Shengyishe's September 23 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 58.66 yuan per tonne from positive 28.33 yuan on September 22 in the published comparison table, more than doubling the short-end mean difference in one session.
The ten-day spread improved to negative 84.83 yuan per tonne from negative 157.83 yuan, while the twenty-day spread widened to negative 330.40 yuan from negative 312.90 yuan.
That (+, +, −) combination is the signal Shengyishe associates with rebound support inside a choppy range rather than a clean directional call.
The September 23 spot table lifted granular sulfur to 7,752.33 yuan per tonne, up 43 yuan on the day, so the technical label should be read against a rising national benchmark for a third session.
September 22's trend item used positive 28.33 yuan on the five-day spread before today's jump to 58.66 yuan, showing short-end momentum accelerating even as twenty-day spreads still lag.
Open wires on September 23 put Chinese port sulfur inventories at 940,200 metric tonnes, a level that can undercut rebound labels if coastal offers stay soft under the national line.
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.
Lihuayi's September 23 lift to 7,400 yuan per tonne on plant offers shows Shandong quotes still trail the 7,752 yuan national print by more than 350 yuan, preserving regional dispersion under improving technicals.
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 23 Shengyishe technicals are firming short spreads faster than medium lines inside a 7,752 yuan spot print and 940 kt port stocks. Treat the strong rebound label as oscillation support until benchmarks and coastal quotes move together beyond a 43 yuan daily lift.