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Glyphosate is the largest single export product of pesticides in China. More than 80% of China's glyphosate is exported. Changes in exchange rates directly affect the profits of companies.
It is understood that the glyphosate industry has experienced a large-scale expansion in 2004 and the market has experienced severe oversupply. The data that the reporter has just received from the customs show that in 2005, the national export of glyphosate was nearly 60,000 tons, an increase of 18% year-on-year, but the unit price was down 8.5% year-on-year, and the average unit price was 3,253 USD/ton. If calculated from the average price of the previous year, it will lose about 870 yuan per ton due to exchange rate changes. According to a reporter from an import and export department of the country, the FOB price for January was US$2910 per ton (excluding tax rebates), which is equivalent to the RMB price of RMB 25,000/ton last year. Far away, this is also approaching the low cost of glyphosate.
Recently, the speech of the central bank officials was understood by the market as: The appreciation of the RMB exchange rate in 2006 may be between 2% and 3%. Therefore, many market participants believe that the renminbi will continue to appreciate, in other words, it will reach a level of 7.800. "The reduction in exports caused by the appreciation of the renminbi will, to some extent, weaken China's economic strength." One banker told reporters in this way.
In addition to the loss of exchange rate caused by the export enterprises of glyphosate, the coal market has also received chills. “This year, there may be a slight increase in the price of coal,†said Qian Pingfan, a researcher at the State Council’s Development and Research Center’s Ministry of Industry and Economy, in an interview with the reporter. It is understood that the price of electricity and coal for producing 1 ton of glyphosate raw materials is about 1,500 yuan. If the sales price is 25,000 yuan per ton, the price of electric coal has already accounted for 6% of the sales price. Once electricity and coal increase prices slightly, it will have a great impact on the cost of the glyphosate company. Recently, all parties have shown that the signs of rising coal prices have affected the price of coal used by chemical companies. Combining various factors, the export of glyphosate is almost at a loss.
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On February 14, the exchange rate of the US dollar against the RMB reached 8.0472 yuan. For foreign exchange speculators, the high exchange rate of the RMB exchange rate is undoubtedly a big plus. For an export-oriented glyphosate company, it is a downright big deal. When the reporter visited a glyphosate manufacturing company, he heard the person in charge of the import and export business of the company shouted: "It's over, it's over!" Because since the exchange rate adjustment last year, the cumulative increase in the RMB exchange rate has reached about 2.7%, which also means that The loss of their exports is about 270 yuan per ten thousand yuan.