Shengyishe's September 22 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 positive 28.33 yuan per tonne from negative 10.67 yuan on September 21 in the published comparison table, the first positive five-day reading in the recent Shengyishe sequence on the desk.
The ten-day spread improved to negative 157.83 yuan per tonne from negative 251.85 yuan, while the twenty-day spread widened to negative 312.90 yuan from negative 254.54 yuan.
That (+, +, −) combination is the signal Shengyishe associates with rebound support inside a choppy range rather than a clean directional call.
The September 22 spot table lifted granular sulfur to 7,709 yuan per tonne, up 40 yuan on the day, so the technical label should be read against a rising national benchmark rather than another flat line.
September 21's trend item used negative 254.54 yuan on the twenty-day spread before today's widening to negative 312.90 yuan, showing medium-term spreads still lagging the short-end improvement.
Fertilizer Daily's September 20 phosphate review cut Zhenjiang granular sulphur to 7,150 yuan and East China liquid sulphur to 7,325 yuan, keeping fertilizer-chain weakness in view as technical screens turn more constructive.
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.
BC Insight Price Trends the same week kept Vancouver FOB at 1,100 to 1,200 dollars per tonne on 19 September with deals widely expected below 1,200 dollars, the Pacific FOB frame Alberta forming plants still reference.
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.
SMM's August customs put China sulfur imports down 65 percent year on year at 272,323 metric tonnes, showing import demand still thin even as Shengyishe short spreads improve.
UkrAgroConsult's September 18 reporting cited Tampa delivered sulfur above 1,100 dollars per tonne since May, the Atlantic mirror of Pacific firmness that keeps world sulfur offers elevated relative to Chinese domestic benchmarks.
Desk read: September 22 Shengyishe technicals are stabilizing short spreads inside a 7,709 yuan spot print and mixed regional quotes. Treat the strong rebound label as oscillation support until benchmarks and port prices confirm direction beyond a 40 yuan daily lift.