Strong buying pressure is driving prices down, resulting in a downward shift of the market's central tendency.

1. Today's Summary

① Recently, the liquid sulfur vessel "MS DREAM" docked at Weifang Port for operations. This vessel typically carries approximately 2,600 tons of liquid sulfur.

② National port inventory stood at 1.1134 million tons, a decrease of 0.57% from the previous period and a decline of 53.14% year-on-year.

2. Spot Market Overview

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

Taking Zhenjiang Port as the benchmark, the mainstream granular price today was 5,600 CNY/ton, consistent with morning expectations. With the recent significant drop in market prices, potential buyers have emerged within the port; however, their bid prices are generally low. The market sentiment remains under pressure, and the trend continues to drift lower. Inquiries were heard in the morning, but aggressive price-cutting attempts received no response. Most traders adopted a wait-and-see approach, following the market trend, resulting in a quiet trading atmosphere. In the afternoon, news circulated about offline negotiations for domestic resources, though pricing details remained unclear. Additionally, there were new interactions seeking lower prices. Although no concrete progress has been reported yet, the price center is still being dragged downward.

Figure 1: Price Trend of Domestic Sulfur Port Spot Index (Unit: CNY/ton)

Data Source: Chempricehub

3. Market Sentiment

Table 2: Sentiment Forecast by Domestic Sulfur Upstream and Downstream Practitioners

4. Price Forecast

Although there are buying interests within the port, bid prices are generally low. Holders' willingness to wait for better prices is being eroded. Unless unexpected factors arise, the pressured market sentiment is unlikely to change in the short term. It is predicted that the market will likely continue its downward trend.

5. Related Products Situation

Phosphate Fertilizer Market: Today, the domestic monoammonium phosphate (MAP) market maintained steady operation with no obvious price changes. The ex-factory price for 55% powder in Hubei Province remained around 3,600–3,650 CNY/ton, with transactions based on actual negotiations. Factories primarily focused on fulfilling existing orders, while new order follow-up was average. Downstream compound fertilizer enterprises continued small-scale restocking based on rigid demand, mainly purchasing from smaller suppliers, with limited transactions. Today, the ex-factory price for 64% diammonium phosphate (DAP) was around 4,700–4,850 CNY/ton, with actual transactions subject to negotiation. The domestic DAP market maintained a weak consolidation pattern. Currently, market supplies are actively moving down to grassroots levels, and distribution continues. The autumn fertilizer season is gradually entering its final stage. Persistent bearish sentiment, combined with falling raw material costs, has further intensified the pressure on market psychology.

Sulfuric Acid Market: The sulfuric acid market in Hebei Province operated steadily, with hidden discounts in transactions. Pressure stems mainly from the drag caused by Shandong sulfur prices and the continuous influx of low-priced supplies from Shandong and Inner Mongolia, disrupting the shipping rhythm of major acid producers. The demand side lacked highlights. Fertilizer plants had low operating rates, while chemical enterprises purchased on an as-needed basis, showing strong resistance to high prices. Hebei's local chemical industry volume is limited and unable to offset the drag from the fertilizer sector. Winter stockpiling is still in the brewing stage; phosphate fertilizer enterprises have high inventories and unresolved losses, making large-scale restocking likely to be delayed. There were no maintenance shutdowns to benefit the supply side; regional supply remained normal, instead exacerbating competitive pressure. Unlike Shandong smelter acids which rely on maintenance shutdowns for support, Hebei lacks similar buffers. In Anhui Province, some main acid producers' units are currently undergoing maintenance, leading to a contraction in regional supply. Inventory levels at acid plants also declined recently. Encouraged by price increases in multiple peripheral markets, market sentiment improved slightly, and main acid producers raised quotes by 100 CNY/ton today. However, looking at the demand side, downstream phosphate fertilizer operating rates showed no obvious improvement, and overall demand remained weak. In the short term, supported by maintenance shutdowns in parts of the domestic sulfuric acid market, acid prices are expected to remain firm.

6. Data Calendar

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