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.
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