Northeast Securities: Short-term sulfur supply disruptions weaken; medium-to-long term pricing to return to resource-attribute fundamentals

Northeast Securities released a research report stating that sulfur is an important basic raw material for inorganic chemicals and one of the most core inorganic chemical products. In the short term, sulfur supply remains disrupted by factors such as geopolitical conflicts. In the medium to long term, byproduct sulfur from non-ferrous metal mining and pyrite are unlikely to see significant increases in output. Due to the substitution of traditional gasoline and diesel demand by new energy, the trend of global refinery capacity growth is slowing, and overall incremental supply is relatively limited. Overall, the supply-demand structure for sulfur resources is expected to improve, and the price center for sulfur products is expected to trend upward.