-year increase of 6.03% [8][145] - The average price of feed-grade calcium dihydrogen phosphate in October 2024 is approximately 2,801.84 CNY/ton, a month-on-month increase of 10.08% and a year-on-year increase of 13.49% [8][145]