Market
The sulphur market, written down as we see it.
Long-form analysis for buyers planning the next twelve months, and the weekly notes our team publishes on LinkedIn.
Analysis
Analysis
Sulphur Market — Impressions From Three Weeks
During the first three weeks of September, there wasn’t a single "price movement" in sulphur; rather, there were two diverging movements. The seller side held its ground, while the buyer side eroded.
ReadGlobal Sulphur Market: April 2026 Deep Analysis
From petroleum by-product to strategic mineral.
ReadGlobal Sulphur Market | 29 March – 5 April 2026
Weekly analysis for investors, traders and industry players. Five key developments reshaped the market this week.
Read"The Calm Before the Storm" in the Sulphur Market: March 19–29 Analysis
The sulphur market is closing the first quarter of 2026 with one of the most challenging tests in global trade history.
ReadSulphur Market “Perfect Storm”: March 2026 Analysis
The global sulphur market is facing a truly historical turning point as we close the first quarter of 2026. No longer just a refinery by-product, sulphur has become the strategic raw material for both the energy transition and global food security.
ReadGlobal Supply Chain Alert: The Sulfur "Single Point of Failure"
The global sulfur market is currently facing its most severe price and supply shock in history. What was once a steady industrial commodity has now become a critical bottleneck for both the green energy transition and global food security.
Read18 March 2026 Global Sulfur Supply Report
As of March 18, 2026, the global sulfur market has entered a critical "Inventory Exhaustion" phase. The closure of the Strait of Hormuz on February 28 has evolved from an initial shock into a structural shortage.
ReadWeekly notes
First published on LinkedIn. Prices are the market assessments of the week they were written, not a current offer.
2026 7 weekly notes
Not a single non-Iranian sulphur vessel has left the Strait of Hormuz since July 18thNot a single non-Iranian sulphur vessel has left the Strait of Hormuz since July 18th. That’s twelve days now. It’s not really a statistic it’s a snapshot of gridlock. Shipowners aren’t sending vessels because war-risk…
We have been following the inquiries received in recent weeks with genuine surpriseWe have been following the inquiries received in recent weeks with genuine surprise. In the current market, where supply remains tight, many of the target prices being presented to us are completely disconnected from…
The logjam in the Strait of Hormuz has snapped the global sulphur supply chain right down the middleThe logjam in the Strait of Hormuz has snapped the global sulphur supply chain right down the middle. The brief respite seen in late May and June, when 900.000 metric tons of sulphur loaded from Middle Eastern ports hit…
Lion Global Market AssessmentAs Lion Global, we are pleased to share our current market assessment and outlook in order to help our business partners safeguard their operational processes and maintain full transparency regarding the risks ahead. As…
The global sulphur market during the week of June 11–18, 2026, operated under intense volatility due to…The global sulphur market during the week of June 11–18, 2026, operated under intense volatility due to US-Iran geopolitical tensions and logistically choked transit routes through the Strait of Hormuz. While…
Sulfur Market Update – March 4, 2026The global sulfur market has entered a clear bifurcation phase. With ~20 million tons/year of seaborne sulfur effectively constrained behind the Strait of Hormuz, buyers are aggressively securing non-Middle Eastern…
LION GLOBAL – STRATEGIC MARKET BRIEFING AND OPTION NOTICE Subject: Price Volatility in the Global Sulphur…LION GLOBAL – STRATEGIC MARKET BRIEFING AND OPTION NOTICE Subject: Price Volatility in the Global Sulphur Market and Current Option Status Dear Business Partners, At Lion Global, we believe that our commercial…
2025 23 weekly notes
Sulphur benchmarks leaned to the upside, with prices holding near their highest levels since July 2022Sulphur benchmarks leaned to the upside, with prices holding near their highest levels since July 2022. Middle East November monthly postings and Russia’s temporary export ban dominated market chatter in an otherwise…
The bulls prevailed this week, with higher benchmark prices from China and IndonesiaMarket discussion has centred on Asian demand this week, with higher transaction levels in the region supporting global benchmarks. Indonesia propped up the global market this week, with prices reaching $420-430/t CFR…
Sulphur prices advanced further this week as transactions into Indonesia and China reached the $400/t CFR price levelSulphur prices advanced further this week as transactions into Indonesia and China reached the $400/t CFR price level. Still, offers from the Middle East promptly advanced further supported by the award of the latest…
Sulphur prices advanced further this week, with demand in Indonesia setting the global price trend, while…Sulphur prices advanced further this week, with demand in Indonesia setting the global price trend, while appetite for sulphur diminished in China as the phosphate export window is now officially closed. Global supply…
Sulphur prices advanced further in the Middle East, despite limited activity in China and Indonesia, on…Sulphur prices advanced further in the Middle East, despite limited activity in China and Indonesia, on increased buying in India and as the global market turns bullish due to the restricted availability of FSU…
