India
The CFR price in India has retreated to $790-795/ton, down from $820-830/ton last week, following a transaction reported at CFR $750/ton in the Indonesian market. Buyer sentiment for the next round of procurement has dropped as low as CFR $700/ton.
Fertilizer producer Coromandel is currently soliciting inquiries for December shipment cargoes.
CFR prices for crushed lump ore in India have fallen to $730-740/ton, compared to $800-810/ton last week, reflecting a synchronized decline in import demand and buyer price expectations.
Market activity remained subdued during the Diwali holiday period from November 8-11.
The Seastar Hawk, with a deadweight tonnage (DWT) of 40,355 tons, loaded cargo in Vancouver, Canada, and arrived at Paradip Port on November 11.
Indonesia
Indonesian CFR prices have corrected to $745-755/ton, down from $820-830/ton last week.
A widely circulated deal involved 50,000 tons shipped from Canada in late November destined for nickel smelters, transacted at CFR $750/ton. Offers for Middle Eastern material at CFR $795/ton failed to attract buyer interest due to the competitive pricing of Canadian cargoes.
Despite falling sulfur prices, buyers continue to prioritize lower-cost domestic sulfuric acid. Local sulfuric acid supply has increased; reportedly, Freeport-McMoRan’s Manyar smelter delivered six cargoes of sulfuric acid externally in October. Oman Mining Nusa Tenggara (AMNT) continues to supply long-term contract sulfuric acid to PT Gresik. Additionally, PT Gresik procured at least one sulfur cargo in its September 15 tender. Vessel tracking indicates that the Exeed delivered this cargo on November 4, sourced from Ras Laffan, Qatar.
Middle East Market
Spot FOB prices in the Middle East have eased to $650-670/ton, down from $680-740/ton last week. Producers completed one spot transaction with traders at FOB $660/ton.
Four vessels transited the Strait of Hormuz in recent days: two originating from Jubail, Saudi Arabia, one from Ruwais, UAE, and one carrying Qatari cargo.
Two sulfur cargoes are scheduled for loading at Jubail Port in November, alleviating regional supply tightness; one vessel is currently loading, while another is expected to load before month-end. Additional crushed lump ore cargoes are also slated for loading at Jubail before year-end.
However, vessels transiting the strait continue to face security risks, keeping maritime freight costs elevated. The UAE state-owned ADNOC shipping division reported that one of its vessels sustained damage from an attack within UAE territorial waters in the Arabian Gulf on November 10. The UK Maritime Trade Operations (UKMTO) separately reported that a tanker was struck by an unidentified projectile 19 nautical miles northeast of Lima, Oman, on November 10, involving another affected vessel. UKMTO also noted attacks on two tankers near the Strait of Hormuz on November 8: one was hit by an unidentified projectile while exiting the strait, and another caught fire northwest of Hasab, Oman, prompting crew evacuation.
Iran
Iranian FOB prices have declined to $610-630/ton, down from $640-660/ton last week, driven by reduced achievable netbacks in target markets.
Khark Petrochemical issued an inquiry for one 30,000-ton cargo of granular sulfur for December shipment from Kharg Island. An additional 25,000 tons of material is available for shipment from Kharg Island between November and December.
On November 9, Meshkinfam, General Manager of Iran’s National Iranian Oil Engineering Company (NIOEC), stated that reconstruction of oil infrastructure damaged by conflict is approximately 80% complete. Since the outbreak of US-Iran tensions in late February, multiple Iranian oil facilities have been repeatedly targeted. Iran operates seven sulfur production units associated with oil refineries, with a combined annual capacity of approximately 514,000 tons. Repairs to refined product transfer facilities are about 60% complete, while restoration of damaged oil facilities and storage tanks stands at 80%. NIOEC aims to complete repairs on all attacked facilities by the end of Aban (the Iranian calendar month corresponding roughly to November 21). Despite damage to the Rey oil depot and other storage tanks in Tehran Province, the capital’s fuel distribution system recovered within two weeks and currently operates at higher capacity than pre-damage levels. These damage assessments and repair progress reports have not been independently verified by third parties.
Pars Oil and Gas Company (POGC) operators reported a fire on the offshore platform of Phase 14 of the South Pars gas field on the evening of November 10. The fire has since been contained. South Pars, which commenced production in 2002, accounts for 70-75% of Iran’s natural gas production and supports an annual sulfur capacity of approximately 1.75 million tons.
