Recent sulphur market developments continue to support expectations of prices holding at elevated levels with a broadly range-bound but firm tone. At the global level, supply recovery remains uneven, with operational disruptions and logistical constraints in several producing regions limiting the availability of exportable material. This has kept international prices resilient, providing a firm reference for regional markets.

In China, port market dynamics remain closely tied to global fundamentals. While policy discussions aimed at ensuring domestic supply may allow for some short-term pricing flexibility for domestic output, the underlying supply shortfall has yet to be meaningfully resolved. Limited arrivals at key ports, alongside expectations of easing inventories, continue to lend support to spot prices. Domestic producer pricing has also edged higher, with sulphur ex-works at Wanzhou reported around ¥3,900/t, reinforcing the firm tone across inland markets.

Demand conditions remain cautious, with downstream buyers largely maintaining hand-to-mouth procurement strategies. However, tight global availability and firm international price levels have curtailed downside risks, even in the absence of aggressive restocking.

Looking ahead, unless there is a material improvement in global supply conditions, sulphur prices are expected to remain volatile within a high range. The balance of risks continues to skew to the upside, particularly as seasonal demand builds and supply-side constraints persist.