Soaring to 490,000 RMB/ton and 680,000 RMB/ton, how long can avermectin and emamectin benzoate continue to rise?-media report-多维医药集团国际控股有限公司

Soaring to 490,000 RMB/ton and 680,000 RMB/ton, how long can avermectin and emamectin benzoate continue to rise?

2025.03.04

来源：WeChat Official Account of Agri-Inputs and Market

作者：Wang Zhenguo

In 2024, the technical pesticide market remained in a prolonged slump under the combined influence of multiple factors, including oversupply, declining raw material prices, weak demand, the impact of environmental protection policies, intensified market competition, changes in the international trade environment, technological advancements, and inventory pressure.

According to the Sinon AgriChem technical pesticide price index at the end of 2024, the technical pesticide price index reached 72.96 points by the end of 2024, a year-on-year decrease of 9.62%. Among the hundreds of tracked products, 65% experienced year-on-year price declines.

However,the technical pesticide prices of two major varieties—avermectin and emamectin benzoate (emamectin benzoate)—bucked the downward trend and continued to rise amid the overall market downturn.

After the Shanghai CAC Conference in March 2024, the prices of avermectin and emamectin benzoate technical pesticides began to increase, with both production and sales booming and orders being scheduled for delivery. By September, the price increase had exceeded 20%, attracting widespread attention.

The Sinon AgriChem technical pesticide price index shows that as of March 2, 2025, the quoted price for avermectin fine powder was 490,000 yuan per ton, an increase of 140,000 yuan per ton (40%) from 350,000 yuan per ton in February 2024. The quoted price for emamectin benzoate technical pesticide was 680,000 yuan per ton, an increase of 190,000 yuan per ton (39%) from 490,000 yuan per ton in January 2024.

So, the reasons for the continuous price increases of these two major technical pesticide products can be attributed to the following three aspects:

1.国内外市场需求旺盛，出口量增加

The first reason for the continuous price increase of avermectin and emamectin benzoate is the strong demand in domestic and international markets, with increased export volumes.

The person in charge of the pesticide market department of Ningxia Taiyixin Biotechnology Co., Ltd., Wang Zhenguo, said that avermectin and emamectin benzoate are both excellent products and irreplaceable. They have the advantages of high efficiency, broad spectrum, low toxicity, and environmental protection, and are highly recognized by the market and farmers. In recent years, especially in 2024, as the global pesticide market's de - stocking is coming to an end, coupled with the rapid transformation of the global modern agricultural production mode and the strengthening of environmental protection policies, the demand for avermectin and emamectin benzoate has gradually increased. Especially in large agricultural countries such as South America, the demand for avermectin and emamectin benzoate has continued to grow.

According to data from Zhuochuang Information, the current total annual production capacity of emamectin benzoate in China is approximately 6,000-7,000 tons. The production capacity is mainly concentrated in pesticide enterprises such as Ningxia Taiyixin, Qilu Pharmaceutical, Jinghong Chemical, Xingbai Biotech, Limin Holdings, Jinxianda, Jiaboshi, and Daqing Zhifei.

Among them, Ningxia Taiyixin is a leading enterprise in the domestic avermectin and emamectin benzoate fields. The enterprise has been deeply engaged in the fermentation industry for more than 30 years, establishing a complete industrial chain for avermectin and emamectin benzoate, with stable quality and outstanding production capacity. In terms of technology, the enterprise has developed the unique 3K technology (control of sugar, time, and metabolism), successfully solving the industry - wide problem of the easy degradation of avermectin and emamectin benzoate. Its Taiyixin Danjian Avermectin and Gujian Emamectin Benzoate products have become well - known brands in the market due to their white color, high activity, fast - dissolving property, and stable and efficient performance. Through continuous scientific and technological research and development and the solution of technical problems, the company has successfully produced "super emamectin benzoate" with a purity of up to 99.99%, and its product quality and sales volume rank among the top in the industry.

According to the data, the global demand for avermectin in terms of technical grade is about 5,000 tons, and the demand for emamectin benzoate is over 3,500 tons. China is the largest producer and exporter of avermectin and emamectin benzoate, thus having the initiative in pricing. In the second quarter of 2024, the export value of pesticides from China was 15.294 billion yuan, and the export volume was 762,800 tons. Compared with the first quarter, the export value increased by 1.335 billion yuan, and the export volume increased by 66,700 tons. Therefore, since the second quarter, with the warming of the weather, the enthusiasm of preparation of pesticide dealers has been continuously increasing, and the overseas markets have successively started to purchase goods. As a result, the supply and demand as well as the trading have gradually become active. The prices of the main products of most avermectin and emamectin benzoate companies have started to bottom out and rebound. There have been situations of queuing for delivery. The sharp increase in exports has led to a temporary shortage in the domestic market, which has further promoted the price increase and provided the confidence for enterprises to raise prices.

