Research Background
In 2011, the trend of China’s fertilizer market is featured by adjustment and differentiation. The adjustment is firstly driven by government regulation and the change of external environment, and is also closely related to the transformation demand of the fertilizer enterprises. For example, in 2011, the output of fertilizer is expected to exceed the history record, yet the output of nitrogen fertilizer, especially that of urea (carbamide), has remained declining and its proportion in fertilizer production has decreased remarkably. There is only small increase in demand for fertilizer, while the industrial consumption of fertilizer (including the consumption of single type of fertilizer by compound fertilizer enterprises) keeps on rapid increase. The compound fertilizer has also begun to become the mainstream of chemical fertilizers. On the one hand, a small number of dominant enterprises that control the resources still gain high profits; on the other hand, the profitability of most fertilizer enterprises remains weak. On the whole, the prospect of fertilizer industry is on decline. Some small and medium-sized enterprises has withdrawn or are withdrawing from the fertilizer market. In spite of the high losses, the investment into nitrogen fertilizer industry still keeps on rapid increase in 2011, while the investment into phosphate and potash fertilizer industry declines sharply. The business scope of fertilizer enterprises extends along both ends of the industry chain. On the one hand, they try to control the resources in the upper end of the industry chain through combining mineral and fertilizer production; on the other hand, they accelerate their expansion to non-fertilizer fields such as coal chemical industry and phosphate chemical industry. The above adjustment and differentiation are the major causes of the fluctuations in China’s fertilizer market in 2011.
Due to the government’s macro-control guide toward ensuring economic growth and curbing inflation, while China’s real economy keeps its rapid growth, the high inflation pressure seems to be mitigated, indicating that the over-heated economy is expected with much confidence to achieve soft-landing. Therefore, it is estimated that the macro-control in 2012 shall be slightly loosened than the previous year. However, the national plan for fertilizer industry and relevant investment policy shall still be oriented to restricted development, while the exportation tariff policy might be further tightened. The constant rise of the resource products prices (coal, natural gas, oil, phosphate, sulfur, etc.) will definitely drive the operation cost of fertilizer enterprises to grow higher and higher. As a result, the operation environment of fertilizer enterprises tends to be adverse. Besides, the ongoing debt crisis in Europe, high international oil price caused by the turmoil in Middle East and the continual expanding of international production capacity of fertilizer all exert negative influence on China’s fertilizer production and exportation. Those internal and external factors together shall prompt fertilizer industry to speed up its industry restructuring and the Merger & Reorganization inside the fertilizer industry, while the industrial differentiation and the broad market fluctuation shall last for a long time, which intensifies the uncertainty of fertilizer market trend.
On the basis of an overall analysis and review of China’s fertilizer market in 2011, and in accordance with the national economic situation and the policy change, BOABC shall make an in-depth analysis of the trend of China’s fertilizer market in 2012 and provide a clear judgment for people at home and abroad who focus on China’s fertilizer market as a reference for their decision-making.
