Monthly Data Analysis of China's Sulfur Port Sample Inventory (July 2026)

1. Qualitative Analysis of Port Inventory Trend

As of July 31, 2026, the average monthly inventory of sulfur at sampled Chinese ports stood at 770,000 tons, down 50,000 tons from the previous month, representing a month-on-month decrease of 6.10% and a year-on-year decrease of 68.57%. The primary reason is that although arrivals at major domestic ports saw notable growth month-on-month in July, downstream plants still maintained routine return transport operations. As a result, the average port inventory declined month-on-month, though the reduction was significantly smaller than in previous months.

2. Forecast Analysis of Port Inventory Trend

In the coming month, the sampled sulfur inventory at Chinese ports is likely to show a slight upward trend. The main reason is that the currently available arrival plans for major domestic ports in August are unclear, and the volumes may be relatively limited. Meanwhile, major downstream phosphate fertilizer enterprises remain constrained by export restrictions on phosphate fertilizers and sulfuric acid. In addition, major refineries are directing resources to ensure supply to designated customers, so the pace of return transport of port-held resources may further slow down. As such, the destocking progress of the just-accumulated port inventory will likely stall, and port inventory naturally has the potential to rebound.

3. Product Trend and Price Comparison

In July, the trend of China's sampled sulfur port inventory showed an unreasonable positive correlation with sulfur market prices, and the correlation was relatively strong. The main reason is that port arrivals increased mainly in the second half of the month, leading port inventory to trend upward. However, the tight international supply situation did not improve substantially. Even though many traders had no intention of entering the market to purchase, domestic cargo holders did not blindly compromise with price adjustments. Moreover, long-term contract merchants made timely follow-up replenishment purchases. Consequently, port spot prices generally moved upward in a fluctuating pattern. This gave rise to a temporarily unreasonable scenario in the port market where inventory and prices rose simultaneously.

Sample Description:

On the day of data release, the real-time sulfur inventory of 9 Chinese ports, as compiled by Chempricehub Information, has a sample coverage rate of 90%.