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SunSirs: Lack of Positive Support, the Sulfur Market Was Mainly Wait-and-See
March 24 2021 13:50:57SunSirs(John)

Price trend

According to the price monitoring of SunSirs, the sulfur price market in East China was running smoothly this week. The average price of sulfur production at the weekend was 1,490.00 RMB/ton. Compared with the beginning of the week, the price remained stable. Compared with the price of 1373.33 RMB/ton at the beginning of the month, the price increased 8.50.%.

Analysis review

This week, the domestic sulfur market was mainly wait-and-see. Inventories of domestic refineries in various regions remained low, and sulfur prices in the market remained high. Downstream factories were less motivated to purchase in the market. Domestic refineries had basically stable quotations, and shipments were acceptable. During the week, sulfur prices in domestic refineries were basically stable. Except for Sinopec's east China solid sulfur increased by 20 RMB/ton, the overall market price was stable.

In the downstream phosphate fertilizer market, the prices of ammonium biphosphate and DAP were operating steadily, and the export side continued to improve and the price remained high. In addition, the time for spring farming to use fertilizer is approaching, and market demand is optimistic, which is good for support, and the market outlook will rise slightly. In terms of sulfuric acid, the market went up during the week, the export of sulfuric acid market was good, the domestic supply was tight, coupled with the favorable market situation, the price of sulfuric acid was raised by various parties, and the sulfuric acid market may rise slightly in the later period.

Market outlook

Sulfur analysts of SunSirs believe that the current domestic refinery inventories remain low and the market prices are firm and stable, but the downstream demand is weak, trading is weak, and more on-demand procurement is the main focus. The market prices are mainly stable this week and the upward momentum is not strong. In the short term, the sulfur market will mainly wait-and-see and sort out, and attention needs to be paid to downstream follow-up.

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