Fertilizer Industry in China
Table of Contents
CHAPTER ONE: MACRO-ECONOMY & FERTILIZER INDUSTRY’S DEVELOPMENT 1
1.1 Macroeconomic Situation and Fertilizer Industry Planning 1
1.1.1 Macroeconomic Situation in 2011 and Prospection of Development Trend in 2012 1
1.1.2 Implementation and Completion of Main Objectives of National Economic Planning 4
Table1.1, Fulfillment of Objectives Set for 2011 4
1.1.3 Implementation and Completion of Main Objectives of Agricultural Development Planning 5
Table1.2, Fulfillment of Major Farm Product Supply Objectives Set in 2011 5
1.1.4 Implementation and Completion of Main Objectives of Chemical Industry 5
Table1.3?Fulfillment of Major Chemical Product Supply Objectives Set in 2011 6
1.1.5 Implementation and Completion of Main Objectives of Fertilizer Industry 6
Table1.4, Fulfillment of Fertilizer Objectives Set for 2011 7
1.2 Impact of Agricultural Policy and Agricultural Development on Fertilizer Industry 7
1.2.1 Development Planning of Crop Cultivation and Potential of Agricultural Output Growth 7
1.2.2 Impact of Investment to “Villages, Farmers and Agriculture” and of Agricultural Subsidy Policy on Fertilizer Demand 8
1.2.3 Development of Land Property Rights Transferring and the Impact on Fertilizer Industry 9
1.3 Impact of Resource Policy and Resource Industry Development on Fertilizer Production 10
1.3.1 Development Planning of Coal Industry and Coal Supply Situation 10
1.3.2 Progress of Natural Gas Marketization and Natural Gas Supply 11
1.3.3 Change of Policy for Sulfur and Phosphorus Mineral Resources and Its Impact on Fertilizer Production 12
1.3.4 Impact of Power Supply Limit Policy on Fertilizer Production 13
1.4 Impact of Monetary and Fiscal Policy on Investment into Fertilizer Industry and Enterprise Operation 14
1.5 Impact of Oil Price Change on Fertilizer Logistics and Production Cost 15
1.6 Status Quo of Preferential Policies for Fertilizer Industry and Trend of Change 15
1.7 Investment Situation of China’s Fertilizer Industry 17
1.7.1 Investment Situation of Fertilizer Industry 17
Table1.5, Investment in the Fertilizer Industry, 2007-2011 17
1.7.2 Investment Situation of Nitrogen Fertilizer Industry 18
Table1.6, Investment in the Phosphate Fertilizer Industry, 2006-2010 18
1.7.3 Investment Situation of Phosphate Fertilizer Industry 18
Table1.7, Investment in the Potash Fertilizer Industry, 2007-2011 19
1.7.4 Investment Situation of Potash Fertilizer Industry 19
Table1.8, Investment in the Compound Fertilizer Industry, 2007-2011 19
1.7.5 Investment Situation of Compound Fertilizer Industry 19
Table1.9, Investment in the Compound Fertilizer Industry, 2007-2011 20
1.7.6 Investment Situation of Organic Fertilizer Industry 20
Table1.10, Investment in the Organic Fertilizer Industry, 2007-2011 21
1.8 Analysis of the Competitiveness of Fertilizer Industry 21
1.8.1 Analysis of the Overall Competitiveness of Fertilizer Industry 21
Table1.11, Competitiveness index of Fertilizer Industry 21
1.8.2 Analysis of the Competitiveness of Nitrogen Fertilizer Industry 21
Table1.12, Competitiveness index of Nitrogen Fertilizer Industry 22
1.8.3 Analysis of the Competitiveness of Phosphate Fertilizer Industry 22
Table1.13, Competitiveness index of Phosphate Fertilizer Industry 22
