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 the levels seen three weeks ago, but this has not been reflected in the pricing of international import cargoes. Purchases in Indonesia took place within the previously published price range.
Strong demand in Asia has been the main driver of the current price environment, with buyers primarily sourcing from the Middle East and Canada through late 2024 and into the early months of 2025. Prices saw a notable rally following the Lunar New Year celebrations when prices rallied in China and Indonesia. This momentum began to shift a month ago as the pace of price increases in Asia started to slow.
Demand in China has weakened amid ongoing uncertainty over the country's phosphate export policy. Domestic prices in China have been volatile but continue to sit below levels seen four weeks ago. With current domestic prices implying a delivered rate of around $278/t CFR, buyers have little motivation to source internationally.
In contrast, Indonesia, which had scaled back its purchases over the past three weeks, returned to the market late last week. It secured three cargoes, all within the published price range. These transactions left the spot price unchanged this week.
The Middle East and Vancouver were also assessed flat again. Both regions have seen prices hold steady for more than a month. Weaker Asian demand has resulted in fewer transactions.
A potential change in the Middle East price could take place if the latest tender in Qatar is confirmed to have been awarded above currently published levels. It is still uncertain whether such a change would immediately influence delivered prices across Asia with Indonesia having recently purchased material.
In Brazil, prices also remained unchanged this week. Buyers have mostly adopted a wait- and-see approach to the current price envonrment, with only a short burst of activity around February. That period saw small-volume purchases aimed at meeting buyer’s most pressing needs.
A CMOC tender might signal a price shift if confirmed to have been awarded below current published rates, though this could not be verified at the time of writing.
All other sulphur prices have remained unchanged, reinforcing the stagnation sentiment in the market. The softness in Asian demand has played a central role in this standstill, with fewer transactions to guide pricing trends.
As a result, market participants are closely watching the outcomes of recent tenders, particularly those in the Middle East and South America, in hopes of gaining a clearer reference point for future price direction.
