1、 Price data
As of March 11th, the benchmark price of sulfur in Shengyi Society was 4616.67 yuan/ton, an increase of 18.07% compared to the beginning of this month (3910.00 yuan/ton).
upper reaches:
International crude oil (Brent) has increased by about 5% -7% since March, pushing up the cost of sulfur production and processing; Natural gas (European TTF) increased by about 8% -10% in March, further raising energy costs.
Downstream:
Since March, sulfuric acid has increased by about 12% -15%, monoammonium phosphate by about 6% -8%, and diammonium phosphate by about 5% -7%.
2、 Rising factors
1. Supply and demand side:
Supply side: Domestic sulfur plants have entered the spring centralized maintenance period, with a phased decrease in production and a reduction in market supply; Logistics transportation in some regions is hindered, and delays in arrival at ports and inland areas further exacerbate the tight supply of spot goods.
Demand side: The peak season for spring plowing and fertilizer preparation is approaching, and downstream industries such as phosphate fertilizer and sulfuric acid have increased their operating rates, resulting in a significant increase in demand for sulfur; In the early stage, downstream enterprises’ inventory was at a low level. Under the expectation of price increases, they concentrated on replenishing inventory, and their purchasing enthusiasm was high, further driving up market demand.
2. Market sentiment:
Traders and downstream enterprises are generally bullish on the future market, actively hoarding and chasing high purchases, resulting in a significant increase in market trading activity; The tight supply of spot goods combined with the recovery of demand has strengthened the market’s expectation of price increases, driving prices to rise rapidly.
3. Geopolitical risks in the Middle East:
Cost side: The tense situation in the Middle East has pushed up international crude oil and natural gas prices, while sulfur is a byproduct of petroleum refining and natural gas processing. The rise in energy prices directly raises the production and transportation costs of sulfur, providing cost support for domestic prices.
Geopolitical conflicts have intensified global commodity hedging sentiment, with funds flowing into the energy and chemical sectors, driving stronger expectations for prices of basic chemicals such as sulfur; As an important global oil and gas production area and sulfur export destination, the Middle East’s concerns about “future supply disruptions” have been reflected in the current prices in advance, further strengthening the expectation of price increases.
3、 Future prospects
In the short term, domestic equipment maintenance will continue, and the tight spot market situation is difficult to quickly ease. Coupled with the cost and emotional support brought by geopolitical risks, sulfur prices are expected to maintain a high and strong operation.
In the medium term, attention should be paid to the release of production capacity after the completion of equipment maintenance, changes in downstream demand after the end of spring plowing, and the actual impact of the evolving situation in the Middle East on the global supply chain, in order to be alert to the risk of high-level pullbacks.
Summary: The core logic behind the rise in sulfur prices this week is the mismatch between domestic supply and demand and the sentiment of merchants chasing long positions. The Middle East geopolitical risks, through cost increases, supply concerns, and emotional transmission, have played a catalytic role in amplifying and strengthening the upward trend, rather than the fundamental reason for this round of price increases.

Product Name: Pure Benzene
Latest price: On March 10th, the average market price was 9670 yuan/ton. The price has decreased by 19.43% compared to the previous trading day.
Analysis: The market price of pure benzene has significantly decreased today. With the decline in international oil prices, the price of pure benzene in the market has followed suit. Sinopec’s listing price has been lowered by 3000 yuan/ton, with an implementation of 8000 yuan/ton, to be implemented on March 10th. Today, Shandong’s local refining enterprises collectively adjusted their ex factory prices to around 8500-10000 yuan/ton. The international oil price and energy and chemical product prices have plummeted in tandem, and the sentiment in the pure benzene market is currently unstable. It is necessary to pay more attention to the trend of raw materials.

Product Name: Isopropanol
Latest price: The average market price on March 9th was 9366.67 yuan/ton. The price has increased by 34.45% from 6966.66 yuan/ton on March 6th.
Analysis points: The isopropanol market has seen a significant upward trend today. Due to the escalating situation in the Middle East, international oil prices have skyrocketed. The prices of propylene and acetone on the raw material side have risen strongly, and the cost has driven up the price of isopropanol, resulting in a significant increase in quotes from production factories. On the demand side, downstream demand follow-up is weak, the willingness to purchase goods is weak, and high price transactions are cautious. In the short term, the isopropanol market is mainly operating strongly, and more attention should be paid to the trend of the raw material market.

This week (3.2-3.6), polyester bottle chips: unilateral strong rise, cost driven, futures led increase. As of March 6th, according to the price data of Shengyi Society, the mainstream spot average price of polyester bottle chips in East China is 7065 yuan/ton.
core driver
1. Cost side: Absolute dominance, skyrocketing across the entire line
Crude oil: As of March 6th, the main WTI crude oil contract has stabilized at $80 per barrel. This cost hurricane at the source quickly spreads downstream along the industrial chain. As the core raw material of PET, PTA has shown extremely aggressive performance, with the main contract closing at 5918.0 yuan/ton, up 1.41% again from the previous settlement.
Although the nominal price of PET bottle flakes has entered the “7″ mark, production enterprises are in a “passive follow-up” state. Due to the rapid increase in upstream raw material prices, the profit margin of PET bottle processing has been squeezed to the limit.
2. Supply: Low level operation, tight pattern
The production in February was 1.2314 million tons, a decrease of -11.93% compared to the previous month; The capacity utilization rate is around 66.48%.
This week’s load was 68.4%, slightly higher than the previous week but still low; Low inventory of spot goods and limited supply of low-priced goods.
Shipping in the Red Sea/Persian Gulf is obstructed, and exports and logistics are restricted, exacerbating local tensions.
3. Requirement: Prioritize basic needs and cautiously pursue higher ones
The peak season for downstream beverages/packaging has started, and the demand for essential products has stabilized; At high prices, the focus is on digesting inventory and purchasing on demand.
After the mid week surge, downstream resistance increased, and spot prices slightly rebounded on Friday.
Future forecast
Overall, the cost push caused by geopolitical factors is the core driving force behind the current PET bottle price shock of 7000 yuan/ton. As long as there is no substantial cooling of the situation in the Middle East, strong cost support will be difficult to prove.
Clear judgment: In the short term, PET bottle flakes will maintain a high volatility in the range of 7000-7500 yuan/ton.

1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, the average market price of domestic grade ammonium sulfate on March 5th was 1328 yuan/ton, an increase of 9.18% compared to the average market price of 1216 yuan/ton on March 1st.
2、 Market analysis
Supply and demand situation
This week, the domestic ammonium sulfate market prices have risen significantly, and the operating rate of ammonium sulfate has slightly adjusted. Due to the Middle East conflict, international urea prices have risen and domestic fertilizer raw material supply is tight, resulting in a continuous increase in ammonium sulfate prices. Downstream actively restocking, the bullish sentiment in the ammonium sulfate market is high, and bidding and transaction prices continue to rise.
market situation
As of March 5th, the mainstream ex factory quotation for coking grade ammonium sulfate in Shandong region is around 1250 yuan/ton. Domestic grade ammonium sulfate, the mainstream ex factory quotation in Shandong region is around 1320-1360 yuan/ton.
3、 Future forecast
An ammonium sulfate analyst from Shengyi Society believes that the recent trend of the ammonium sulfate market has been dominant. The market for ammonium sulfate is strong, and holders are mainly pushing prices. Affected by international factors and high support from urea, it is expected that the domestic ammonium sulfate market prices will continue to operate strongly in the short term.