1.8.4 Analysis of the Competitiveness of Potash Fertilizer Industry 23
Table1.14, Competitiveness index of Potash Fertilizer Industry 23
1.8.5 Analysis of the Competitiveness of Compound Fertilizer Industry 23
Table1.15, Competitiveness index of Compound Fertilizer Industry 24
1.8.6 Analysis of the Competitiveness of Organic Fertilizer Industry 24
Table1.16, Competitiveness index of Organic Fertilizer Industry 24
1.9 Changes of Fertilizer Industry Structure 25
Figure1.1 Proportion of China Fertilizer Production 25
1.10 Analysis of Fertilizer Circulation 26
1.10.1 Analysis of Fertilizer Sales Pattern 26
1.10.2 Analysis of Fertilizer Circulation Pattern 27
1.10.3 Main Circulation Fields and Direction of Fertilizer 28
1.10.4 Estimation of Fertilizer Circulation Development Trend 29
CHAPTER TWO: REVIEW & OUTLOOK OF FERTILIZER MARKET IN 2011-2012 30
2.1 Review of Fertilizer Market in 2011 30
2.1.1 Analysis of Prosperity Degree of Fertilizer Industry in 2011 30
Table2.1, Economic Indicators of Fertilizer Industry in 2011 30
Figure2.1, Profit margin of chemical fertilizer manufacture 31
2.1.2 Analysis of Fertilizer Market Trend in 2011 31
2.1.3 Impact of International Fertilizer Market on China’s Fertilizer Market in 2011 32
Figure2.2, International Fertilizer Prices 33
2.1.4 Impact of Exportation Tariff Policy Change on Fertilizer Market in 2011 33
Figure2.3?Duty Rate for China’s Exported Fertilizer?2011 34
2.1.5 Impact of the Project of “Prescribing Fertilizer in Accordance with Soil Condition” on Fertilizer Market in 2011 34
2.1.6 Analysis of Fertilizer-Input/Grain-Output of Crop Cultivation Industry in 2011 35
Figure2.4, Returns from Major Crops in China 35
Figure2.5, Wheat/Fertilizer Price Ratio 36
Figure2.6, Corn/Fertilizer Price Ratio 36
Figure2.7, Rice/Fertilizer Price Ratio 37
2.1.7 Fertilizer Production in 2011 37
Figure2.8, Monthly Total Fertilizer Production 37
2.1.8 Fertilizer Import and Export in 2011 38
Figure2.9 China Fertilizer Net Imports 39
Figure2.10, Proportion of China Fertilizer Imports, 2010-2011 40
Figure2.11, Proportion of China Fertilizer Exports, 2010-2011 41
2.1.9 Fertilizer Consumption in 2011 41
2.1.10 Fertilizer Market Price Trend in 2010 42
2.1.10 Price Trend in Fertilizer Market in 2011 42
Figure2.12, Producer’s Prices of Fertilizers, 2010-2011 44
Figure2.13, Retail Prices of Fertilizers, 2002-2011 45
2.2 Fertilizer Market Outlook in 2012 46
2.2.1 Estimation of Fertilizer Market Trend in 2012 46
2.2.2 Estimation of Fertilizer Input/Grain Output of Crop Cultivation in 2012 46
2.2.3 Import Quotas and Import Agents of Fertilizer in2012 47
Table2.2, Preferential Tariff Rate Fertilizer Import Quotas for 2012 47
2.2.4 Prospect of the Changes of Import & Export Tax Rate in 2012 and Its Impact on Fertilizer Market 47
2.2.5 Trend of Policy for Fertilizer Market in 2012 49
2.2.5.1 Industry and Investment Policy 49
2.2.5.2 Taxation and Subsidy Policy 49
2.2.5.3 Policy for Reserve in Slack Season 50
2.2.5.4 Policy for Industry Access 51
2.2.6 Estimation of Fertilizer Output in 2012 53
2.2.7 Estimation of Fertilizer Export & Import in 2012 53
2.2.8 Estimation of Fertilizer Consumption in 2012 53
CHAPTER THREE: REVIEW & OUTLOOK OF NITROGEN FERTILIZER MARKET IN 2011-2012 54