Sulphur prices advanced further in Asia and the Middle East as the Chinese market enters a weeklong period of…Sulphur prices advanced further in Asia and the Middle East as the Chinese market enters a weeklong period of limited activity due to the Golden Week celebrations. Meanwhile, buyers in Indonesia are resisting current…
Sulphur prices in Asia and the Middle East advanced this weekSulphur prices in Asia and the Middle East advanced this week. The markets had remained relatively quiet as the week began but turned bullish by Wednesday due to the latest bids on the latest QatarEnergy tender. The…
The sulphur market retained its upward trend this week although the latest transactions would suggest a…The sulphur market retained its upward trend this week although the latest transactions would suggest a slower pace to these increases. Still, demand from Asia in the coming weeks is expected to remain present which is…
Demand in Asia has sustained a month-long bull run in the sulphur marketDemand in Asia has sustained a month-long bull run in the sulphur market. Last week purchases in Indonesia pushed prices higher and this week, after two weeks of inactivity, China committed to two transactions at a…
Global sulphur spot prices held steady this week amid minimal tradingGlobal sulphur spot prices held steady this week amid minimal trading. Anticipation of a second round of phosphate export quotas in China spurred some buying there, while other global markets opted to wait-and-see with…
A number of global sulphur benchmarks declined as markets adjusted to subdued demand from China and…A number of global sulphur benchmarks declined as markets adjusted to subdued demand from China and Indonesia, where buyers have already covered their June and July requirements. This has been reflected in this week’s…
Delivered sulphur prices in Asia fell this week as demand in China has softened while the latest sales into…Delivered sulphur prices in Asia fell this week as demand in China has softened while the latest sales into Indonesia were also priced below last week’s assessment. While most other benchmarks remained steady, a subtle…
Last week, several sulphur benchmark prices rose amid market optimism driven by expectations surrounding…Last week, several sulphur benchmark prices rose amid market optimism driven by expectations surrounding China’s phosphate export quotas and a possible increase in demand from Asia. This week, most prices remained…
Several benchmark sulphur prices recorded increases this week as global markets react to strengthening demand in AsiaSeveral benchmark sulphur prices recorded increases this week as global markets react to strengthening demand in Asia. Imported sulphur values rose in China and across most supplying regions. The Mediterranean…
After last week’s price increases in key supply regions, bullish sentiment has become present in Asian…After last week’s price increases in key supply regions, bullish sentiment has become present in Asian markets following a month of relative stability. This shift is partly driven by expectations of phosphate exports…
Sulphur prices in export regions rose this week, but uncertainty persists over where these volumes will be placedSulphur prices in export regions rose this week, but uncertainty persists over where these volumes will be placed. With reduced demand in major buying markets, the price increase may struggle to gain momentum. Still,…
In line with the past three weeks, the international sulphur market saw little movement, as a lack of global…In line with the past three weeks, the international sulphur market saw little movement, as a lack of global transactions left market participants without a clear price direction. China's domestic prices remain below…
Most global sulphur prices were mostly unchanged this week, with the exception of Chinese domestic prices…Most global sulphur prices were mostly unchanged this week, with the exception of Chinese domestic prices which slid on the back of weakening demand. Domestic prices in China dropped by RMB130/t ($18/t) compared to last…
A number of sulphur prices increased this week despite the limited number of transactions taking place across…A number of sulphur prices increased this week despite the limited number of transactions taking place across global markets. The current global sulphur price environment was enabled since 2024 Q3 by stable demand from…
Sulphur prices have risen globally as delivered markets adjust to increasing prices in supplying regionsSulphur prices have risen globally as delivered markets adjust to increasing prices in supplying regions. The current global sulphur price environment, characterised by steady demand from Indonesia, rising prices for…
OChina's sulphur prices dropped over the weekend but bounced back on 11 March as buying activity from…OChina's sulphur prices dropped over the weekend but bounced back on 11 March as buying activity from end-users increased. Although some phosphate producers intend to decrease their operating rates and slow down their…
Global Developments There is visible interest in Brazil, China, and IndonesiaGlobal Developments There is visible interest in Brazil, China, and Indonesia. Brazil’s Galvani and ITAFOS finalised 30,000t for March delivery to Aratu in the range of $189-194/t CFR. Sellers, particularly those with…
Sulphur prices were assessed mostly stable globally with price changes only present for Brazil, Canada and…Sulphur prices were assessed mostly stable globally with price changes only present for Brazil, Canada and the Baltic Sea. Global activity was muted. Indications of demand recovery were present in Brazil with buyers…
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