1、 Market situation
This week, sulfur has shown an overall downward trend, but there have been sporadic increases. As of February 11th, the benchmark price of sulfur in Shengyi Society was 3873.33 yuan/ton, a decrease of 8% compared to the beginning of this month (4210.00 yuan/ton).
Regional performance: Refinery prices in Shandong, East China, North China, Central China, South China, and Northwest regions have mainly decreased (by 10-190 yuan/ton), with only sporadic increases; Prices in the southwest and northeast regions remain stable.
The market price of port sulfur has slightly increased. The winning bid price for domestic sulfur sales is 3960 yuan/ton, and the market boost effect is limited. However, on-site inquiries are active, and cargo holders are holding steady and watching. Port sulfur prices are consolidating upwards. In the short term, the port sulfur market is likely to maintain a high-level consolidation pattern.
Downstream products: The price of sulfuric acid remains stable, with local increases (such as 10-40 yuan/ton in Shandong and Yunnan), and overall high-level consolidation, providing some support for sulfur demand but limited transmission. As of February 11th, the benchmark price of sulfuric acid in Shengyi Society was 1030.00 yuan/ton, an increase of 6.74% compared to the beginning of this month (965.00 yuan/ton).
The markets for ammonium phosphate and titanium dioxide are mainly operating in a consolidated manner, with weak downstream demand. Enterprises rely on pending orders and cost support, resulting in insufficient indirect demand for sulfur.
2、 Influencing factors
1. The downward adjustment of quotations by domestic sulfur refineries reflects loose supply, while downstream enterprises (such as phosphate fertilizer and titanium dioxide industries) have basically finished pre holiday stocking, resulting in stagnant new order purchases and weakened demand support.
2. Port sulfur is supported by the control of cargo merchants, but actual transactions are limited, showing a “price but no market” characteristic; The failure of refinery bidding prices to effectively drive the market indicates a lack of actual demand support.
Although the price of sulfuric acid directly downstream of sulfur has risen locally, the trading of terminal products such as ammonium phosphate is light, and the transmission of the industrial chain is not smooth, which suppresses the upward space of sulfur.
3、 Future prospects
Domestic sulfur is expected to remain stable with small movements in the next trading day. Refineries may continue to make slight adjustments to their quotations under inventory pressure, but the decline may narrow. Short term high consolidation of port sulfur. Holders of goods have a strong willingness to raise prices, but weak demand will limit the upward space, and the market may enter a stalemate.
In summary, the overall sulfur market has been weak this week, with supply and demand fundamentals leading the downward trend in prices. However, the rising prices in the port sector have slowed down the decline, and the market needs to wait for the demand side to recover after the holiday to break the deadlock.

This week, the acrylic acid market maintained stable operation amidst the game of cost support and weak demand, and market sentiment tended to be cautious and optimistic. As of February 10th, the benchmark price of acrylic acid in Shengyi Society was 6116.67 yuan/ton, unchanged from the beginning of this month.
The current ‘stable’ state is a typical result of weak supply-demand balance, mainly reflected in two aspects:
On the cost side: Due to the strong price of the main raw material propylene, the production cost of acrylic acid remains high. If the selling price further drops, manufacturers will face losses, so they are determined to stabilize prices and set clear “floor prices” for the market. On February 10th, the benchmark price of propylene in Shengyi Society was 6437.67 yuan/ton, an increase of 0.52% compared to the beginning of this month (6404.33 yuan/ton).
On the demand side: Despite cost support, the recovery of demand in the end market is slow. Downstream enterprises generally adopt a wait-and-see attitude, only engaging in essential procurement without large-scale hoarding actions. This weak demand is like a ‘ceiling’, suppressing price increases.
Future prospects:
This fragile balance is expected to be broken by the end of the first quarter to the beginning of the second quarter of 2026. The future market direction depends on the game of several key variables:
The traditional peak season of “Golden Three and Silver Four” after January is crucial. If the recovery of the real estate and consumer goods markets drives downstream demand to rebound beyond expectations, prices are expected to break through upwards.
2. The maintenance equipment in the early stage of the second quarter will resume production, and the output of newly added capacity will be more fully released. At that time, the supply pressure will significantly increase, which may suppress prices.
The trend of international energy prices will directly reshape the cost line of acrylic acid. If there is a trend change in crude oil prices, it will disrupt the current cost balance.
In summary, the acrylic acid market showed initial signs of stabilization or even partial recovery in early February, but the foundation is not yet solid. For market participants, short-term operations should remain flexible and should not have excessive expectations for unilateral market trends. Strictly controlling inventory is still the best strategy. Medium – to long-term preparation requires being prepared for potential trend trends in the second quarter and closely monitoring the actual evolution of the key variables mentioned above.