3.1 Review of Nitrogen fertilizer Market in 2011 54
3.1.1 Analysis of Prosperity of Nitrogen Fertilizer Industry in 2011 54
Table3.1, Economic Indicators of Nitrogenous Fertilizer Industry in 2011 54
Figure3.1, Profit margin of Nitrogenous Fertilizer Industry 55
3.1.2 Cost and Profit of Nitrogen Fertilizer Industry in 2011 55
Table3.2, Production Cost of Urea 56
3.1.3 Analysis of Nitrogen Fertilizer Market in 2011 56
3.1.4 Output of Nitrogen Fertilizer in 2011 57
Figure3.2, Monthly Nitrogen Fertilizer Production 57
Figure3.3, Proportion of Nitrogen Fertilizer Production, 2010-2011 57
3.1.5 Import & Export of Nitrogen Fertilizer in 2011 58
Figure3.4, Monthly Urea Exports 58
3.1.6 Consumption of Nitrogen Fertilizer in 2011 59
3.1.7 Review of Urea Market in 2011 59
3.1.7.1 Analysis of China’s Urea Market in 2011 59
3.1.7.2 Output of Urea in 2011 60
Figure3.5, Monthly Urea Production 60
3.1.7.3 Consumption of Urea in 2011 60
3.1.7.4 Impact of Urea Price/ Grain Price on Urea Consumption 61
Figure3.6, Grain/Urea Price Ratio 62
3.1.7.5 Analysis of Indirect Application of Urea and Compound Fertilizer Enterprises’ Consumption Capacity of Urea 62
3.1.7.6 Price Trend of Urea in 2011 63
Figure3.7, China Urea Monthly Retail Prices 63
3.1.8 Review of ABC Market in 2011 64
3.1.8.1 Output of ABC in 2011 64
3.1.8.2 Consumption of ABC in 2011 64
3.1.8.3 Price Trend of ABC in 2011 64
Figure3.8, China ABC Monthly Retail Prices 65
3.1.9 Other Nitrogen Fertilizer Market 65
3.2 Nitrogen Fertilizer Market Outlook in 2012 65
3.2.1 Growth Potential of Nitrogen Fertilizer Production Capacity in 2012 65
3.2.2 Forecast on the Trend in Nitrogen Fertilizer Market in 2011 66
3.2.2 Estimation of Nitrogen Fertilizer Market Trend in 2012 66
3.2.3 Estimation of Urea Market Trend in 2012 66
3.2.4 Impact of Export Tariff Adjustment on Urea Market in 2012 67
Figure3.9?Duty Rate for China’s Exported Urea, 2010-2012 69
3.2.5 Trend of Changes in Production Process of Coal-Urea 69
3.2.6 Trend of Changes in Urea Production Distribution 70
3.2.7 Estimation of Nitrogen Fertilizer Output in 2012 71
3.2.8 Estimation of Nitrogen Fertilizer Import & Export in 2012 71
3.2.9 Estimation of Nitrogen Fertilizer Consumption in 2012 71
CHAPTER FOUR: REVIEW AND OUTLOOK OF PHOSPHATE FERTILIZER MARKET 2011-2012 72
4.1 Review of Phosphate Fertilizer Market in 2011 72
4.1.1 Analysis of Prosperity Degree of Phosphate Industry in 2011 72
Table4.1, Operation Performance of the Phosphate Fertilizer Industry in 2010 72
Figure4.1, Profit Margin of Phosphate Fertilizer Industry 73
4.1.2 Cost and Profit of Phosphate Fertilizer Industry in 2011 73
Table4.2, Production Cost of SSP 73
4.1.3 Analysis of Phosphate Fertilizer Market in 2011 74
4.1.4 Output of Phosphate Fertilizer in 2011 and Degree of Industrial Concentration 74
Figure4.2, Monthly Phosphate Fertilizer Production 75
Figure4.3, Proportion of Phosphate Fertilizer Production, 2010-2011 75
4.1.5 Import & Export of Phosphate Fertilizer in 2011 76
Figure4.4?Monthly TSP Exports 76
Figure4.5?Monthly SSP Exports 77
4.1.6 Consumption of Phosphate Fertilizer in 2011 77
4.1.7 Price Trend of Phosphate Fertilizer in 2011 77
Figure4.6, China SSP Monthly Retail Prices 78
4.2 Phosphate Fertilizer Market Outlook in 2012 78
