What were the key drivers behind China BlueChemical's 3.9% YoY revenue decline and 20% net profit drop in H1 2026?

China BlueChemical's 3.9% year-over-year revenue decline to 5.6 billion renminbi and 20% net profit drop to 507.4 million renminbi in the first half of 2026 were driven by market fluctuations in phosphorus and compound fertilizers and acrylonitrile, leading to lower sales volumes; the company specifically cited a significant increase in sulfur prices, ongoing geopolitical turbulence in the Middle East, and a seasonal mismatch between export schedules and domestic agricultural demand as key factors shaping the domestic fertilizer market.

How did urea, MAP, and DAP price dynamics evolve across H1 2026, and what caused those shifts?

Urea prices rebounded sharply in Q1 (from 1,640 to 1,896 RMB/mt) due to spring ploughing demand and overseas tender activity, but retreated to 1,760–1,830 RMB/mt by end-June amid softened demand from large-scale farmland operations, new capacity coming online, and falling international prices; MAP average price rose 19.1% YoY to 3,892 RMB/mt, supported by surging sulfur costs (exceeding 10,000 RMB/mt) and spring fertilizer demand, peaking at 4,450 RMB/mt despite weak demand and low plant utilization; DAP averaged 4,316 RMB/mt (+9.16% YoY), with prices bottoming at 3,890 RMB/mt due to slow winter preparations and Spring Festival stagnation, then rising to 4,950 RMB/mt in Q2 on cost pressure and supply contraction.

China BlueChemical Sales Hit by Fertilizer, Acrylonitrile Weakness

Sep 7, 2026

China BlueChemical reported a 3.9% revenue decline and 20% profit drop in H1 2026 due to weak fertilizer and acrylonitrile markets. Rising sulfur costs and geopolitical tensions impacted pricing for urea, methanol, and phosphorus fertilizers.

chemweek

2026-09-07

China BlueChemical Sales Hit by Fertilizer, Acrylonitrile Weakness

China BlueChemical Sales Hit by Fertilizer, Acrylonitrile Weakness

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