According to the Commodity Market Analysis System of Shengyi Society, domestic formic acid has shown a stable but rising trend recently. As of February 9th, the benchmark price of 85% formic acid in Shengyi Society was 2440 yuan/ton, an increase of 3.83% compared to the same period last week (February 2nd) at 2350 yuan/ton, a month on month increase of 6.09%, and a year-on-year decrease of 17.29%.
Supply side: Maintenance and capacity load dominate, supported by inventory formation
The supply side is one of the core driving factors for the volatility of the formic acid market in this period. On the one hand, the maintenance of the equipment has led to a phased contraction in supply. The maintenance of a 100000 ton production capacity equipment in a factory in Liaocheng lasted through the first ten days, directly affecting the regional supply of goods; On the other hand, most manufacturers’ equipment is not operating at full capacity, coupled with some manufacturers’ periodic production cuts, resulting in a sustained tight supply of goods in the market, providing basic support for price increases. In addition, the impact of inventory factors is particularly crucial. At the end of January, manufacturers offered discounts on sales to take on a large number of orders, which led to a low median level of market inventory in the first half of the year, further highlighting the tight supply situation and becoming an important driving force for price increases. The reasonable buffering of industry inventory in the early stage also avoided the supply gap caused by maintenance, which led to significant price fluctuations.
On the demand side: domestic demand is weak, and export consolidation is forming a supplement
The demand side presents a differentiated pattern of “domestic weakness and export support”. In terms of the domestic market, the approaching Spring Festival holiday is the core influencing factor, and downstream industries such as rubber, medicine, leather, and pesticides are gradually entering the stage of stocking up. Purchasing attitudes tend to be cautious, with rigid demand as the main focus and weak stocking willingness, which has limited driving effect on formic acid prices; In terms of export markets, the arrival of the port consolidation period before the new year has become an important highlight on the demand side. The export shipment volume has increased compared to the previous period, effectively digesting some domestic sources of goods and providing certain support for prices.
The formic acid data analyst from Shengyi Society believes that, based on the current market pattern and the trends of supply and demand, it is expected that the domestic formic acid market will mainly operate at a stable price before the Spring Festival, with limited price fluctuations. Specific changes in supply and demand still need to be monitored.

1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, the average market price of 55% powdered ammonium in China was 3846 yuan/ton on February 1st, and 3843 yuan/ton on February 6th. This week, the market price of ammonium phosphate fell by 0.09%.
2、 Market analysis
This week, the market for ammonium phosphate fluctuated slightly and fell. The price of raw material sulfur has decreased, and the cost support has weakened. Downstream demand for replenishment is urgent, and pre holiday demand is slightly light. As of February 6th, the market price of 55 powder ammonium in Hubei region is around 3840-3900 yuan/ton, in Henan region it is around 3900-3950 yuan/ton, and in Sichuan region it is around 3750-3850 yuan/ton.
In terms of raw material sulfur. The sulfur market has fallen this week. Downstream procurement is mainly cautious, and the market transaction atmosphere is sluggish. As of February 6th, the reference price for sulfur in Shandong region is around 3983 yuan/ton.
3、 Future forecast
An analyst from Shengyi Society believes that the market for ammonium phosphate has recently undergone a narrow adjustment. At present, pending orders are the main focus, with costs still at a high level and average downstream demand. It is expected that the short-term market for ammonium phosphate will stabilize and operate steadily.

According to the monitoring of the commodity market analysis system of Shengyi Society, the average price of LLDPE (7042) on February 2 was 7025 yuan/ton, and on February 5, the average price was 6918 yuan/ton, a decrease of 1.52%. The average price of LDPE (2426H) on February 2nd was 9066 yuan/ton, and on February 5th it was 8916 yuan/ton, a decrease of 1.65%. The average price of HDPE (5000S) on February 2nd was 7450 yuan/ton, and on February 5th it was 7392 yuan/ton, a decrease of 0.77%.
Recently, various varieties of polyethylene have shown an overall trend of oscillation and weakness.
Cost side: Crude oil rebounded slightly on February 3rd and 4th, but it did not change the market’s expectation of a weakening cost side, resulting in limited support for the cost side.
Supply side: The restart of facilities such as Sinochem and Maoming, coupled with the commissioning of Yulong LDPE/EVA facilities, has further increased market supply. There is an expectation of an increase in supply side, which has suppressed prices.
On the demand side: As the Spring Festival holiday approaches, downstream factories are gradually shutting down, and terminal demand has entered a seasonal off-season, with light trading and difficulty in supporting sustained price increases.
In the short term, the polyethylene market will continue to be dominated by a weak supply-demand pattern, and prices are likely to continue to fluctuate weakly.