China Sulfur Weekly Report in week ending to Feb 21st, 2019

1. An overview on the Weekly sulfur industry - On February 19, in the weekly routine price adjustment of Sinopec, Puguang price held steady. Wanzhou port product was priced at RMB 1,090/MT and Dazhou product was priced at RMB 980/MT. - Qatari state-owned marketer and sulphur supplier latest bidding price was at the high USD 100/MT which is slightly softening than the previous month's high bidding price. 2. International Sulfur Market - The spot price of the international market by Feb 14: Vancouver $98-108/MT FOB; Middle East $104-108/MT FOB; Iran $80-90/MT FOB; US Gulf $101-105/MT FOB; Brazil $115-120/MT CFR; India $126-130/MT CFR; China $110-125/MT CFR(previous price $110-125/MT). - China sulfur international market spot price stayed stable at high USD 125/MT and low USD 110/MT. - In the Middle East, Qatar official selling price in February was $107/MT FOB, down by $19/MT M-O-M. RMB around RMB 1,045-1,060/MT to China ports. The UAE official selling price in February was $108/MT FOB, down by $19 M-O-M. RMB around RMB1,250-1,270/MT to China ports. There was still no relevant news released by Saudi Arabia. 3. Chinese Ports Statistics This week, the overall inventory showed a downward trend, and the number decreased from 1,473,600t to 1,431,700t, down 41,900t. There would be freight arrival later, the inventory may rise later. At the end of this week, the Yangtze River inventory was 530kt, down 29.33pc Y-O-Y; among them, Nantong inventory was 65kt, down 83.75pc Y-O-Y, Zhenjiang inventory was 460kt, up 76.92pc Y-O-Y, and Nanjing inventory was 5kt, down 91.67pc Y-O-Y. According to China Weekly Overall: The trade atmosphere is continuing soften. Qingdao Port market was softening and traders remained wait-and-see. Under pressure, the main sales enterprises had to easing prices significantly, with a drop of RMB80-100/MT. Some local refineries also stepped down according to their own circumstances. The Yangtze River Ports granular price was around RMB1,080 /MT, the lump-granular price was RMB1,030/MT. The market bearish sentiment continued, market participants continued wait-and-see. The price of domestic resources was on the decline while Puguang price was holding steady. Near the weekend, there was news of Canada granular low price confirm offer. Fangcheng granular price was about RMB1,080/MT, and the lump-granular price was about RMB1,030/MT. In terms of port inventory, it was around 580,000t, down 6.45 pc M-O-M. Most market participants still kept waiting and see and in the absence of firm buying interest, the softening market characteristics would continue in the short term. 4. Domestic Refinery Dynamics in the Week China produced resource prices eased this week, roughly down RMB30-90/MT. Among them, enterprises in Shandong and North China had a large downward trend. Wanzhou Port sales price was RMB1,090/MT, Dazhou price was RMB980/MT, and the Puguang daily output maintained at around 5,000t. Report By: Ensieh Arbabi