Core Viewpoint - The National Development and Reform Commission (NDRC) of China has issued a notice to ensure the supply and stable pricing of fertilizers for the spring plowing of 2026 and throughout the year [1] Group 1: Key Work Areas - Ensure the supply of raw materials for fertilizer production and stabilize fertilizer production [1] - Promote smooth circulation of fertilizers and reduce agricultural fertilizer costs [1] - Strengthen fertilizer reserve management to effectively utilize reserve functions [1] Group 2: Import and Market Management - Enhance import and export service management for fertilizers to ensure import guarantees [1] - Strengthen market regulation of fertilizers to maintain a good market order [1] - Encourage key fertilizer circulation enterprises to take social responsibility in ensuring supply and price stability [1] Group 3: Transportation and Financial Support - Collaborate with transportation authorities to ensure smooth waterway and highway transport of fertilizers and raw materials [1] - The Agricultural Development Bank is to enhance financial support for fertilizer reserve business and related storage facility construction [1] - Encourage enterprises to increase sulfur imports to stabilize domestic supply and maintain reasonable inventory levels [1]

通知部署6方面重点工作：保障化肥生产原料供应，稳定化肥生产；促进化肥顺畅流通，降低农业用肥 成本；加强化肥储备管理，有效发挥储备功能作用；加强化肥进出口服务管理，切实做好进口保障；加 强化肥市场监管，维护良好市场秩序；推进科学施肥，提高化肥使用效率。 通知明确，各省级发展改革委要会同交通主管部门保障化肥及生产原料水路、公路运输通畅；发挥农资 骨干流通走廊作用，促进化肥及原料顺畅流通；引导重点农资流通企业加大向化肥直接用户销售比例。 农业发展银行要发挥政策性银行作用，加大对化肥储备业务及相关仓储设施建设的综合性金融服务支持 力度。鼓励有条件的企业视情加大硫磺进口力度，以稳定国内供应为目标保持合理库存水平。鼓励重点 化肥流通企业主动承担化肥保供稳价社会责任，抵制假冒伪劣商品。 新华社北京2月5日电（记者 魏玉坤 焦前程） 记者2月5日从国家发展改革委获悉，国家发展改革委近日 印发关于做好2026年春耕及全年化肥保供稳价工作的通知。 ...

2月5日，国家发展改革委发布关于做好2026年春耕及全年化肥保供稳价工作的通知。 通知部署6方面重点工作：保障化肥生产原料供应，稳定化肥生产；促进化肥顺畅流通，降低农业用肥 成本；加强化肥储备管理，有效发挥储备功能作用；加强化肥进出口服务管理，切实做好进口保障；加 强化肥市场监管，维护良好市场秩序；推进科学施肥，提高化肥使用效率。 具体来看，各省级发展改革委要积极配合工业和信息化主管部门抓好化肥生产，协调保障化肥生产原料 供应，督促相关企业按要求落实最低生产计划，特别是做好冬储春耕等备肥用肥关键期化肥生产，按要 求报送生产情况；协调生态环境部门在开展重污染天气应急减排时，允许环保绩效A、B级化肥生产企 业自主减排；促进磷矿石生产稳定，保持合理价格水平；支持相关磷肥生产企业加快建设磷石膏制酸项 目。鼓励国产硫磺优先直接供应国内磷肥生产企业；磷肥生产企业将国产磷肥积极供应国内市场，特别 是加强春耕期间生产保供。硫酸协会、磷复肥协会共同组织做好硫酸、磷肥生产企业硫酸产销衔接，稳 定上下游购销关系。 各省级发展改革委要支持有关方面加大化肥打假工作力度，积极发挥村委会等基层组织、驻村干部等基 层工作人员作用，及时发现和 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) has issued a notification to ensure the supply and stable pricing of fertilizers for the spring plowing and agricultural production throughout 2026, focusing on six key areas of action [1][11]. Group 1: Ensuring Fertilizer Production and Supply - Provincial development and reform commissions are tasked with coordinating the supply of raw materials for fertilizer production and ensuring that companies meet minimum production plans, especially during critical periods like winter storage and spring plowing [3][13]. - The NDRC encourages the stable production of phosphate rock and supports the construction of projects that utilize phosphogypsum for acid production [3][14]. Group 2: Promoting Smooth Fertilizer Distribution - Provincial authorities are to work with transportation departments to ensure the smooth transportation of fertilizers and raw materials, enhancing the sales ratio of fertilizers directly to users [4][14]. - The railway sector is required to implement preferential freight rates for agricultural fertilizers and ensure sufficient transport capacity, particularly for phosphate and potash fertilizers [4][14]. Group 3: Strengthening Fertilizer Reserve Management - Provincial development and reform commissions must oversee fertilizer reserve management and assist storage enterprises in overcoming challenges related to sourcing, transportation, and financing [5][14]. - The Agricultural Development Bank is expected to enhance financial support for fertilizer reserve operations and related storage facilities [5][14]. Group 4: Enhancing Import and Export Management - Authorities are to guide fertilizer production and distribution companies to comply with trade regulations and improve the efficiency of import and export operations for fertilizers and raw materials [6][15]. - There is encouragement for key importers to optimize channels for potash imports and to increase sulfur imports as needed to maintain reasonable inventory levels [7][15]. Group 5: Market Regulation and Oversight - The NDRC emphasizes the need for increased efforts to combat counterfeit fertilizers and to utilize grassroots organizations for monitoring compliance [8][16]. - The Zhengzhou Commodity Exchange is tasked with enhancing regulatory measures for urea futures and improving delivery systems to better serve the real economy [8][16]. Group 6: Promoting Scientific Fertilization - Provincial authorities are encouraged to support the dissemination of scientific fertilization knowledge and the promotion of new technologies and products [9][17]. - Key fertilizer distribution companies are urged to provide tailored agricultural services and promote the use of organic fertilizers to enhance efficiency and reduce costs [9][17].

