International Sulfur Market Overview for October 22, 2026

Sulfur Prices Continue Downward Trend

Spot sulfur prices have continued to decline. The latest transaction price in Indonesia dropped by a further USD 20 per ton, settling at USD 850–860 per ton CFR (Cost and Freight).

Some buyers rejected offers from Indonesian and West African suppliers in the range of USD 820–900 per ton CFR, insisting on waiting for lower quotes or claiming they had already received bids at even lower levels. However, the supply side has yet to confirm any transactions at these reduced prices. Unmet potential demand persists in East Africa, West Africa, and Brazil. Additionally, inquiries have been issued for procurement via Walvis Bay Port from the Swakop Uranium Mine in Namibia.

Low plant operating rates in China, coupled with weak import demand, alongside cash flow pressures resulting from previously abnormally high prices, have collectively exerted downward pressure on spot prices.

This week, Argus European Fertilizer Conference is being held in Prague, Czech Republic. Key complex factors influencing the sulfur market outlook include fertilizer affordability, high energy costs, geopolitical uncertainties in multiple regions, government regulations, rising maritime freight costs, and supply chain resilience.

Market Drivers

• Suppliers need to complete sales of November spot cargoes and are therefore compelled to accept lower buyer bids.
• Demand has contracted significantly; numerous fertilizer plants and nickel smelters have entered maintenance cycles. Weak downstream demand combined with uncompetitive raw material pricing has forced enterprises to maintain low operating rates.

Outlook for the Next 30–60 Days: Market Continues to Weaken

Prolonged elevated sulfur prices have led to sluggish demand in the downstream fertilizer industry, with shrinking consumption continuing to erode sulfur values. Fertilizer producers, nickel refiners, and chemical consumers are all maintaining low production loads, pressuring the spot market. To ship November cargoes, suppliers are accepting lower purchase prices. Chinese demand remains significantly below historical norms, while Indonesian nickel smelters are evaluating further reductions in operating rates.