During the week ending July 24, the domestic sulphuric acid market continued its downward trend, with the price center moving further lower. The SMM China Copper Smelting Acid Index was quoted at 174 yuan/mt, down 21 yuan/mt WoW, marking the third consecutive week of pullback. EXW prices for smelting acid in Hubei, Henan, Fujian, Yunnan, and Hunan were cut by 50-200 yuan/mt. The market reversed its earlier strong performance and entered a downward adjustment phase of "weak demand."
Cost side, domestic sulphur prices stayed high this week. SMM sulphur (EXW Shandong) was quoted at 9,007-9,900 yuan/mt on July 24, with an average price of 9,453.5 yuan/mt, down 200 yuan/mt from last Friday. Sulphur prices remained high, and the elevated cost of sulphur-based acid provided some support to smelting acid prices.
Regionally, the scope of price declines expanded further this week. EXW prices in Hubei, Henan, Fujian, Yunnan, and Hunan were lowered to varying degrees, while Shandong, Anhui, Jiangxi, and Sichuan, which had adjusted earlier last week, held steady this week.
Hubei saw its EXW price drop sharply by 170 yuan/mt to 1,440-1,520 yuan/mt, leading the decline.Fujian cut by 80 yuan/mt to 1,540-1,700 yuan/mt, Yunnan lowered by 75 yuan/mt to 1,580-1,610 yuan/mt.Hunan reduced by 60 yuan/mt to 1,650-1,730 yuan/mt, Henan decreased by 35 yuan/mt to 1,680-1,750 yuan/mt. Shandong held steady at 1,700-1,930 yuan/mt, but in actual negotiations, end-user purchase prices fell to around 1,700-1,800 yuan/mt. Anhui remained stable at 1,830-1,880 yuan/mt, Jiangxi at 1,670-1,770 yuan/mt, and Sichuan at 1,580-1,720 yuan/mt.
Supply and demand side, supply side, the concentrated resumption of production from previously shut-down maintenance units brought increased supply. Some smelters in Shandong and Henan that had undergone maintenance gradually resumed production, and the supply of by-product acid rose.Demand side, phosphate fertiliser entered its seasonal demand off-season, downstream purchasing turned more cautious, and instances of bargaining to push for lower prices increased. The titanium dioxide market continued its weak downward trend and remained sluggish overall. Traditional downstream sectors such as coatings and plastics were in their off-season, with low operating rates; purchases were mainly need-based, and wait-and-see sentiment was strong. Some downstream users shifted from high-end products to low and mid-end substitutes due to cost pressure, and demand in traditional sectors such as architectural coatings shrank somewhat.
In the international market, SMM sulphuric acid (CFR Indonesia) was quoted at $300-380/mt, with an average price of $340/mt, down $5/mt WoW, as local low-priced cargoes impacted the imported sulphuric acid market. SMM sulphuric acid (FOB South Korea) was quoted at $340-350/mt, with an average price of $345/mt, down $20/mt WoW. SMM sulphur (CIF Indonesia) was reported at $1,100-1,200/mt, with an average price of $1,150/mt, flat WoW. In the Africa Copperbelt, SMM sulphur (DAP DRC) was reported at $1,750-1,900/mt, and SMM sulphur (DDP DRC) at $2,000-2,400/mt, with all average prices flat WoW but a widening high-low spread.
Looking ahead, domestic sulphuric acid prices are expected to remain in the doldrums in the near term. Supply growth from production resumptions following earlier maintenance is still being released, while the phosphate fertiliser off-season and weak chemical sector demand keep prices under downward pressure. However, sulphur costs fluctuating at highs will place some constraint on the extent of price declines. Regional divergence is likely to persist: areas with larger earlier gains, such as Guangxi, Shaanxi, and Henan, still have room for catch-up declines, while regions like Shandong and Anhui that have already adjusted may gradually stabilise. Internationally, the evolving Red Sea situation and the pace of navigation through the Strait of Hormuz remain key variables.
Key data summary for this week:
- SMM China copper smelting acid index: 1,742 yuan/mt, down 21 yuan/mt WoW
- SMM sulphur (EXW Shandong) average price: 9,453.5 yuan/mt (Jul 24)
- Hubei sulphuric acid: 1,440-1,520 yuan/mt (-170)
- Fujian sulphuric acid: 1,540-1,700 yuan/mt (-80)
- Yunnan sulphuric acid: 1,580-1,610 yuan/mt (-75)
- Hunan sulphuric acid: 1,650-1,730 yuan/mt (-60)
![Titanium Industry Chain in the Doldrums Overall, September-October Peak Season May Become a Key Variable [SMM Spot Titanium Express]](https://imgqn.smm.cn/usercenter/znXdm20251217171724.jpeg)
![China's Sulphuric Acid Market Continues to Hit Bottom, Weak Demand Drags Down the Price Center [SMM Sulphuric Acid Weekly Review]](https://imgqn.smm.cn/usercenter/YhgvU20251217171725.jpg)
