There is still a deep gap in the fundamentals of sulfur supply and demand, but high prices have triggered a contraction in downstream demand. The market has entered a game period of “supply recovery expectations” and “demand tolerance”, maintaining a weak pattern of high volatility in the short term. Medium- to long-term downside risks outweigh upward risks. We need to focus on the pace of restoration of navigation in the Strait of Hormuz and changes in downstream operating rates. For China, low inventories and soaring international costs have led to an upward decline in flows, which will also provide great support for the upcoming fall market. It is expected that the short-term rational range will refer to 8,000-9,000 yuan/ton.

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