Shengyishe's September 21 sulfur trend page classified the market as a strong rebound with a bullish bias in platform terminology, even as the overall trend direction remained oscillation near the 60-day and three-month low band.
The five-day average spread improved to negative 10.67 yuan per tonne from negative 17.67 yuan on September 20 in the published comparison table.
The ten-day spread improved to negative 251.85 yuan per tonne from negative 306.88 yuan, while the twenty-day spread widened to negative 254.54 yuan from negative 226.51 yuan.
That (+, +, −) combination is the signal Shengyishe associates with rebound support inside a choppy range rather than a clean directional call.
The September 21 spot table held granular sulfur at 7,669 yuan per tonne unchanged on the day, so the technical label should be read against a flat national benchmark.
September 20's trend item used the same negative 226.51 yuan twenty-day level before today's widening to negative 254.54 yuan, showing medium-term spreads still lagging the short-end improvement.
Shandong Dongming raised liquid sulfur 50 yuan to 7,700 yuan on September 21 while Lihuayi cut offers 300 yuan to 7,300 yuan, a wide regional dispersion under one oscillation tag.
BC Insight's September 19 Harrisson update argued the global market remains in a deep 2026 deficit with Middle East monthly exports below 1.0 million tonnes since March, a supply story that can lift technical screens without moving Chinese spot immediately.
Fertilizer Daily's September 20 MAP and DAP indices were mostly flat to down, keeping phosphate economics soft as autumn procurement lags in open Chinese reporting.
For North American desks, BC Insight kept Vancouver FOB at 1,100 to 1,200 dollars per tonne on 19 September with deals widely expected below 1,200 dollars.
Alberta July 2026 closing inventory at 11.11 million tonnes in AER ST3 confirms inventory is drawing, but at a measured pace versus earlier platform estimates near 10.5 million tonnes for July.
UkrAgroConsult's September 18 US sulfur shortage piece cited Tampa delivered above 1,100 dollars per tonne since May, the Atlantic mirror of Pacific firmness.
Desk read: September 21 Shengyishe technicals are stabilizing short spreads inside a flat 7,669 yuan spot print and mixed plant quotes. Treat the strong rebound label as oscillation support until benchmarks or port prices confirm direction.