In March 2026, the domestic sulfuric acid market continued its strong upward trend, with prices rapidly rising and reaching a new milestone. As of March 31st, the benchmark price of sulfuric acid in Shengyi Society reached 1580.00 yuan/ton, an increase of 49.41% compared to the beginning of the month and a year-on-year increase of 3%. The market presents a pattern of “simultaneous increase in quantity and price, and tight supply of goods”.
In March, the overall price of sulfuric acid rose sharply, with different types and regions experiencing varying but significant increases. Sulfur acid and mineral acid have shown significant increases, with some regions exceeding 700 yuan/ton, and the cumulative increase in smelting acid is generally between 100-200 yuan/ton.
In terms of regional growth, the southern and southwestern regions have led the way. The ex factory price of 98% sulfuric acid in Sichuan has reached 1800-2000 yuan/ton, while the prices of related varieties in Guangxi, Guangdong, and Hubei have all exceeded 1500 yuan/ton; The northern region is synchronously rising, with 98% of smelting acid in Shandong breaking through 1400 yuan/ton, setting a new three-year high.
This surge is the result of the combination of raw material costs, supply contraction, demand support, and geopolitical factors, forming a pattern of “cost push up, supply tightening, and demand bottoming out”.
The soaring cost of raw materials has formed strong support
Sulfur, as the core raw material, accounts for over 60% of the production cost of sulfuric acid. In March, due to geopolitical conflicts and tight supply and demand, the price rose from 4800 yuan/ton to 5700 yuan/ton, an increase of nearly 20% in 20 days. Some ports experienced a daily surge of 400 yuan, leading to a situation of “grabbing goods”.
The price of pyrite has risen synchronously and is planned to increase in April, further pushing up costs. The cost of sulfuric acid raw materials for some enterprises is close to 1500 yuan/ton, and price increases have become an inevitable choice.
Supply side contraction, continuous tight supply of goods
In March, the sulfuric acid industry entered the peak season for maintenance, with enterprises in major production areas such as Yunnan and Guizhou conducting centralized maintenance, resulting in a reduction of monthly production capacity by over 100000 tons; Due to a shortage of raw materials, some sulfur based sulfuric acid production enterprises are restricted in their operations, resulting in a tight supply of spot goods and limited shipments, leading to a strong reluctance to sell.
The tightening of environmental protection measures has led to the withdrawal of small and medium-sized acid smelting enterprises, increased industry concentration, and strong willingness of large factories to raise prices, providing support for price increases.
Demand side support, positive purchasing sentiment
The peak season for spring plowing and fertilizer preparation in March requires a large amount of sulfuric acid for phosphate fertilizer production. In 2026, the demand for spring plowing fertilizers will increase by 3% year-on-year, and the proportion of phosphate fertilizer demand will exceed 25%. Fertilizer companies are actively purchasing to support the demand.
The demand in the chemical industry has rebounded, and industries such as titanium dioxide have released their urgent needs. The new demand in the new energy sector has further exacerbated the supply-demand imbalance.
Geopolitics and market sentiment support the surge of price increases
The geopolitical conflict in the Middle East has led to an increase in shipping risks in the Strait of Hormuz, tightening international sulfur supply, causing domestic port inventories to drop to 60% of the same period last year, and arrival volumes to hit a new low in nearly a decade.
The market has a strong bullish sentiment, with traders hoarding and downstream panic buying forming a vicious cycle, driving up prices.
Market impact: The transmission effect of the industrial chain is highlighted
The skyrocketing price of sulfuric acid is transmitted along the industrial chain, and downstream industries are under significant cost pressure.
The fertilizer industry is the first to bear the brunt, with phosphate fertilizer enterprises experiencing a significant increase in production costs and some experiencing losses. They can only raise prices to pass on costs, which may push up the cost of spring plowing and planting.
Although the titanium dioxide industry has increased prices synchronously, the price of sulfuric acid has risen even faster. In the first quarter, the single ton loss of enterprises reached 2300 yuan/ton, and some small and medium-sized enterprises have temporarily stopped production.

Industries such as dyes and synthetic fibers are also facing cost pressures, with profit margins being compressed, which may affect the end consumer market.
Market outlook: Short term strong continuation, long-term downside risk
The sulfuric acid market remained strong in the short term in April, with acid plants in the main production areas still undergoing maintenance, tight sulfur supply, stable chemical demand, and expectations of price increases. In the long run, there is a risk of a pullback: some maintenance facilities will resume in April, leading to an increase in supply; Downstream inventory accumulation and demand overdraft, if the geopolitical situation eases and sulfur prices decrease, coupled with the off-season demand in the second quarter, prices may fluctuate or rebound at a high level.