4.2.1 Estimation of Phosphate Fertilizer Market Trend in 2012 78
4.2.2 Estimation of Supply of Sulfur and Phosphorus as Raw Material in 2012 79
4.2.3 Estimation of Phosphate Fertilizer Output in 2012 79
4.2.4 Estimation of Phosphate Fertilizer Import & Export in 2012 79
4.2.5 Estimation of Phosphate Fertilizer Consumption in 2012 80
CHAPTER FIVE: REVIEW AND OUTLOOK OF POTASH FERTILIZER MARKET 2011-2012 81
5.1.1 Analysis of Prosperity Degree of Potash Fertilizer Industry in 2011 81
Table5.1, Operation Performance of the Potash Fertilizer Industry in 2010 81
Figure5.1, Profit Margin of Potash Industry 82
5.1.2 Cost and Profit of Potash Fertilizer Industry in 2011 82
Table5.2, Production Cost of K-fertilizer 82
5.1.3 Analysis of Construction Cost of Domestic Potash Fertilizer Project 82
5.1.4 Development Potential of Domestic Potash Resources 84
5.1.5 Construction Progress of Overseas Potash Fertilizer Project 85
5.1.6 Analysis of Potash Fertilizer Market Trend in 2011 85
5.1.7 Output of Potash Fertilizer in 2011 86
Figure5.2, Monthly Potash fertilizer Production 87
5.1.8 Import & Export of Potash Fertilizer in 2011 87
Figure5.3, Monthly MOP Imports 87
Figure5.4, Monthly SOP Imports 88
5.1.9 Consumption of Potash Fertilizer in 2011 88
5.1.10 Impact of Potash Fertilizer Price/Grain Price on Potash Fertilizer Consumption 88
Figure5.5, Grain/MOP Price Ratio 89
Figure5.6, Grain/SOP Price Ratio 89
5.1.11 Price Trend of Potash Fertilizer in 2011 89
Figure5.7, China MOP Monthly Retail Prices 90
Figure5.8, SOP Monthly Retail Prices 91
Figure5.9, China Imported MOP(red) Prices At Ports 91
Figure5.10, China Imported MOP(white) Prices At Ports 92
5.2 Potash Fertilizer Market Outlook in 2012 92
5.2.1 Analysis of Growth Potential of Potash Fertilizer Production Capacity and Self-Supply Ability in 2012 92
5.2.2 Estimation of Potash Fertilizer Market Trend in 2012 93
5.2.3 Estimation of Potash Fertilizer Output in 2012 93
5.2.4 Estimation of Negotiation on Potash Fertilizer Import in 2012 93
5.2.5 Estimation of Potash Fertilizer Import & Export in 2012 94
5.2.6 Estimation of Potash Fertilizer Consumption in 2012 94
CHAPTER SIX: REVIEW AND OUTLOOK OF COMPOUND FERTILIZER MARKET 2011-2012 95
6.1 Review of Compound Fertilizer Market in 2011 95
6.1.1 Analysis of Prosperity Degree of Compound Fertilizer Industry in 2011 95
Table6.1, Operation Performance of Compound Fertilizer Industry in 2011 95
Figure6.1, Profit Margin of Compound Fertilizer Industry 96
6.1.2 Cost and Profit of Compound Fertilizer Industry in 2011 96
Table6.2, Production Cost of Compound Fertilizer 96
6.1.3 Analysis of Compound Fertilizer Market Trend in 2011 96
6.1.4 Output of Compound Fertilizer in 2011 97
Figure6.2, Monthly DAP Production 97
6.1.5 Import & Export of Compound Fertilizer in 2011 97
Figure6.3, Monthly DAP Imports 98
Figure6.4, Monthly DAP Exports 98
Figure6.5, Monthly MAP Exports 99
Figure6.6, Monthly NPK Imports 99
Figure6.7?Monthly NP Compound Fertilizer Exports 100
6.1.6 Consumption of Compound Fertilizer in 2011 100
6.1.7 Impact of Compound Fertilizer Price/Grain Price on Compound Fertilizer Consumption 100
6.1.8 Analysis of Compound Fertilizer Enterprises’ Purchasing Capacity of Potash Fertilizer Raw Material 101
