Thionyl chloride price up nearly 3x year-on-year to 6,174 yuan/tonne

The striking detail is the margin swing: gross profit moving from roughly 100 yuan to over 3,000 yuan per tonne points to a genuine supply squeeze rather than cost pass-through, since sulfur feedstock has fallen. Thionyl chloride sits upstream of battery and pharmaceutical supply chains, so sustained elevated pricing would pressure input costs for downstream buyers while rewarding producers with capacity. Whether this is a short supply disruption or a structural deficit is the open question — the margin level itself is the incentive for new capacity, and the trajectory of sulfur costs against product prices will show how long the imbalance holds.