新华社北京2月5日电（魏玉坤、焦前程）记者2月5日从国家发展改革委获悉，国家发展改革委近日印发 关于做好2026年春耕及全年化肥保供稳价工作的通知。 ...

每经AI快讯，2月5日，国家发展改革委发布关于做好2026年春耕及全年化肥保供稳价工作的通 知。其中提到，各省级发展改革委要积极配合工业和信息化主管部门抓好化肥生产，协调保障化肥生产 原料供应，督促相关企业按要求落实最低生产计划，特别是做好冬储春耕等备肥用肥关键期化肥生产， 按要求报送生产情况；协调生态环境部门在开展重污染天气应急减排时，允许环保绩效A、B级化肥生 产企业自主减排；促进磷矿石生产稳定，保持合理价格水平；支持相关磷肥生产企业加快建设磷石膏制 酸项目。鼓励国产硫磺优先直接供应国内磷肥生产企业；磷肥生产企业将国产磷肥积极供应国内市场， 特别是加强春耕期间生产保供。硫酸协会、磷复肥协会共同组织做好硫酸、磷肥生产企业硫酸产销衔 接，稳定上下游购销关系。 每日经济新闻 （责任编辑：郭健东 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

Core Viewpoint - The National Development and Reform Commission (NDRC) has issued a notice to ensure the supply and price stability of fertilizers for the spring farming of 2026, emphasizing the need for coordination among various departments and stakeholders to secure fertilizer production and distribution [1][2]. Group 1: Ensuring Fertilizer Production and Supply - Provincial development and reform commissions are required to cooperate with industrial and information departments to ensure fertilizer production and coordinate the supply of raw materials [4]. - There is a focus on maintaining stable production of phosphate rock and supporting the construction of phosphogypsum acid production projects [4]. - Domestic sulfur is encouraged to be supplied directly to domestic phosphate fertilizer producers, especially during the critical spring farming period [4]. Group 2: Promoting Smooth Fertilizer Distribution - Provincial development and reform commissions must work with transportation departments to ensure smooth transportation of fertilizers and raw materials [5]. - Emphasis is placed on increasing the sales ratio of fertilizers directly to end-users by key agricultural input distribution companies [5]. - The railway sector is instructed to strictly implement preferential freight rates for agricultural fertilizers and ensure sufficient transport capacity for large-scale inter-regional transfers [5]. Group 3: Strengthening Fertilizer Reserve Management - Provincial development and reform commissions are tasked with overseeing fertilizer reserve management and ensuring that storage enterprises meet their reserve obligations [6]. - The Agricultural Development Bank is expected to enhance financial support for fertilizer reserve operations and related storage facility construction [6][7]. Group 4: Enhancing Import and Export Services - Provincial development and reform commissions should guide local fertilizer production and distribution enterprises to comply with trade regulations [8]. - There is encouragement for key potassium fertilizer import enterprises to optimize their import channels and for companies to increase sulfur imports to stabilize domestic supply [8]. Group 5: Market Regulation and Order Maintenance - Provincial development and reform commissions are urged to support anti-counterfeiting efforts in the fertilizer sector and leverage grassroots organizations to detect and combat illegal activities [9]. - The Zhengzhou Commodity Exchange is tasked with enhancing regulatory oversight of urea futures and improving delivery systems [9]. Group 6: Promoting Scientific Fertilization - Provincial development and reform commissions should support the dissemination of scientific fertilization knowledge and promote new technologies and products [10]. - Key fertilizer distribution companies are encouraged to provide socialized services for soil testing and intelligent fertilization to enhance efficiency and reduce costs [10].

