Buying interest remains subdued, driving down sulfur prices.

1. Today's Summary

① Unico (Sichuan-Chongqing) liquid sulfur sales tender: Starting price 7,000 CNY/ton, quantity 4,000 tons. Final average transaction price was 7,000 CNY/ton, with a total volume of 3,500 tons sold.

② National port inventory stood at 938,800 tons, up 0.20% week-on-week and down 60.46% year-on-year.

2. Spot Market Overview

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

Data Source: Chempricehub

Using Zhenjiang Port as the benchmark, today’s mainstream granular price was 7,100 CNY/ton, consistent with morning expectations. Although the holiday is approaching, selling activity within ports continues; however, inertia-based offers failed to attract interest from potential buyers. Consequently, some sellers adjusted their prices, causing the market center to shift downward. In the morning, relevant enterprises in the port expressed willingness to sell with offers around 7,150 CNY/ton, but potential buyers showed no interest in negotiation. In the afternoon, sporadic small-volume transactions were reported between merchants at 7,100 CNY/ton.

3. Market Sentiment

Table 2: Domestic Sulfur Upstream and Downstream Practitioner Sentiment Forecast

Data Source: Chempricehub

4. Price Forecast

Currently, end-users have little intention to enter the market, maintaining a wait-and-see attitude. Few merchants are willing to follow suit. Against this backdrop, sellers intending to offload inventory are under psychological pressure. However, given the limited time and space for interaction between industrial and trade parties before the holiday, the sulfur market is expected to remain stable prior to the break.

5. Related Products Status

Phosphate Fertilizer Market:
Taking Hubei region as the benchmark, today’s ex-factory quote for 55% powder was around 3,700–3,900 CNY/ton, with transactions based on actual negotiations. The domestic Monoammonium Phosphate (MAP) market maintained weak consolidation. Hubei 55% powder ex-factory prices were around 3,800 CNY/ton, with deals subject to negotiation, and some low-end supply remained available. Overall downstream demand remained sluggish, with weak new order inflows. Manufacturers faced continued inventory pressure, and the digestion of compound fertilizer finished goods inventory was unsatisfactory, continuously dampening enthusiasm for raw material replenishment orders. Today, ex-factory prices for Diammonium Phosphate (DAP) 64% were around 4,800–4,850 CNY/ton, with actual deals still under negotiation. The domestic DAP market operated weakly; enterprise prices remained firm, but grassroots procurement pace was slow. Downstream users mostly purchased according to immediate needs ("buy-as-needed"). Overall market sentiment leaned bearish, causing the price center to decline slightly. Industrial channel prices fell more noticeably, while agricultural channels showed relative resilience. Overall shipment volumes are gradually recovering.

Sulfuric Acid Market:
Today, the domestic sulfuric acid market continued its weak pattern. Transaction momentum in Shandong weakened; mainstream acid producers maintained stable listed prices, but actual negotiation discounts widened, showing signs of hidden price cuts. Overall trading atmosphere remained subdued. Supply contraction expectations due to maintenance shutdowns by major acid producers in the Jiaodong region provided temporary support to local prices. However, low-priced supplies from neighboring Henan and Anhui provinces continued to penetrate the market, hedging against future supply gaps caused by maintenance in Western and Eastern Shandong, further suppressing local producers' ability to sell. Before the National Day holiday, acid producers generally face inventory clearance pressure. Actual transactions in the local refinery acid sector primarily occurred at starting bid prices, with limited premiums. In the short term, mainstream acid producers in Shandong can maintain stable quotes thanks to maintenance expectations, but local refinery acids face rising probabilities of hidden price cuts due to dual pressures from inventory and holidays.

In Inner Mongolia, the sulfuric acid market continued to operate weakly, with supply-demand contradictions unresolved. Ore-based acid producers in Bayannur and Chifeng that underwent earlier maintenance have resumed production, leading to increasing supply and an overall loose supply situation. Autumn preparation fertilizer stocking in the downstream chemical industry started significantly late, resulting in weak follow-through on sulfuric acid procurement. Currently, price support in Eastern Mongolia remains relatively firm, while Western Mongolia continues to face pressure due to increased supply. In October, the realization of domestic sulfuric acid plant maintenance schedules will be a key variable. If maintenance proceeds as planned, supply contraction may provide phased support to prices; if demand-side conditions do not improve, transaction price centers face pressure to decline further.

6. Data Calendar

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

Data Source: Chempricehub

Notes:

1. ↓ ↑ indicates significant fluctuations, highlighting data changes exceeding 3%.
2. ↗ ↘ indicates minor fluctuations, highlighting data changes within 0–3%.