UAE
Abu Dhabi National Oil Company (ADNOC) announced on November 6 that the Official Selling Price (OSP) for sulfur sold to the Indian subcontinent in November has been lowered to $740/ton FOB Ruwais, compared to $890/ton FOB in October.
North Africa Market
With declining spot transactions and offers, North African lump-granular spot CFR prices have retreated to $730-795/ton, down from $780-830/ton last week.
Spot CFR prices for pure granular sulfur in North Africa have fallen to $745-795/ton, from $790-830/ton last week. Offers for larger cargoes (50,000-70,000 tons) are approaching CFR $750/ton, while transactions and offers for smaller cargoes remain near CFR $800/ton.
Morocco
Fertilizer producer OCP continued to increase operating rates in November, up from 50-60% in October. Argus vessel statistics indicate total sulfur arrivals in November exceeded 550,000 tons, compared to 390,000 tons in October and 287,000 tons in September. On November 11, the Jorf Lasfar Port Authority notified stakeholders of potential disruptions to berthing and departure operations due to adverse local weather conditions from November 11-17.
Libya
The Seref Kuru (13,047 DWT) arrived at Melita Port this week to load 8,000 tons of granular sulfur awarded in a tender by the National Oil Corporation (NOC) of Libya. After loading, the vessel is expected to sail to Egypt.
Tunisia
The Norse Teshima (41,963 DWT) loaded in Beaumont, USA, and is expected to arrive in Tunisia on November 21.
Egypt
Reportedly, three cargoes are scheduled for delivery to Egypt in November based on prior transactions, priced at CFR $800-840/ton. These include one 30,000-ton Red Sea route cargo, a 7,000-ton Bulgarian-origin cargo, and an 8,000-ton Libyan-origin cargo.
Russia and Central Asia
Baltic Sea
Baltic FOB prices have declined to $680-700/ton, down from $740-760/ton last week, influenced by transactions destined for Morocco.
Official authorities in Leningrad Oblast reported on November 11 that Ust-Luga Port in the Russian Baltic region suffered conflict-related damage, resulting in nighttime fires. The impact on port operations and oil exports remains unclear. The incident caused fires within the port area and triggered a simultaneous shutdown of the port’s electrical substation.
Black Sea
Black Sea FOB prices have eased to $670-700/ton, down from $700-740/ton last week. Poti Port in Georgia offered a 30,000-ton spot cargo of Kazakh origin to North African and Mediterranean buyers via inquiry. However, no spot responses were received due to significant bid-offer spreads.
High war risk insurance premiums and persistent geopolitical risks along Black Sea routes continue to keep freight rates elevated.
Vancouver, Canada
Vancouver FOB prices dropped by $70/ton to $700-710/ton. A November shipment sold to Indonesia fell within this range, with transaction offers supporting the upper limit of the band. Weak demand continues to pressure suppliers to reduce prices.
Data from the Alberta Energy Regulator shows that Alberta’s sulfur production for January-September decreased by approximately 1.3% year-on-year to 3.03 million tons. Sulfur output from gas and oil sands facilities in September fell 19% year-on-year. Mild temperatures during summer and autumn reduced heating and cooling gas demand, thereby suppressing natural gas production.
November export activity from Vancouver has slowed. The first sulfur cargo of the month, aboard the Weco Esther (64,215 DWT), is currently loading at Vancouver terminals with an undisclosed destination. The Famiglia (63,600 DWT) is expected to arrive in Vancouver on November 14, planned to load cargo destined for Morocco, though the final destination has not yet been confirmed.
Latin America - Brazil
Brazilian CFR prices have retreated to $760-790/ton, down from $840-850/ton last week, as North American suppliers offer lower-priced cargoes into competing markets. Rumors of a transaction at approximately CFR $800/ton last week remain unverified.
According to GTT Global Trade Tracker data, Brazil’s sulfur imports for January-October totaled 935,500 tons, a 53% year-on-year decrease (a drop of 1.1 million tons) and significantly below the three-year average (2022-2024) of 1.8 million tons.
Middle Eastern supplies accounted for only 47,000 tons (5%) of Brazil’s imports during this period, compared to 39% (776,000 tons) in the same period last year. Regional conflicts have continued to constrain Middle Eastern supply.
The United States remains the largest supplier, exporting 374,500 tons, followed by Kazakhstan with 252,000 tons.
Profit margins for fertilizer producers are under pressure, leading some sulfur buyers to cut production or even announce facility closures, thereby suppressing import demand.
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