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Sulfur, which was once "hard to find even at one ton," has seen a sharp reversal in its market trend this year. Data monitored by 100ppi.com shows that as of November 11, the benchmark price of sulfur stood at 5,151.75 yuan per ton, nearly halving from its year-to-date high. The previous sharp rally has receded rapidly, easing cost pressure on downstream enterprises such as fertilizer and sulfuric acid producers, and the market supply-demand pattern is gradually recovering.
At the beginning of 2026, the spot quotation of sulfur at domestic ports was only 3,850 yuan per ton. The market gradually strengthened, and by June 11, granular sulfur at Yangtze River ports surged to 11,750 yuan per ton, with a maximum increase of 154% in half a year, hitting a recent price high.
On June 16, the benchmark price of sulfur on 100ppi.com hit this year's high of 11,050.63 yuan per ton. Since then, the sulfur market has turned downward, with prices continuing to fall. As of November 11, the benchmark price of sulfur on 100ppi.com was 5,151.75 yuan per ton, down 5,923.44 yuan per ton from the high on June 16, a decline of 53.60%.
In the spot market, the current mainstream quotation of imported granular sulfur at Yangtze River ports is 5,000–5,100 yuan per ton, and the quotation of fluid sulfur from Shandong refineries is 5,250–5,400 yuan per ton, with a decline range of 55%–57% from the high point.
Sulfur is a core raw material to the production of sulfuric acid and phosphate fertilizer. When prices rose sharply in the early stage, downstream companies faced obvious pressure. As prices continue to fall, downstream raw material procurement costs have decreased, and profit margins have been partially restored.
sector analysis points out that during the current price correction of sulfur, supply and demand are moving towards stability again. The pace of the previous rapid decline is expected to slow down, and the market decline might ease.
Key Price Changes of Sulfur This Year
Data Source: 100ppi.com; consider: Granular sulfur and fluid sulfur are reference prices to spot transactions at ports and regional refineries, and the benchmark price is calculated according to the statistical caliber of 100ppi.com.
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