Shengyishe's September 20 sulfur trend page classified the market as a strong rebound with a bullish bias in platform terminology, a different label from September 19's negative spread widening read.
The five-day average spread improved to negative 17.67 yuan per tonne from negative 57.67 yuan on September 18 in the published comparison table.
The ten-day spread improved to negative 306.88 yuan per tonne from negative 326.40 yuan, while the twenty-day spread widened to negative 226.51 yuan from negative 221.99 yuan.
That (+, +, −) combination is the signal Shengyishe associates with a rebound tilt even when the overall trend direction remains oscillation rather than a clean up or down call.
The trend page should be read alongside the September 20 spot table, which held granular sulfur at 7,669 yuan per tonne unchanged on the day versus yesterday's print.
September 19's spread news item at negative 226.51 yuan for the M10 minus M20 gap described negative widening and faster downside; today's trend table uses the same negative 226.51 twenty-day level with improved short spreads.
Longzhong's September 20 wire cut Zhenjiang port granular to 7,200 yuan, down 500 yuan week on week, showing physical port offers below the flat national spot line.
SMM's August customs release the same morning put China sulfur imports at 272,323 metric tonnes, down 65.03 percent year on year, keeping fundamental import demand weak even as technical spreads stabilize.
Port inventories near 947,000 tonnes in late August in BC Insight's 18 September Price Trends still cap spot upside when short-term spreads improve.
SunSirs granular China import offers near 1,000 to 1,050 dollars per tonne for the week of September 15 remain above many domestic benchmarks, preserving import parity floors.
For Alberta recovered sulfur on the Vancouver stem, a rebound technical label does not restore Hormuz bulk flows or lower Pacific insurance premiums on its own.
BC Insight firmed Vancouver FOB to 1,100 to 1,200 dollars per tonne on 18 September, the Pacific price print that matters for Canadian netbacks this month.
Canadian HS 2503 elemental sulfur remains off Ottawa's September counter-tariff tables, so trade-lane risk is still list-text risk rather than an active duty on sulfur exports.
Desk read: September 20 Shengyishe technicals are stabilizing short spreads inside a flat 7,669 yuan spot print and weaker port quotes. Treat the strong rebound label as oscillation support, not a reversal, until benchmarks or port prices confirm direction.