Figure6.8, NPK/ Potash Fertilizer Price Ratio 102
6.1.9 Price Trend of NPK, DAP and MAP in 2011 102
Figure6.9, China DAP Monthly Retail Prices 103
Figure6.10, China NPK Monthly Retail Prices 103
Figure6.11, China Imported NPK Prices at Ports 104
6.2 Compound Fertilizer Market Outlook in 2012 104
6.2.1 Growth Potential of Compound Fertilizer Production Capacity in 2012 104
6.2.2 Estimation of Potash Fertilizer Market Trend in 2012 105
6.2.3 Impact of Export Tariff Change on Compound Fertilizer Market in 2012 105
Figure6.12?Duty Rate for China’s Exported DAP/MAP?2010-2012 106
Figure6.13, Duty Rate for China’s Exported NP-Compound Fertilizer, 2010-2012 106
6.2.4 Estimation of Compound Fertilizer Output in2012 107
6.2.5 Estimation of Compound Fertilizer Import & Export in 2012 107
6.2.5.1 Estimation of DAP and MAP Export in 2012 107
6.2.5.2 Estimation of NPK Import & Export in 2012 107
6.2.6 Estimation of Compound Fertilizer Consumption in 2012 108
CHAPTER SEVEN: REVIEW AND OUTLOOK OF RELATED INDUSTRIES 2011-2012 109
7.1. Review & Outlook of Synthetic Ammonia Market in 2011 ~ 2012 109
7.1.1 Coal and Natural Gas Supply to Synthetic Ammonia Producers in 2011 109
7.1.1 Supply of Coal and Natural Gas in 2011 109
7.1.2 Output of Synthetic Ammonia in 2011 109
Figure7.1, Monthly Ammonium Production+ 110
7.1.3 Import & Export of Synthetic Ammoniain 2011 110
7.1.4 Price Trend of Synthetic Ammonia in 2011 110
7.1.5 Outlook of Synthetic Ammonia Output in 2012 110
7.1.6 Outlook of Synthetic Ammonia Import & Export in 2012 111
7.2 Review and Outlook of Phosphate Rock Market in 2011-2012 111
7.2.1 Analysis of Phosphate Rock Supply in China 111
7.2.2 Output of Phosphate Rock in 2011 111
Figure7.2, Monthly Phosphorite Production 112
7.2.3 Import & Export of Phosphate Rock in 2011 112
Figure7.3, Monthly Phosphorite Exports 112
7.2.4 Price Trend of Phosphate Rock in 2011 113
7.2.5 Outlook of Phosphate Rock Output in 2012 113
7.2.6 Outlook of Phosphate Rock Import & Export in 2012 113
7.3 Review and Outlook of Sulfur and Sulfuric Acid Market in 2011-2012 113
7.3.1 Analysis of Sulfur and Sulfuric Acid Supply 113
7.3.2 Output of Sulfur and Sulfuric Acid in 2011 114
Figure7.4, Monthly Sulphur Production 114
Figure7.5, Monthly Sulphric Acid Production 114
7.3.3 Output of Pyrite in 2011 114
Figure7.6?Monthly Lump Pyrite Production 115
7.3.4 Import and Export of Sulfur & Sulfuric Acid in 2011 115
Figure7.7, Monthly Sulfur Imports 116
7.3.5 Price Trend of Sulfur, Sulfuric Acid and Pyrite in 2011 116
7.3.6 Outlook of Sulfur and Sulfuric Acid Output in 2012 116
7.3.7 Estimation of Pyrite Output in 2012 117
7.3.8 Estimation of Sulfur and Sulfuric Acid Import in 2012 117
7.4 Review and Outlook of Phosphoric Acid Market in 2011-2012 117
7.4.1 Output of Phosphoric Acid in 2011 117
7.4.2 Import of Phosphoric Acid in 2011 117
7.4.3 Outlook of Phosphoric Acid Output in 2012 117
7.4.4 Estimation of Phosphoric Acid Import & Export in 2012 118
APPENDIX ? TABLE 119
Chemical Fertilizer 119
Table1, Chemical Fertilizer Balance Sheet, 2008-2012 119
Table2, Import by Major Chemical Fertilizer Products, 2007-2011 119
Table3, Exports by Major Chemical Fertilizer Products, 2007-2011 120
Table4, Chemical Fertilizer Production, 2007-2011 120
