Bearish sentiment is prominent, and the market continues to trend downward.

1. Today's Summary

① Unipar (Chuan-Yu) liquid sulfur sales tender: Starting price was 6,000 yuan/ton, down 700 yuan/ton from the previous period. The tender quantity was 5,000 tons. The final average transaction price was 6,000 yuan/ton, down 700 yuan/ton from the previous period, with a total volume of 5,000 tons.

② National port inventory stood at 1.1242 million tons, an increase of 0.06% week-on-week and a decrease of 53.88% year-on-year.

2. Spot Market Overview

Table 1: Domestic Sulfur Port Price Summary (Unit: Yuan/Ton)

Using Zhenjiang Port as the benchmark, today’s mainstream granular price was 6,275 yuan/ton, consistent with morning expectations. Stimulating factors are scarce, market participants remain in wait-and-see mode, and there is little buying interest within the ports. Holders are also inactive, leading to a bearish sentiment that drives further weakness in the port spot market. Companies under inventory pressure have been continuously lowering their resource prices over the past few days. This has strengthened merchants’ bearish outlook on the short-term market, resulting in persistently sluggish trading activity. It is reported that Shandong local refinery liquid sulfur prices ranged between 5,750–5,770 yuan/ton. The Unipar (Chuan-Yu) liquid sulfur sales tender concluded with an average transaction price of 6,000 yuan/ton for a volume of 5,000 tons.

3. Market Sentiment

Table 2: Domestic Sulfur Upstream and Downstream Participant Sentiment Outlook

4. Price Forecast

Influenced by the "buy high, sell low" mentality, merchants have little intention to enter the market. Their habitual waiting strategy continues to weigh on market sentiment. Barring any unexpected developments, sulfur prices are likely to undergo downward consolidation in the short term.

5. Related Product Markets

Phosphate Fertilizer Market: Today, the domestic monoammonium phosphate (MAP) market continued its weak trend with no significant price changes. Transactions remained based on actual negotiations. Floor prices and lower market prices coexisted, creating a wide spread. Buyer procurement enthusiasm was low. Additionally, as the autumn fertilizer season nears its end, compound fertilizer plants are focusing on digesting finished product inventories rather than purchasing raw materials, leading to weak follow-up orders. Today, the ex-factory price for diammonium phosphate (DAP) 64% was around 4,700–4,850 yuan/ton, with actual transactions still under negotiation. The domestic DAP market remains weak. Autumn fertilizer demand is gradually tapering off, and grassroots-level shipments are ongoing; however, downstream users are mainly replenishing stocks on an as-needed basis in small quantities. Overall demand support is insufficient, supply is relatively ample, bearish sentiment persists, and market prices remain chaotic.

Sulfuric Acid Market: The national sulfuric acid market operated weakly but steadily. In Yunnan, the post-holiday supply-demand structure changed little compared to pre-holiday levels, with most acid plants maintaining shipments for existing orders. However, rising acid prices in central and eastern China after the holiday have slightly boosted local sentiment, along with a marginal increase in dicalcium phosphate demand. On the supply side, maintenance of smelting acid units in Liangshan, Sichuan, led to increased outflows. Local acid plants in Yunnan have maintenance plans for November and December. Under expectations of reduced supply, regional acid prices rose by 40 yuan/ton this week. Although phosphate fertilizers provide rigid demand support, the titanium dioxide and dicalcium phosphate markets remain weak, with enterprises showing low procurement enthusiasm and buying only as needed. Traders are operating cautiously with moderate willingness to take delivery. Overall, current positive factors in the Yunnan sulfuric acid market are limited, showing a slight upward trend. If demand does not improve significantly, regional acid prices will likely continue narrow-range consolidation. Hebei’s sulfuric acid market continued its post-holiday weakness, with a divergent supply landscape. Major ore-based acid producers in Handan remain under maintenance, constraining regional supply. In contrast, major producers in Shijiazhuang resumed production before the holiday, gradually releasing output to offset the supply gap caused by Handan’s maintenance. Demand remains soft; post-holiday downstream purchases are mainly small-scale rigid demands, with strong wait-and-see attitudes and low willingness for bulk stocking. Low-priced goods from neighboring Henan and Inner Mongolia continue to flow into the region, squeezing local producers’ sales. In the short term, Hebei’s sulfuric acid market lacks upward momentum. Before winter stockpiling begins, demand improvement is unlikely, and combined with continuous pressure from low-priced external goods, ore-based acid prices face downward pressure. It is expected that the domestic sulfuric acid market will continue to show regional divergence.

6. Data Calendar

Table 3: Domestic Sulfur Data Overview (Unit: Million Tons)