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 week, and this price indicates a delivered price of approximately $272/t CFR. Demand from both the agricultural and industrial sectors has weakened in China due to uncertainty over tariffs and export restrictions, along with the upcoming off-season after the spring application window.
Despite this, international offers remained stable this week at $290-300/t CFR, although no transactions were recorded at the Yangtze River.
Prices in China rose steadily in recent months fuelled by steady demand from the country and from Indonesia, especially for materials from the Middle East and Canada. With the need to prepare for its spring application season, China had to compete with Indonesia for volumes, which pushed up prices. But two weeks ago, the rise in delivered prices to both Indonesia and China started to slow down.
In Indonesia, limited transactions were reported this week, but a PT Lygend tender is understood to have been awarded within the current price range, helping to sustain prices.
Demand in Indonesia may be shifting toward a more stable purchasing pattern, opting for consistent buys instead of fluctuating peaks and valleys. However, this could be challenging in the current price environment, where volatility in price changes can either drive demand or dampen it globally.
Middle East prices remained flat for the third consecutive week. As a regular supplier to Indonesia’s demand, the current slowdown in Asia has kept spot prices in the Middle East stable. Monthly contracts from Kuwait Petroleum Corporation, Adnoc, and QatarEnergy Marketing were posted in the range of $275-280/t FOB while Q2 contracts were settled with an average increase of $90/t, at a range of $240-250/t FOB.
Molten sulphur contracts for the second quarter of 2025 in northwest Europe have been settled with an average increase of $60/t compared to the Q1 price range. The new price ranges for Q2 are $234-264/t CFR for Benelux barge/railcar and $254-294/t CPT for NW Europe truckloads.
With all other benchmarks remaining unchanged from last week, attention now turns to whether the decrease in Chinese domestic prices will affect the international market in upcoming transactions. It remains to be seen whether international prices will drop or if they will find enough traction to keep inching higher.
