Shengyishe's September 9 oscillation model classified the national sulfur index as oscillating with a bearish bias after the benchmark's 0.91 percent daily decline to 8,126.75 yuan per tonne.
The five-day average spread improved to negative 322.35 from negative 342.47, the ten-day spread deteriorated to negative 47.95 from negative 17.05, and the twenty-day spread narrowed to negative 299.31 from negative 303.87.
That (+, -, +) combination is what Shengyishe labels a stall warning with bearish tilt, distinct from the deep correction oscillation signal that held on September 8.
Position reference put the sixty-day and three-month cycles in the lower price band, implying limited near-term downside after the September correction, while the one-year cycle remains mid-high with callback pressure from the June peak.
A separate September 9 spread monitor from Shengyishe put the ten-day minus twenty-day gap at negative 302.88 yuan per tonne, with ten-day average at 8,446.57 yuan and twenty-day average at 8,749.45 yuan.
The spread re-expanded after a brief narrowing, signaling that downward momentum is accelerating again rather than exhausting after Tuesday's 5.06 percent session drop.
Port inventory at 965,700 tonnes on September 7 remains a supply-side weight in open Shengyishe data, with Fangcheng at 390,000 tonnes, Zhanjiang at 220,000 tonnes, and Zhenjiang at 221,200 tonnes among the largest positions.
Autumn phosphate fertilizer stocking has been below expectations in Longzhong's early September read, which removes a seasonal demand floor that had supported the bounce through September 7.
International landed costs stay elevated even as domestic prices correct. SunSirs' September 8 review put theoretical CFR southern China above 1,070 dollars per tonne on freight and insurance, not FOB postings alone.
For Alberta forming plants and the Vancouver stem, domestic Chinese correction does not automatically reduce Pacific export netbacks when import-cost math stays four-digit and Middle East seaborne remains impaired.
SMM's September 8 trade review put Canada's July sulfur exports at 444,100 tonnes with an average price of 1,181 dollars per tonne, confirming continued cross-border and Pacific nomination breadth.
Tampa molten at 705 dollars per long ton and Gulf solids above 1,100 dollars per tonne remain the two North American hub references against which Pacific granular competes.
Desk read: September 9 technicals confirm oscillation with bearish tilt and re-expanding downward momentum. The corridor read is a domestic correction inside a still-tight global import-cost envelope.