石化化工交运行业日报第32期：硫磺价格大幅上涨，磷矿石价格维持高位，继续看好磷化工产业链

Investment Rating - The report maintains an "Overweight" rating for the chemical industry, particularly focusing on the phosphate chemical sector [5]. Core Insights - The report highlights a significant increase in sulfur prices, which are crucial for the production of sulfuric acid, a key component in lithium iron phosphate production. As of March 11, 2025, the average market price for sulfur in China reached 2245 CNY/ton, marking a 50.1% increase since the beginning of 2025 [1]. - Phosphate rock prices remain high, with domestic prices reported at 1018 CNY/ton as of March 11, 2025. The report notes that leading companies in the phosphate chemical industry are securing high-grade phosphate resources, which enhances their production capabilities and cost advantages [2]. - The upcoming spring planting season is expected to boost demand for fertilizers, leading to a rebound in prices for industrial-grade and agricultural-grade monoammonium phosphate. As of March 11, 2025, prices for industrial-grade monoammonium phosphate and 55% monoammonium phosphate increased by 9.8% and 11.0%, respectively, compared to early February [3]. Summary by Sections Chemical Market Overview - Sulfur prices have surged due to supply-demand imbalances and increased downstream fertilizer demand, with sulfuric acid prices also rising. The report anticipates further price increases in sulfuric acid due to ongoing maintenance at domestic production facilities and strong downstream demand [1]. - The phosphate chemical sector is characterized by a tight supply of high-grade phosphate rock, with only 20% of reserves classified as high-grade. Leading companies are well-positioned due to their access to these resources [2]. Fertilizer Market Dynamics - The report indicates that the spring planting season will drive up fertilizer demand, positively impacting prices for various phosphate fertilizers. The average gross profit for industrial-grade monoammonium phosphate remains above 400 CNY/ton, while agricultural-grade monoammonium phosphate is nearing a loss [3]. Investment Recommendations - The report suggests focusing on companies with strong positions in the phosphate chemical sector, including Ba Tian Co., Chuan Heng Co., Yun Tu Holdings, Yun Tian Hua, Xing Fa Group, Xin Yang Feng, Chuan Fa Long Mang, Chuan Jin Nuo, and Hubei Yi Hua [3].