Table5, Chemical Fertilizer Consumption, 2007-2011 121
N-Fertilizer 122
Table6, N-Fertilizer Balance Sheet, 2008-2012 122
Table7, Balance Sheet of Urea in China, 2008-2012 123
Table8, N-Fertilizer Production by Variety, 2007-2011 123
Table9, N-Fertilizer Production, 2007-2011 123
Table10, N-Fertilizer Consumption, 2007-2011 124
Table11, China’s Urea Imports by Country Original, 2007-2011 125
Table12, China’s Urea Exports by Destination Country, 2007-2011 126
Table13, Urea Imports by Customs, 2007-2011 129
Table14, China’s Urea Exports by Customs, 2007-2011 129
Table15, China’s Urea Imports by Provinces, 2007-2011 130
Table16, China’s Urea Exports by Provinces, 2007-2011 131
P-Fertilizer 132
Table17, P-Fertilizers Balance Sheet, 2008-2012 132
Table18, P-Fertilizer Production by Variety, 2007-2011 132
Table19, P-Fertilizer Production, 2007-2011 132
Table20, P-Fertilizer Consumption, 2007-2011 133
K-Fertilizer 135
Table21, K-Fertilizers Balance Sheet, 2008-2012 135
Table22, K-Fertilizer Production by Variety, 2007-2011 135
Table23, K-Fertilizer Production, 2007-2011 135
Table24, K-Fertilizer Consumption, 2007-2011 136
Table25, China’s MOP Imports by Country Original, 2007-2011 137
Table26, China’s MOP Exports by Destination Country, 2007-2011 138
Table27, MOP Imports by Customs, 2007-2011 139
Table28, MOP Imports by Provinces, 2007-2011 140
Table29, China’s SOP Imports by Country Original, 2007-2011 141
Table30, China’s SOP Exports by Destination Country, 2007-2011 142
Table31, SOP Imports by Customs, 2007-2011 143
Table32, SOP Imports by Provinces, 2007-2011 144
Compound Fertilizer 145
Table33, Balance Sheet of Compound Fertilizer in China, 2008-2012 145
Table34, Balance Sheet of DAP in China, 2008-2012 145
Table35, Balance Sheet of NPK in China, 2008-2012 146
Table36, Compound Fertilizer Production, 2007-2011 146
Table37, Compound Fertilizer Consumption, 2007-2011 147
Table38, China’s NPK Imports by Country Original, 2007-2011 148
Table39, China’s NPK Exports by Destination Country, 2007-2011 149
Table40, NPK Imports by Customs, 2007-2011 152
Table41, China’s NPK Exports by Customs, 2007-2011 153
Table42, NPK Imports by Provinces, 2007-2011 154
Table43, China’s DAP Imports by Country Original, 2007-2011 155
Table44, China’s DAP Exports by Country Destination, 2007-2011 155
Table45, DAP Imports by Customs, 2007-2011 158
Table46, China’s DAP Exports by Customs, 2007-2011 158
Chemical Fertilizer Related Products 160
Table47, China’s Import by Major Chemical Fertilizer Related Products, 2007-2011 160
Table48, China’s Production by Major Chemical Fertilizer Related Products, 2007-2011 160
Table49, China’s Sulfur Import by Country Original, 2007-2011 160
Table50, China’s Sulfur Import by Customs, 2007-2011 162
Table51, China’s Exports by Major Chemical Fertilizer Related Products, 2007-2011 164
Table52, China Phosphorite Exports by Destination Country, 2007-2011 164
Table53, China Phosphorite Exports by Customs, 2007-2011 165
APPENDIX ?CHRONICLE OF EVENTS OF FERTILIZER MARKET IN 2010 167
Policy 167
Investment & Construction 170
Investment & Construction in Nitrogen Fertilizer Industry 170
Investment in potash Fertilizer 174
Investment in Phosphate and Compound Fertilizers 175
Companies mentioned
