How does the Strait of Hormuz disruption reshape China's sulfur import strategy and supply security?

How does the Strait of Hormuz disruption reshape China's sulfur import strategy and supply security?
China's sulfur import landscape is being redrawn. One major trading firm cut its Middle East share from 55% in 2025 to 28% in H1 2026, while Zhenjiang port inventories fell from a 450,000-550,000 ton target to below 200,000 tons. Buyers are diversifying into Canadian, Korean, Japanese, and Kazakh sources, but each has flaws: Canada's supply is logistics-constrained at Vancouver ports; Korea and Japan merely re-export Middle East-derived sulfur with price linkage; Kazakhstan imposed an indefinite export ban in June 2026, allowing shipments only to Russia. No single source can replace the Gulf's combination of volume, price, and reliability. China's 2025 imports hit 9.61 million tons, with Gulf states supplying 56%. The industry is learning to live with permanent geopolitical risk, building buffer stocks and multi-source contracts, but the structural dependence remains.