Global 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 Middle East product, are targeting closer to $200/t CFR in Brazil, though no confirmed deals have been reported at this level yet.
In China, domestic prices for various sulphur/sulphuric acid-consuming chemicals have risen since the Lunar New Year holiday, while MAP, DAP, and lithium iron phosphate (LFP) plants are operating at stable rates. Sellers have offered to South China in the mid $190s/t CFR and closer to $200/t CFR at the river, but no sales were finalised at the time of writing.
In Indonesia, talks are progressing quickly for March arrival and loading cargoes, with the sell side firmly targeting the $190s/t CFR for larger lots. Some sellers are aiming even higher for March loaders, as the $190s/t level is based on the current February lifting prices in the Middle East. With limited spot availability, many are cautiously noting potential upward price pressure in the Arab Gulf, with next week’s expected Qatari tender set to test the market.
