① Domestic sulfur production this period was approximately 215,400 tons, a decrease of 0.32% week-on-week.
② Domestic sulfur consumption this period was approximately 270,000 tons, an increase of 0.75% week-on-week.
③ National port inventory stood at 1,106,200 tons, a decrease of 0.82% compared to last Thursday.
④ The industry capacity utilization rate for monoammonium phosphate (MAP) this week was 34.36%, down 1.19 percentage points from last Thursday. The industry capacity utilization rate for diammonium phosphate (DAP) was 33.97%, down 1.81 percentage points from last Thursday.
| Figure 1: Trend of Domestic Sulfur Port Spot Index Price (Unit: CNY/ton) |
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| Data Source: Chempricehub Information |
The domestic sulfur market generally exhibited an upward consolidation trend this week. As of now, the mainstream granular price at Zhenjiang Port is 4,800 CNY/ton, up 50 CNY/ton from last Thursday, representing a rise of 1.05%. On the international front, sulfur prices continued to decline. A large number of buyers adopted a wait-and-see approach, with most planning to replenish stocks only after prices fell further. Qatar and Kuwait announced their official November prices sequentially, resulting in FOB prices of USD 720–735/ton, which represented a month-on-month drop of USD 100/ton for both. In China, the significant prior decline in domestic prices greatly weakened buyers' willingness to pay a premium for imported resources.
Domestically, at the beginning of the period, as the downward trend narrowed, inquiries from some end-users emerged at the ports. Holders did not blindly adjust prices to match these inquiries, and related negotiations temporarily stabilized market operations. Subsequently, as Middle Eastern November contract prices were announced, the magnitude of the reduction did not exceed market expectations, thus having no obvious impact on spot trading. Furthermore, holders were not eager to sell off inventory; this mindset allowed them to avoid a passive position during price negotiations with potential buyers, enabling the market to advance steadily. Sustained stable prices prompted some merchants to enter the market to inquire. Holders responded by following prevailing market conditions. The warming trading atmosphere helped push the market upward.
Table 1: Comparison of Domestic Sulfur Port Prices (Unit: CNY/ton)
| Market | Model | 2026/10/29 | 2026/11/5 | Change Value | Change Rate |
|---|---|---|---|---|---|
| Zhenjiang Port | Granular | 4750 | 4800 | 50 | 1.05% |
| Dafeng Port | Granular | 4730 | 4780 | 50 | 1.06% |
| Data Source: Chempricehub Information |
① Puguang Wanzhou prices are currently not quoted externally.
② As of November 5, port inventory in the Yangtze River region was 303,000 tons, a decrease of 2.57% compared to last Thursday.
Although end-users and traders have continuously entered the market recently to replenish stocks, turning the trading atmosphere moderate, the sustainability of this follow-up remains to be observed. Given that the USD-denominated international market prices remain high with a clear expectation of decline, some domestic producers have demands to reduce inventory, and there is a probability that recipients of long-term contract resources may sell their allocations. It is expected that the domestic sulfur market will likely fluctuate over the coming week.
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