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1. Today's Summary

① The domestic sulfuric acid market is trending weakly, with a strong wait-and-see sentiment prevailing among market participants.

② National sulfuric acid capacity utilization rose to 62.64%, down by 0.77 percentage points month-over-month and down by 2.25 percentage points year-over-year.

2. Spot Market Overview

Table 1: Domestic Sulfuric Acid Price Summary (Unit: CNY/ton)

Data Source: Chempricehub Information
Note: Prices for Yunnan, Hubei, Guangxi, Guizhou, Sichuan, and Fujian regions are delivered-to-plant prices. Prices for other regions are ex-factory cash-inclusive-of-tax prices.

Today’s Chempricehub price index for 98% sulfuric acid stood at 1,395 CNY/ton, remaining flat compared to yesterday and aligning with morning expectations. A strong wait-and-see sentiment pervades the national sulfuric acid market. In today’s session, major acid producers in the Jilin market of Northeast China lowered their quotes by 120 CNY/ton. Although some units of major acid producers in Huludao, Liaoning, remain under maintenance, the overall supply reduction within the region is limited, providing little support to prices. With autumn fertilizer demand winding down and winter stockpiling yet to begin, compound fertilizer enterprises are operating at low rates, maintaining only rigid procurement needs for sulfuric acid and exerting significant downward pressure on prices. Downstream chemical industries are replenishing stocks on an as-needed basis without concentrated stocking efforts. Next week marks early November, when the Northeast market will enter a new pricing adjustment cycle. Major acid producers in the region typically set monthly window prices; Jilin’s current leading price cut has created a demonstration effect, making it highly probable that other regions will follow suit with supplementary declines. In Zhejiang, major acid producers have resumed production at previously maintained units this week, leading to a noticeable increase in market supply and alleviating the prior tight supply situation. Regional prices had been at high levels, but downstream acceptance of high-priced goods was limited. Coupled with the release of increased spot supply, acid producers adjusted quotes downward accordingly, with major producers cutting prices by 100 CNY/ton today. There is no immediate expectation of a clear recovery in downstream demand, so the market is expected to continue its weak trend. Looking ahead, the domestic sulfuric acid market is predicted to maintain its bearish structure.

3. Production Dynamics

National sulfuric acid capacity utilization decreased to 62.64%, rising by 0.77 percentage points week-over-week and falling by 2.25 percentage points year-over-year. This week, liquid sulfur prices in East China underwent minor adjustments. The reference price for liquid sulfur in East China was 5,425 CNY/ton. Based on this price, the raw material cost for sulfur-based acid is approximately 1,808.33 CNY/ton. While steam from sulfur combustion offsets part of the expenses, including costs for water, electricity, labor, and equipment depreciation, the total cost of sulfur-based acid stands at 1,717.05 CNY/ton. Among the three production methods, the profit margin for sulfur-based acid is 26.48 CNY/ton, while pyrite-based acid currently yields a profit of 345.33 CNY/ton, and smelter acid generates a profit of 1,100 CNY/ton.

4. Market Sentiment

Table 2: Sentiment Expectations of Domestic Sulfuric Acid Industry Participants

Data Source: Chempricehub Information

5. Price Forecast

The domestic sulfuric acid market is expected to remain generally stable next week, though localized areas may still see price declines, continuing a pattern of distinct regional divergence. On the cost side, sulfur prices have entered a short-term consolidation phase after a rapid decline earlier, while some low-priced pyrite resources are available. High and stagnant prices for copper, lead, and zinc smelting feedstocks indicate loosening cost support for both sulfur-based and pyrite-based acids. Cost collapse in some regions is exerting downward pressure on sulfuric acid prices. On the supply side, the pace of unit restarts after maintenance varies by region. Previously halted acid plants in Anhui, Hunan, Shandong, and Northeast China plan to resume production sequentially, gradually releasing increased supply. Planned maintenance at southern Fujian acid plants will offset some of this increment. Overall, national sulfuric acid supply is expected to rise slightly. Demand remains weak. The phosphate fertilizer industry is in its traditional off-season, with low operating rates and purchases limited to rigid needs. Demand from fine chemicals and titanium dioxide shows mixed performance, with an overall slight decline. End-user purchasing enthusiasm is low, and market wait-and-see sentiment is heavy. Considering supply-demand dynamics and cost factors, the market lacks upward momentum in the short term. Regional price spreads will persist based on local supply tightness and downstream order intake, with transaction centers likely to loosen gradually.

6. Related Products Status

Sulfur Market: The mainstream granular sulfur reference price at Zhenjiang Port in the Yangtze River region was 4,750 CNY/ton, unchanged from the previous trading day. As the magnitude of market decline narrowed, occasional inquiries from end-users appeared at the port. Holders did not blindly adjust prices to accommodate buyers, but negotiations based on market conditions temporarily stabilized the market. The morning atmosphere at the port remained quiet as usual, until rumors of lower prices emerged before noon. As time passed, the validity of these messages became clearer, revealing transactions negotiated between merchants at the port at 4,750 CNY/ton.

Table 3: Domestic Sulfuric Data Overview (Unit: 10,000 tons)

Data Source: Chempricehub Information
Notes:

1. ↓↑ indicates significant fluctuation, highlighting data dimensions with changes exceeding 3%.
2. ↗↘ indicates narrow fluctuation, highlighting data dimensions with changes within 0–3%.