SunSirs: Supported by Favorable Factors at Home and Abroad, Sulfur Rose 8.12% This Week (February 22-26)

Price trend

According to the price monitoring of SunSirs, sulfur prices in East China rose broadly this week. The average price of sulfur at the weekend was 1,286.67 RMB/ton, an increase of 8.12% from the 1,190.00 RMB/ton at the beginning of the week, and an increase of 20.25% during the month.

Analysis review

This week, the domestic sulphur market rose strongly, the inventory of refineries in various regions was low, and the supply of sulphur in the market was tight. As the downstream demand gradually recovered after the holiday, domestic refineries' quotations were raised overall. During the week, Sinopec’s solid sulfur in East China increased by 90 RMB/ton, and its liquid sulfur increased by 80-100 RMB/ton; Sinopec’s Shandong area increase its solid sulfur price by 100 RMB/ton; Sinopec's solid sulfur in North China increased by 80-90 RMB/ton, and liquid sulfur executed the price sent to the target market.

In the downstream phosphate fertilizer market, the prices of ammonium biphosphate and DAP rose broadly after the holiday. Export orders were good, prices remained high. Spring farming fertilizers are approaching, market demand is optimistic, and the benefits continue, and the market outlook may continue to rise. In terms of sulfuric acid, the market went up strongly, foreign sulfuric acid supply was tight, on-site export prices rose, downstream demand gradually returned to normal after the holiday, market trading was good, and the later sulfuric acid market was mainly consolidated.

Market outlook

Sulfur analysts of SunSirs believe that the current domestic refinery inventory remains low, downstream demand has stabilized after the holiday, factory shipments have been smooth, and on-site operators have obvious support for the market. It is expected that the short-term sulfur market will continue to operate at a high level firmly and pay attention to downstream follow-up.

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