Shengyishe's September 24 sulfur trend page reclassified the market as counter-rally with a bearish bias in platform terminology, down from September 23's strong rebound tag, even as the overall trend direction remained oscillation.
The five-day average spread eased to positive 42.00 yuan per tonne from positive 58.66 yuan on September 23 in the published comparison table, trimming short-end momentum after two sessions of rapid improvement.
The ten-day spread improved to negative 8.17 yuan per tonne from negative 84.83 yuan, while the twenty-day spread widened to negative 347.90 yuan from negative 330.40 yuan.
That (−, +, −) combination is the signal Shengyishe associates with a fading bounce inside a choppy range rather than a clean directional call.
The September 24 spot table held granular sulfur at 7,752.33 yuan per tonne, unchanged on the day, so the technical downgrade should be read against a paused national benchmark after three consecutive daily gains.
September 23's trend item used positive 58.66 yuan on the five-day spread before today's retreat to 42.00 yuan, showing the rebound label was short-lived once the spot line stopped rising.
Open wires on September 23 put Chinese port sulfur inventories at 940,200 metric tonnes, a level that can undercut rebound or counter-rally labels if coastal offers stay soft under the national line.
SMM's September 24 acid weekly cut China's copper smelting acid index to 1,247.5 yuan per metric tonne for a twelfth straight weekly decline, a downstream read that can weigh on sulfur demand even when the elemental benchmark is flat.
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 world offers 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 offer at 7,400 yuan per tonne shows Shandong quotes still trail the 7,752 yuan national print by more than 350 yuan, preserving regional dispersion as technical screens turn more cautious.
Desk read: September 24 Shengyishe technicals flipped bearish inside oscillation on a flat 7,752 yuan print. Treat D5 at 42.00 yuan and D20 at negative 347.90 yuan as range fatigue until benchmarks and coastal quotes move together again.