The key word is aluminum. In this case ammonium phosphate. China has strong electric subsidies. Both in cash, and in allowing a high coal dependency. This mean

The key word is aluminum. In this case ammonium phosphate. China has strong electric subsidies. Both in cash, and in allowing a high coal dependency. This means China has some of the lowest electricity rates in the world. Aluminum production costs are dominated by electricity costs. You can think of exporting aluminum as exporting electricity. Any business in china which can get permission to export an aluminum product has a license to print money. They are in effect reselling subsidized electricity.