2.The production cost is rising, the operating rate is low, and the supply is tight.

The second reason for the continuous price increase of avermectin and emamectin benzoate is the rising production costs and insufficient operating rates, which have led to tight supply.

The production costs of avermectin and emamectin benzoate are affected by multiple factors such as raw materials, labor, and energy. In recent years, especially this year, the prices of raw materials such as coal, corn starch, and toluene have been rising continuously, bringing considerable cost pressure on pesticide - production enterprises. Meanwhile, with the increasingly strict environmental - protection policies, enterprises need to invest more funds in pollution control and environmental - protection - facility construction during the production process. These increased costs are ultimately reflected in the selling prices of the products.

In early February 2024, due to the severe "inventory - clearing" - induced "involution", the price of emamectin benzoate technical grade once hit the bottom. The price of 70% emamectin benzoate technical grade dropped to 490,000 yuan per ton, and the price of avermectin also dropped to 350,000 yuan per ton in early February. Against the background of the market selling price being lower than the cost price, many enterprises successively shut down some or all of their production lines. This led to a further reduction in the supply of avermectin and emamectin benzoate in the market, intensifying the supply shortage and thus fueling the upward trend of prices.

After February, especially after the CAC conference in Shanghai in March, due to the insufficient operating rate and the arrival of the traditional pesticide - using season, the market demand has gradually increased, and the product prices have started to rebound. Since then, the prices have been on a continuous upward trend.

3.Market clearing has led to changes in the competitive landscape.

In recent years, with the tightening of environmental protection policies and the intensification of market competition, some small-scale and technologically backward enterprises producing avermectin and emamectin benzoate have been gradually eliminated, leading to a further increase in industrial concentration. Market share and pricing power have gradually shifted to large-scale and branded enterprises such as Limin and Taiyixin.

Since 2023, the prices of most technical-grade pesticides have remained at low levels near the cost line, putting pesticide formulation enterprises under enormous cost pressure. Some enterprises are in a loss-making state, and there is a pressing need for price increases. Against this backdrop, major manufacturers of avermectin and emamectin benzoate have mostly chosen to raise selling prices to obtain higher profits. For example, Limin Holdings issued two price adjustment notices for avermectin and emamectin benzoate in September and October 2024, with increases of 5%.

2025Year

The prices are expected to remain on an upward trend.

Will the prices of avermectin and emamectin benzoate technical grade continue to rise in 2025?

The technical grade price index of Sinonong Lihua shows that as of March 2, 2025, the market operating rate for avermectin series products remains low, with tight spot supplies. The quoted price for avermectin fine powder is 490,000 RMB/ton. The price of emamectin benzoate technical grade has increased, with the domestic market starting to activate and exports of high-content products rising. Manufacturers are mainly processing orders, with a quoted price of 680,000 RMB/ton.

On February 5, 2025, the first working day after the Spring Festival, Taiyixin issued a major price increase notice. The notice stated that due to the company's unremitting pursuit of product quality and continuous R&D investments, its Danjian avermectin and Gujian emamectin benzoate technical grade have demonstrated excellent stability, and this non-degradable property is also maintained in formulated products, effectively solving the industry problem of easy degradation of avermectin and emamectin benzoate. However, Taiyixin's unique 3K technology and production process have significantly increased production costs. Considering changes in market supply-demand relationships and rising costs, after in-depth internal research and decision-making, Taiyixin decided to raise prices for all Danjian avermectin and Gujian emamectin benzoate series products, with prices expected to continue rising.

It can be seen that driven by multiple factors such as strong domestic and international market demand, increased export volumes, rising production costs, low operating rates, and tight supplies, coupled with the gradual launch of spring plowing inventory preparations, growing market transaction volumes, and the pesticide market entering its traditional peak season, the prices of avermectin and emamectin benzoate technical grade are expected to continue rising in 2025, at least in the first half of the year.

Will the prices of avermectin and emamectin benzoate technical grade surge? Industry insiders said that since the 2025 Spring Festival, the price increases of avermectin and emamectin benzoate technical grade have brought warmth to the persistently sluggish technical grade market, with gradually active market reactions. Some channel vendors and enterprises have begun to actively stock up to cope with potential future supply shortages. It is expected that the late-stage price increase of avermectin and emamectin benzoate technical grade will not be too large, generally adjusted within 5%-10%.

The price fluctuations in the pesticide market are affected by multiple factors. Therefore, in the future, enterprises and channel vendors still need to closely monitor key influencing factors such as the operating rates, inventory levels, costs, and exports of avermectin and emamectin benzoate technical grade products to flexibly respond to market fluctuations.

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