The State Council announced to cut the export tariff of some fertilizer. Haitong analyst gave a detailed adjustment scheme on it. Current policy is to levy addtional export tariff of 150% on urea and 100% on phosphor fertilizer on base tariff of 35%.
 
 
 Base PriceExport Tariff in Slack Season (base tariff: 35%)Export Tariff in Hot Season
(base tariff: 35%)
MonthWhen lower than base priceWhen higher than base price
UreaRMB205010, 11Additionally levy 10%Decided separatelyAdditionally levy 110%
MAPRMB26006, 7, 11Additionally levy 10%Decided separatelyAdditionally levy 110%
DAPRMB32006, 7, 11Additionally levy 10%Decided separatelyAdditionally levy 110%

 
Currently, domestic Urea price is 10-20% lower than international one, and for phosphor fertilizer is 80% lower. The policy will help to stabilize domestic fertilizer price, however, it is hardly to see another new high for fertilizer products on a declining sector prospect. We give the sector "Neutral" rating and suggest to pay attention to Hualu-hengsheng Chemical Co. (600426.CH), Lutianhua Company (000912.CH), Xinghua Chemistry Co. (002109.CH), etc.
 
 
 
 
 
国务院总理温家宝12日主持召开国务院常务会议。为落实中央关于扩大内需，促进经济平稳较快增长的决策部署，会议研究决定四项实施措施。根据国内生产消费及国际市场变化，会议同时决定，取消部分钢材、化工品和粮食的出口关税，降低部分化肥出口关税并调整征税方式，对个别产品开征或提高出口关税。现行的化肥行业出口关税政策是，在现有35%的出口关税税率基础上，对尿素征收150%的出口关税，磷肥征收100%的出口关税。
 
我们了解到的化肥出口方案调整政策是：
 
尿素出口征税方案：基价2050元。淡季10、11月低于基价加征10%关税。高于基价另行加征。其他旺季征110%。
 
一铵出口征税方案：基价2600元。淡季6、7、11月低于基价加征10%关税。高于基价另行加征。其他旺季征110%。
 
二铵出口征税方案：基价3200元。淡季6、7、11月低于基价加征10%关税。高于基价另行加征。其他旺季征110%。
 
目前国内化肥价格仍低于国外，尿素价差在10-20%，磷肥在80%。此举将有助于稳定国内化肥市场价格，但由于行业景气高点已过，化肥产品价格再创新高已不可能，给予行业“中性”评级，建议重点关注华鲁、泸天化、兴化股份等业绩相对稳定的化肥公司。