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 Indonesia, a willingness to pay up from China and supply from the Middle East and Canada providing material to meet appetite in Asia.
The price assessment for China increased despite an absence of confirmed transactions.
China appears to have slowed down its purchases of Middle East material and instead sourced material from other regions such as Turkmenistan. This trend continued this week with the only confirmed transaction involving small parcels of Russian material which do not meet CRU’s pricing methodology.
Last week, the Middle East spot FOB price reached $285/t. Since then, transactions from the region have been limited and market participants opted to wait for the release of the monthly prices, particularly the Qatar Sulphur Price (QSP), before committing volumes. This week the Middle East FOB price widened to $275-285/t FOB. The QSP for April was posted at $275/t FOB on 27 March at an increase of $73/t from the price set for March but below last week’s price assessment.
Indonesia registered the only transaction of Middle East material as PT QMB purchased at $300/t CFR, according to multiple market participants. Indonesia has been key in enabling the current sulphur price environment due to its continuous demand. Last week, it was reported Indonesia purchased a small volumes that did not meet CRU’s methodology, but this week’s purchase may signal business as usual particularly as the Middle East price widened.
A price increase was also registered for India despite limited transactions. This is as market participants adjust to current Middle East FOB levels which have put upward pressure to delivered prices in India. Current offers have pushed the prices up as market participants consider any new business would have to occur at the newly-indicated price range.
The Baltic Sea FOB price was assessed up based on market indications as activity remains limited. After a month of uncertainty following the European Commission's adoption of the
16th round of sanctions against Russia, which included a complete transaction ban on the port of Ust-Luga, the Commission has clarified that sulphur, whether from Russia or a third country, is exempt from the ban. This could lead to an uptick of activity from the region, but it is understood that trading has become increasingly complex in the region since the Russia- Ukraine conflict began.
The US Tampa contract prices for the second quarter of 2025 were settled at $270/lt FOB, up $105/lt from 2025 Q1, market sources confirmed.
