According to Zhonglianjin, based on this week's sulfur data, the decrease in port inventory has slowed down, mainly due to concentrated arrivals at the beginning of the month.

It is expected that subsequent arrivals will decrease, accelerating inventory reduction. Internationally, supply is still mainly flowing to Indonesia, Africa, and India. Supported by high prices, domestic holders are generally reluctant to sell. However, the cost pressure on the downstream fertilizer industry is approaching its limit, and negative demand feedback is gradually emerging: fertilizer operating rates are declining, purchasing is limited to immediate needs, and restocking activities are decreasing. In the short term, sulfur prices are expected to remain highly volatile at elevated levels. The future trend will largely depend on the duration of geopolitical events and the progress of logistics recovery.