① Domestic sulfur production during this period was approximately 218,000 tons, a week-on-week increase of 1.20%.
② Domestic sulfur consumption during this period was approximately 280,300 tons (last week's figure revised to 274,800 tons), a week-on-week increase of 2.00%.
③ National port inventory stood at 1.133 million tons, up 2.42% from last Thursday.
④ The industry capacity utilization rate for monoammonium phosphate (MAP) was 34.68% this week, rising 0.32 percentage points from last Thursday. The capacity utilization rate for diammonium phosphate (DAP) was 37.03%, increasing by 3.06 percentage points from last Thursday.
This week, the domestic sulfur market trended upward. As of now, the mainstream granular price at Zhenjiang Port is 4,950 RMB/ton, up 150 RMB/ton from last Thursday, representing a gain of 3.13%. In the USD-denominated market, spot transactions for Middle Eastern sulfur shipped to North Africa were concluded at CFR $830/ton, down $20/ton from the previous week. Meanwhile, a transaction involving Canadian sulfur resources destined for Indonesia was reported at CFR $750/ton. As time progresses, it is confirmed that downstream consumers in various regions are seeking lower prices. In China, due to the clear price advantage of domestic spot goods, merchants' pursuit of USD-denominated resources remains stagnant.
Domestically, at the beginning of the week, some merchants entered the market to replenish stocks, gradually restoring market sentiment. Sellers adjusted their shipping intentions and reduced supply volumes, leading to stable market conditions. Subsequently, significant upward movements in electronic trading platforms improved holders' wait-and-see mentality. This made it difficult for buyers looking for lower prices to secure deals, while individual merchants submitting higher bids drove continuous price increases. Towards the end of the week, as some long-term contract resources were redirected southward, tradable resources within ports became more limited. Merchants found it difficult to source goods and had to follow the trend, causing prices to rise further.
Table 1: Comparison of Domestic Sulfur Port Prices (Unit: RMB/ton)
| Market | Grade | 2026/11/5 | 2026/11/12 | Change | % Change |
|---|---|---|---|---|---|
| Zhenjiang Port | Granular | 4800 | 4950 | +150 | +3.13% |
| Dafeng Port | Granular | 4780 | 4930 | +150 | +3.14% |
Data Source: Chempricehub Information
① Puguan Wanzhou has temporarily suspended external quotations.
② As of November 12, port inventory in the Yangtze River region was 312,000 tons, an increase of 2.97% compared to last Thursday.
Currently, the volume of tradable resources in the port market is low. Holders are inclined to wait and observe with little intention to actively sell. If new orders are negotiated within the ports, this could push the center of gravity of market prices upward. However, with the start of a new delivery period, the sustainability of merchant participation remains to be seen. Based on historical trends, market trading activity may weaken. Accumulating psychological pressure could cause the overall market to return to a range-bound consolidation pattern.
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