Sustained high sulfur prices
Sulfur prices have doubled and may remain elevated, compressing margins if pass-through is not achieved.
AGVENTURES / bear-case history
Track the concerns that keep returning.
AG Ventures · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Aggressive imports from Malaysia and China
Malaysian imports continue to pressure domestic pricing, and Chinese competition limits price increases despite anti-dumping duties.
Global oversupply and low capacity utilization
Global capacity utilization at 70-75% and oversupply may keep margins compressed for several years.
US tariff uncertainty
US tariffs remain at 50% and have not been officially reduced, impacting export margins and volumes.