India
Indian CFR prices have fallen to $880–894/ton, down from $930–980/ton last week. CFR prices for crushed lump sulfur also declined in tandem to $840–850/ton, compared with $900–920/ton the previous week.
A cargo of Middle Eastern origin was confirmed sold at over $880/ton CFR to two buyers on India’s west coast; a small portion of this cargo was reported transacted at $925/ton CFR. On the east coast, a spot shipment of Middle Eastern material closed at $894/ton CFR. Fertilizer plants on India’s east coast are operating near full capacity, with some enterprises beginning to stockpile following recent vessel arrivals.
Indonesia
Indonesian CFR prices retreated to $860–880/ton, down from $930–950/ton last week.
At the start of the week, offers for Middle Eastern cargoes stood at $920–930/ton CFR, while Vancouver-origin material was quoted at $880/ton CFR. Buyer indications ranged from $850–870/ton CFR, with November shipments trading at the upper end of this range.
Market rumors suggested a sale to a nickel plant at $850/ton CFR, but this transaction has not yet been verified or confirmed.
Last week, four sulfur vessels transited the Strait of Hormuz, with at least two heading toward Indonesian metal smelters, shifting market focus back from sulfuric acid to elemental sulfur. However, depressed nickel prices and declining smelter utilization rates are dampening procurement appetite among High-Pressure Acid Leaching (HPAL) nickel producers. Increased domestic sulfuric acid supply in Indonesia—alongside unverified reports of a sale to Morowali buyers at $280/ton CFR—provides buyers further justification to wait for continued price declines.
Middle East Market
Following multiple transactions completed with Indian buyers, spot FOB prices from the Middle East (excluding Iran) dropped to $740–790/ton, down from $810–850/ton last week.
Persistent low-price offers from Vancouver-origin material are forcing Middle Eastern suppliers to cut prices to maintain competitiveness. Vessels that recently transited the strait are still seeking buyers. Although risks of attacks in the Gulf and Strait of Hormuz persist, sulfur tankers continue to transit intermittently. Incidents involving vessel attacks and delays waiting in the Gulf region have kept freight rates elevated.
Iran
Iranian FOB prices softened to $700–730/ton, down from $700–800/ton last week.
Some bagged Iranian sulfur is being rerouted via inland land transport to bypass bottlenecks in the Strait of Hormuz. Loading operations at Bandar Abbas Port remain severely constrained, resulting in very low throughput of Iranian vessels through the strait.
North Africa Market
Spot CFR prices for North African lump/granular sulfur fell to $845–950/ton, compared with $890–950/ton last week. The lower end of the range corresponds to Black Sea lump material, while the higher end reflects 10,000-ton granular cargoes. Spot CFR prices for North African granular-only material declined to $860–950/ton, down from $920–950/ton previously.
At least two origins recorded sales below $900/ton CFR; however, certain spot cargoes in Tunisia continue to command premiums. Large-volume supplies from the Middle East and Vancouver are available to serve North Africa at the lower end of the assessment range.
The market received chartering inquiries for moving 10,000 tons of sulfur from Saudi Arabia’s Yanbu Port to North Africa in October.
Most Q4 volumes for North Africa were contracted within the range of $845–890/ton CFR; however, landed costs for smaller vessels destined for Tunisia remain higher.
Morocco
Total expected arrivals across all origins at Jorf Lasfar Port in October amount to 537,000 tons, up significantly from 290,000 tons in September, when Middle Eastern shipments faced severe disruptions. In October, two Italian-origin cargoes of 5,500–6,000 tons each arrived at Jorf Lasfar and Safi ports, respectively.
Libya
No Libyan sulfur spot cargoes were available in October. The next batch is expected to load in November, comprising two vessels of 8,000 tons each.
Egypt
Chartering inquiries emerged for moving 10,000 tons of bulk sulfur from Saudi Arabia’s Rabigh Port to Ain Sokhna, with laycan dates between October 5 and 15. Many Single Superphosphate (SSP) plants in Egypt have shut down due to prohibitive feedstock costs, and no new buyer indications have been received.
Russia & Central Asia
Q4 contracts for Kazakhstani sulfur destined for North Africa were finalized at $770–800/ton FOB Black Sea/Baltic. The lower end of the range corresponds to Turkmenistan crushed lump material, while the higher end reflects Kazakhstan granular sulfur.
Kazakhstan’s monthly exports outside Russia are estimated at 120,000–150,000 tons; figures for November and December remain uncertain. Under optimal logistics conditions, the maximum monthly export capacity stands at 200,000 tons.
Vancouver, Canada
Vancouver spot FOB prices declined for the fourth consecutive week, dropping by $50/ton to $830–840/ton, with transactions occurring within this new range. Following the price correction, some purchasing demand emerged, and additional volumes returned to the market.
AIS data indicates that at least two vessels departed Vancouver for Santos, Brazil, in October, with another scheduled for November delivery to Brazil.
According to the Alberta Energy Regulator (AER), Alberta’s sulfur inventory decreased to 11.04 million tons in August, representing a year-on-year reduction of 585,000 tons. Sustained high prices continue to draw down stored inventories. Refining capacity saw only marginal increases this year. The market anticipates expanded refining capacity by 2027; if market conditions improve, inventory depletion rates are expected to accelerate.
Total sulfur production in January–August 2026 reached 2.76 million tons, an increase of approximately 22,000 tons year-on-year. While sulfur output from natural gas facilities declined, increased production from oil sands projects and refineries resulted in a slight overall rise in total output.
Latin America – Brazil
Brazilian spot CFR prices fell to $880–955/ton, down from $945–955/ton last week. Unbearable raw material costs have led to shutdowns at several fertilizer plants, contributing to weak demand.
An inquiry for a 20,000-ton spot cargo with November–December delivery was released; although a transaction is rumored, it remains unconfirmed. Sporadic demand may emerge before year-end, but overall volumes will be limited. Phosphate fertilizer producers face significant margin pressure, with several major importers restricting or halting production.
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