Market participants are adopting a rational wait-and-see approach, with spot prices continuing to trade sideways.

1. Daily Summary

① Recently, multiple domestic trade vessels carrying sulfur resources have arrived at the Beibu Gulf Port, with a total volume of approximately 20,000 tons.

② National port inventory stands at 1.105 million tons, down 0.11% week-on-week and down 51.00% year-on-year.

2. Spot Market Overview

Table 1: Domestic Sulfur Port Price Summary (Unit: CNY/ton)

Using Zhenjiang Port as the benchmark, today’s mainstream granular price is 4,800 CNY/ton, consistent with morning expectations. Recently, some merchants have entered the market to purchase, causing the sentiment among holders waiting for better prices to ease. As low-price sellers gradually withdraw their offers, current negotiations are following market trends, with no significant fluctuations in the price. Transaction volumes within the port increased noticeably over the previous two working days, stabilizing the holding mentality of inventory owners. Although there is still behavior seeking lower prices, sellers are not in a rush to adjust quotes. Before noon, sporadic small trades were discussed at 4,750 CNY/ton within the port; however, as time progressed, actual transaction prices reportedly returned to around 4,800 CNY/ton.

3. Market Sentiment

Table 2: Sentiment Forecast from Upstream and Downstream Participants in the Domestic Sulfur Market

4. Price Forecast

Although there are inquiries from buyers in the market, their operational sentiment remains rational. While holders of inventory have positive expectations, realizing them poses considerable difficulty. In the short term, the market is likely to consolidate and move sideways amid a trend-following atmosphere between industrial and trade parties.

5. Related Products Status

Phosphate Fertilizer Market:
Ex-factory prices for 55% powder in Hubei are around 3,550–3,600 CNY/ton, with transactions remaining based on actual negotiations. Today, the domestic Monoammonium Phosphate (MAP) market continues to be in a wait-and-see mode. Policy directions are yet to become clearer, and most manufacturers maintain a cautious stance. Similarly, downstream compound fertilizer enterprises are also primarily observing, with limited willingness to procure raw materials. After the industry conference concludes, market trends may become further clarified. Today, ex-factory prices for Diammonium Phosphate (DAP) 64% are around 4,600–4,800 CNY/ton, with actual orders still under negotiation. The domestic DAP market continues its wait-and-see trend, with clearly insufficient support from the demand side. There is room for negotiation on actual order prices across enterprises. Some companies continue to implement minimum guaranteed prices. Market sentiment has not subsided, and new order follow-up remains limited. Future attention should be paid to the implementation of policies and adjustments in new signing strategies by enterprises.

Sulfuric Acid Market:
The domestic sulfuric acid market is operating weakly but steadily. Transactions in Fujian province are based on negotiations. Although major acid plants in southern regions have entered maintenance periods, due to previously high acid prices, supplies from neighboring Jiangxi, Guangxi, Hubei, and Hunan provinces have flowed in slightly to supplement the market. Transaction prices are gradually converging toward the lower end, with the supply support effect of maintenance partially offset by external sources. With sulfur prices declining, some caprolactam enterprises have increased the operating load of their own sulfur-based acid units. Additionally, caprolactam factories plan maintenance next week, leading to reduced plans for external sulfuric acid procurement, thereby strengthening expectations of demand contraction. Major phosphorus chemical factories have also slowed their procurement pace, increasing market wait-and-see sentiment. This week, acid prices in certain areas within the region dropped by 150 CNY/ton, indicating a clear downward trend from highs. The Shandong sulfuric acid market shows a trend of increased supply and lowering price centers. This week, maintenance units of major smelting acid enterprises in the Luxi (West Shandong) area have gradually resumed operations, increasing regional supply. As supply increases, acid enterprises mostly negotiate for shipments. In the Luzhong (Central Shandong) area, some ore-acid enterprises have experienced brief shutdowns for maintenance due to the approaching heating season. Quotes from local refinery acid enterprises continue to fall, with daily declines of about 30–50 CNY/ton, while overall daily shipment volumes remain around 2,000 tons. Downstream chemical enterprises’ operating rates remain stable, but during the market downturn, end-users mostly maintain a strategy of "selling from inventory," purchasing basically on an as-needed basis. Furthermore, market prices in peripheral Inner Mongolia and Northeast China show a downward trend, with no risk of low-priced acid flowing into the Shandong market currently. Dominant bearish factors prevail in the current domestic sulfuric acid market, suggesting a slight downward expectation for acid prices in the short term.

6. Data Calendar

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