Shengyishe published its September 16 sulfur benchmark at 7,704.00 yuan per tonne on Wednesday morning, down 165 yuan or 2.10 percent from the September 15 print of 7,869.00 yuan.
The benchmark is down 7.73 percent from the September 1 level of 8,349.00 yuan in open Shengyishe statistics.
The platform's September 16 trend analysis classified the market as clearly declining, with five-day, ten-day, and twenty-day spreads all negative and each moving further negative from the prior session.
The five-day spread widened to negative 479.38 yuan per tonne from negative 431.43 yuan on September 15, while the ten-day spread moved to negative 60.41 yuan from negative 36.86 yuan.
The twenty-day spread deepened to negative 206.94 yuan per tonne from negative 183.36 yuan on September 15.
Shengyishe said the structure met its rules for a clearly declining signal because all three spreads were negative and each moved further negative from the prior day.
The same release cited a September 15 Shandong Dongming refinery solid sulfur quote cut of 400 yuan per tonne and a modest rise in port inventories as spot-side support for the bearish read.
The benchmark sits in the middle-high band of its one-year range, with a one-year minimum at 2,627.67 yuan and maximum at 11,084.33 yuan.
The move extends the September 15 correction that broke three flat sessions near 8,352 yuan, when the platform had classified the market as strong consolidation with a bullish tilt.
Middle East shipping risk through Hormuz and Bab el-Mandeb continues to floor import-cost math even as the domestic Chinese benchmark corrects.
Port inventory near 966,200 tonnes in open Shengyishe data from September 10 continues to weigh on spot even as the national benchmark moves lower.
For Alberta recovered sulfur on the Vancouver stem, a sub-7,750 yuan benchmark signals buyers are not chasing offers higher even as Pacific demand remains structurally tight.
Canadian export volumes through Vancouver rose in 2025 and early 2026 on inventory draws and supportive FOB margins while Gulf seaborne stayed impaired.
Desk read: September 16 is a second consecutive down print after the September 15 step lower. The corridor read is unchanged: Alberta tonnes still compete into a Pacific market that needs sulfur even when Chinese benchmarks fall.