① Domestic sulfur production for the week (September 11–17, 2026) was approximately 210,100 tons, representing a week-on-week increase of 0.75%.
② Domestic sulfur consumption for the week (September 11–17, 2026) was approximately 272,600 tons, reflecting a week-on-week decrease of 4.92%.
③ National port inventory stood at 931,100 tons, down 0.84% compared to last Thursday.
④ The industry capacity utilization rate for monoammonium phosphate (MAP) this week was 46.87%, a decrease of 1.91 percentage points from last Thursday. For diammonium phosphate (DAP), the capacity utilization rate was 43.64%, down 0.47 percentage points from last Thursday.
This week, the domestic sulfur market trended downward amid volatility. As of now, the mainstream granular price at Zhenjiang Port is 7,150 RMB/ton, down 50 RMB/ton from last Thursday, a decline of 0.69%. Regarding international markets, the bid-ask spread remains high, and the transaction price range has widened further than usual. There have been reports of spot transactions in Indonesia and India at CFR USD 1,060/ton. Although Brazil still received some offers at CFR USD 1,145/ton, recent transaction news has not reached such high levels. Despite ongoing shipping disruptions through relevant straits, downstream enterprises have accumulated significant cost pressure over time, meaning suppliers will likely face pricing pressure going forward.
Domestically, initial market performance merely continued the previous sluggish trend. Neither buyers nor sellers were willing to proactively change their stance, resulting in a lack of negotiation activity and stable but quiet trading conditions. Subsequently, sellers, who were under greater pressure, initiated adjustments first. However, these moves failed to spark interest among buyers. The shift in bargaining power drove the market center lower. Holders quickly retreated to a wait-and-see approach. After attempts to push prices down proved fruitless, some merchants followed suit, triggering a rebound. Nevertheless, with no stimulating news emerging and insufficient sustained buying interest, when trading volumes turned thin again, individual sellers had no choice but to follow the trend, causing spot prices to resume their downward trajectory.
| Market | Grade | Sep 17, 2026 | Sep 24, 2026 | Change | % Change |
|---|---|---|---|---|---|
| Zhenjiang Port | Granular | 7,200 | 7,150 | -50 | -0.69% |
| Dafeng Port | Granular | 7,180 | 7,130 | -50 | -0.70% |
① Puguang Wanzhou has temporarily suspended external price quotations.
② As of September 24, port inventory in the Yangtze River region was 310,000 tons, an increase of 1.24% compared to last week.
Although international resource prices remain firm, the domestic spot market sentiment continues to be affected by stagnant rigid demand. Consequently, rare interested buyers are only willing to absorb supply at low prices. Under this mindset, the operational choices of pressured holders may dictate market trends before the National Day holiday. If they choose to wait and see according to market conditions, the spot market will proceed with weak stability; otherwise, spot prices are likely to undergo consolidation on the weaker side.
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