Viet Dragon Securities - Q1/2025 business results of the fertilizer industry and perspective on short-term fertilizer prices

Report

Viet Dragon Securities

Hien Le

Q1/2025 business results of the fertilizer industry and perspective on short-term fertilizer prices

• Revenue in Q1/2025 of the fertilizer industry recorded strong growth with most types of fertilizers. However, the growth was mainly from NPK, DAP and Phosphorus fertilizers while Urea fertilizers were stable. Notably, the DAP fertilizer industry recorded a breakthrough thanks to high growth in output and selling prices thanks to China's export restrictions since December 2024.
• Urea prices have also risen sharply recently as U.S. tariffs indirectly affect urea prices in other regions. However, the selling price of urea is hard to increase in the coming period when China is expected to export again. In addition, the price of Phosphate-based fertilizer is expected to be difficult to fall as China restricts exports of apatite ore products.
• The fertilizer industry in Q2-2025 is expected to grow strongly thanks to improved gross margins as selling prices grow. In addition, the urea fertilizer industry benefited from a sharp decline in input gas prices YoY in line with Brent oil prices when Brent oil prices had a high base last year.

21/05/2025 7 EN

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Viet Dragon Securities

Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.

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Analysts

Hien Le

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Q1/2025 business results of the fertilizer industry and perspective on short-term fertilizer prices

CORRECTION

The Fed’s independent monetary policy amid political challenges and global volatility

PROFIT-TAKING PRESSURE

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