Hot News - China has lodged solemn representations with the US regarding the latter's imposition of Section 301 tariffs on some Chinese semiconductor products [2] - Ukrainian President Zelensky had a good phone call with US President Trump's envoy and son - in - law, emphasizing efforts to end the conflict [2] - China's National Development and Reform Commission aims to strengthen coal supply and strategic reserves of coal - made oil and gas [2] - Iraq has lost about 4,500 megawatts of power - generation capacity due to the suspension of Iranian natural - gas supply [2] - China's relevant departments held a fertilizer supply - guarantee meeting, with PetroChina and Sinopec to sell sulfur at a flat price to key phosphate - fertilizer producers [3] Plate Performance - Key sectors to watch: Silver, Shanghai copper, coke, Shanghai nickel, PVC [4] - Night - session performance of commodity futures: Non - metallic building materials rose 2.20%, precious metals 34.70%, oilseeds 7.74%, soft commodities 3.12%, non - ferrous metals 24.89%, coal - coking - steel - ore 10.21%, energy 2.23%, chemicals 10.35%, grains 1.18%, and agricultural and sideline products 3.39% [4] Asset Performance Equity - Shanghai Composite Index: daily increase of 0.47%, monthly increase of 1.83%, annual increase of 18.14% - S&P 500: daily unchanged, monthly increase of 1.21%, annual increase of 17.86% - Hang Seng Index: daily unchanged, monthly decrease of 0.15%, annual increase of 28.71% [6] Fixed - income - 10 - year Treasury bond futures: daily decrease of 0.02%, monthly increase of 0.24%, annual decrease of 0.67% - 5 - year Treasury bond futures: daily decrease of 0.03%, monthly increase of 0.23%, annual decrease of 0.52% [6] Commodity - CRB Commodity Index: daily unchanged, monthly decrease of 0.02%, annual increase of 1.58% - WTI crude oil: daily unchanged, monthly increase of 0.17%, annual decrease of 18.66% - London spot gold: daily unchanged, monthly increase of 6.18%, annual increase of 70.70% [6] Other - US Dollar Index: daily unchanged, monthly decrease of 1.49%, annual decrease of 9.70% - CBOE Volatility Index: daily unchanged, monthly decrease of 17.61%, annual decrease of 22.36% [6]

Core Viewpoint - The meeting emphasizes that ensuring the supply and price stability of fertilizers is a top priority, with industry enterprises required to enhance their political awareness and fulfill their responsibilities to safeguard national food security before the spring plowing season [2][3]. Group 1: Meeting Context - The meeting was held under the guidance of the National Development and Reform Commission, organized by the China Sulfuric Acid Industry Association and the China Phosphate and Compound Fertilizer Industry Association [1][2]. - Rising prices of sulfur and sulfuric acid have led to an increase in phosphate fertilizer prices, posing a potential threat to national food security [1][2]. Group 2: Key Requirements - The first requirement is to control sulfuric acid exports to prioritize domestic supply, with exporters urged to reduce export volumes and ensure that export prices do not fall below domestic prices [1][2]. - The second requirement is to prevent price increases of sulfuric acid, with all smelting acid production enterprises prohibited from raising prices arbitrarily based on the reference price from December 11 [1][2]. - The third requirement mandates that upstream and downstream enterprises strictly adhere to long-term supply agreements and not act untrustworthily for profit [1][2]. Group 3: Role of Associations - The two associations will act as a bridge to facilitate cooperation, including accurately identifying enterprise needs and forming targeted cooperation suggestions [3]. - They will establish a long-term platform for communication and project cooperation [3]. - The associations will actively communicate industry demands to regulatory authorities to seek policy support and promote deeper cooperation [3].

Group 1 - The current spring plowing preparation for fertilizers is at a critical stage, with a focus on stabilizing the supply and price of phosphate fertilizers [1] - A meeting was held to analyze the phosphate fertilizer market situation and discuss measures for supply assurance and price stabilization [1][3] - There is a consensus among key phosphate fertilizer production and circulation enterprises on the need for enhanced supply and price control measures [3] Group 2 - Recent fluctuations in the phosphate fertilizer market have negatively impacted winter storage and spring plowing preparations, attributed to rising production costs and increased short-term demand [3] - Recommendations include maintaining high production rates without reducing output, avoiding exports until August 2026, and ensuring domestic market supply [3] - Industry associations are urged to guide enterprises in conducting sales at reasonable prices and to prevent hoarding and price gouging [3] Group 3 - Sulfur prices have surged significantly, reaching a near ten-year high of 4115 yuan/ton, with a year-on-year increase of nearly 200% [4] - China is the largest sulfur importer, with approximately 50% of its consumption relying on imports, and the sulfur production for 2024 is projected at 11.07 million tons [4] - The rise in sulfur prices poses challenges for the stability of the domestic fertilizer market, especially as the spring plowing season approaches [4][5] Group 4 - The recent spike in sulfur prices is primarily due to global supply shortages and rising external prices, with Russia's production being significantly affected [5] - The average import price of sulfur in China increased from $175.79/ton in January to $314.94/ton in October, marking a 79.21% increase [5] - The increase in sulfur prices has led to a rise in industrial-grade monoammonium phosphate prices, which saw a monthly increase of approximately 500 yuan/ton [5]