Merchants operate on an as-needed basis; market conditions remain temporarily stable.

1. Today's Summary

① It is reported that during the National Day holiday, a vessel carrying approximately 52,500 tons of Middle Eastern resources docked at Fangcheng Port. Currently, its unloading operations are in the final stages.

② National port inventory stands at 1.0197 million tons, up 6.48% week-on-week and down 57.31% year-on-year.

2. Spot Market Overview

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

Based on Zhenjiang Port, the mainstream granular price today is 7,100 RMB/ton, consistent with morning expectations. On the first working day after the long holiday, sluggish performance in the USD-denominated market led traders to maintain a wait-and-see attitude; spot trading sentiment showed no substantial change compared to pre-holiday levels. Individual merchants replenished stocks based on demand, with no significant fluctuation in market prices. Although there were inquiries for low-priced cargo at the port in the morning, current offers showed no willingness to compromise. After brief psychological bargaining, information emerged from within the port indicating multiple small transactions between merchants at 7,100 RMB/ton.

Figure 1: Trend of Domestic Sulfur Port Spot Index Prices (Unit: RMB/ton)

Data Source: Chempricehub Information

3. Market Sentiment

Table 2: Sentiment Expectations of Domestic Sulfur Upstream and Downstream Participants

4. Price Forecast

Most market participants currently remain in a wait-and-see mode. Holders are operating according to prevailing market conditions, and market direction depends on the entry intentions of long-term contract suppliers. However, due to the weak performance of USD-denominated cargoes, short-term spot trading may become more rational, and prices are likely to stabilize temporarily.

5. Related Products

Phosphate Fertilizer Market: Based on the Hubei region, today's ex-factory quote for 55% powder grade was around 3,650–3,800 RMB/ton, with actual transactions subject to negotiation. Today, the domestic Monoammonium Phosphate (MAP) market maintained a weak trend. Major manufacturers continued to implement minimum price guarantee policies, while some smaller factories saw slight price drops compared to pre-holiday levels. Post-holiday, most market participants adopted a wait-and-see stance. Downstream restocking enthusiasm remained low, limited to essential purchases. Frequent appearances of low-end prices continued to affect downstream procurement rhythms, with overall inventory declining slowly. Today, the ex-factory price for 64% Diammonium Phosphate (DAP) was around 4,800–4,850 RMB/ton, with real orders still under negotiation. The domestic DAP market performed sluggishly overall, with sustained pressure on market sentiment. Some traders dumped stock at lower prices to accelerate sales, driving the transaction center downward. There was a clear disparity between high and low market prices, with particularly prominent price cuts in industrial channels. Downstream procurement pace remained slow, and the overall trading atmosphere was lukewarm.

Sulfuric Acid Market: Today, the domestic sulfuric acid market exhibited divergent trends. In Northeast China, major acid enterprises entered the beginning-of-month price adjustment window, with prices decreasing in Liaoning, Jilin, and Heilongjiang regions. In Liaoning, major smelting acid enterprises cut prices by 300 RMB/ton. In Jilin, acid enterprises primarily fulfilled previous long-term contract orders; the main ore-based acid enterprise entered maintenance this week, cutting prices by 200 RMB/ton. In Heilongjiang, loading prices for major acid enterprises generally fell by 285 RMB/ton. With autumn fertilizer season ending and winter storage not yet starting, demand-side improvement is unlikely in the short term. The Inner Mongolia sulfuric acid market entered the concentrated beginning-of-month price adjustment phase, with price cuts seen among major acid enterprises in both Western and Eastern Inner Mongolia. Mainstream transaction reference prices were 1,200–1,250 RMB/ton. Previously maintained acid enterprises in Bayannur have resumed production, leading to a continuous increase in regional supply. Major smelting acid enterprises in Chifeng also restored their production lines before the holiday, keeping overall supply relatively loose. The continued circulation of low-priced cargo from surrounding areas suppressed local market sentiment. The sulfuric acid market atmosphere in Hubei gradually heated up. Pre-holiday prices for major acid plants in the region and neighboring Anhui and Jiangxi provinces were at relatively low domestic levels. External shipment orders increased significantly, improving sales performance and boosting distribution enthusiasm. Coupled with some acid plants' maintenance and production reduction plans, certain resource prices had already risen before the holiday. As acid plant inventories gradually dropped to low levels, and subsequent maintenance led to reduced output, expectations for supply contraction strengthened, resulting in strong market expectations for future price increases. In the short term, the domestic sulfuric acid market will continue to show regional divergence.

6. Data Calendar

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