Shengyishe published its September 7 sulfur benchmark at 8,639.00 yuan per tonne on Monday morning, a 36.67 yuan gain from the September 4 print of 8,602.33 yuan.
The national index is up 3.47 percent from the September 1 month-start level of 8,349 yuan and unchanged on the day in the platform's daily change field.
Shengyishe's September 7 technical read classified the structure as oscillating consolidation with a bullish bias.
The five-day average spread fell to 14.67 from 62.00 while the ten-day spread turned positive at 6.33 from negative 80.67 and the twenty-day spread improved to negative 312.17 from negative 315.66.
That (-, +, +) combination is what Shengyishe labels strong consolidation, distinct from the clear downtrend signal of late August.
The platform's position reference put the sixty-day cycle in the second price band and the three-month cycle in the first band, implying limited near-term downside.
The one-year cycle sits in the fourth band, capping upside against the June 2026 peak above 12,000 yuan and the 11,084.33 yuan annual maximum in Shengyishe's trailing-year statistics.
Shengyishe's evening September 7 release put the mean difference at negative 303.87 yuan per tonne, continuing the negative contraction that began September 6 at negative 312.17 yuan.
The mean difference uses the ten-day moving average minus the twenty-day average. A narrowing negative spread signals a slowing decline rather than a demand-led rally.
Longzhong's September 4 review had described early September as a stabilization bounce with autumn phosphate stocking below expectations.
Port inventory at 965,700 tonnes on September 7 remains a supply-side weight even as the national benchmark firms.
For the Vancouver stem, a national index that holds above 8,600 yuan supports continued Pacific nomination interest when FOB quotes have lagged domestic moves through August.
SMM's June Canadian export account listed 32,730 tonnes to China among destinations, so Pacific loadings still correlate with Chinese import appetite even when Hormuz seaborne remains impaired.
Desk read: September 7 confirms oscillating consolidation in Shengyishe's framework. Watch whether port granular prices follow the national index higher or whether elevated inventories cap the bounce.