With the approval of the State Council, from February 15 to December 31, 2008, China adjusted the export tariff rates on certain fertilizer products. These adjustments targeted several key items, including diammonium phosphate (tax code), ammonium dihydrogen phosphate, and their mixtures. From February 15 to September 30, 2008, the provisional export tax rate for these products was raised to 35%. After that, the rate was reduced to 20% from October 1, 2008, until the end of the year.
Additionally, temporary export tariffs were imposed on some phosphorus-based compound fertilizers, specifically those under tax codes 31055900 and 31056000. The 35% tax applied from February 15 to September 30, 2008, and then dropped to 20% for the remainder of the year. The changes aimed to regulate domestic supply and stabilize prices amid rising production costs and global demand fluctuations.
Since 2007, international demand for diammonium phosphate had surged, while sulfur production declined, leading to higher raw material costs. This directly impacted the price of phosphate fertilizers and contributed to a rise in global diammonium prices. In response, China first introduced an export tariff on diammonium phosphate in June 2007, signaling an oversupply in the domestic market and a decline in imports. However, with many local companies exporting, the availability of fertilizer for the autumn season became tight. By the end of 2007, domestic stock levels had fallen below 30% compared to the previous year, creating a shortage for spring planting.
To ensure stable pricing and sufficient supply for farmers, the government adjusted the export tariffs on these products. The move was intended to ease domestic pressure and support agricultural needs. However, due to the global sulfur supply situation, prices were unlikely to drop significantly in the short term, with expectations of continued high prices through 2008-2009. As a result, even with the tariff adjustment, the long-term trend of high diammonium prices remained unchanged. The impact on related companies was limited, as the policy primarily affected export volumes rather than overall profitability.
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