India
CFR prices in India remained unchanged at $880–$894/mt. Non-mainstream quotes of $890–$900/mt CFR circulated in the market but resulted in no transactions. CFR prices for Indian crushed lump sulfur held steady from last week at $840–$850/mt.
Fertilizer company Fact issued a tender for 10,000–20,000 mt of granular sulfur. Cargo is required to arrive at Cochin Port between December 1 and 10; the tender deadline is October 26.
Indonesia
CFR prices in Indonesia edged lower to $850–$860/mt, down from $860–$880/mt last week.
Market reports widely circulated that a cargo of Middle Eastern origin was sold to a battery metal smelter at $850/mt CFR on Monday, although the buyer side did not confirm the transaction. There were also rumors of Vancouver-origin offers/trades at $830/mt CFR, but the destination corresponding to this price could not be verified with any supplier.
Middle East Market
Spot FOB prices in the Middle East remained stable at $740–$790/mt.
Despite the ongoing risk of Iranian missile and drone attacks on commercial vessels, two bulk sulfur carriers transited the Strait of Hormuz over the past two weeks. The Calista (DWT 35,062), loaded in Ruwais, UAE, passed through the Strait of Hormuz and reportedly delivered cargo to a nickel smelter in Indonesia. The Exeed (DWT 50,992), loaded in Ras Laffan, Qatar, also transited the strait with an Indonesian destination.
Iran
FOB prices in Iran remained unchanged at $700–$730/mt; trading volumes were limited due to high transit risks in the Strait of Hormuz.
North Africa Market
Spot CFR prices for North African lump/granular sulfur fell to $780–$860/mt, down from $845–$950/mt last week. The lower end of the range corresponds to Black Sea lump ore, while the upper end reflects granular cargoes. Spot CFR prices for North African granular sulfur alone dropped to $790–$860/mt, compared to $860–$950/mt last week.
A cargo of 30,000 mt of Black Sea granular sulfur was traded for delivery to North Africa in November at $790/mt CFR.
Most Q4 contract cargoes have been finalized at $845–$900/mt CFR. Moroccan-origin cargoes traded at $845–$880/mt CFR; the lower end represents Turkmenistan lump ore, while the higher end reflects Middle Eastern granular sulfur. Kazakh granular sulfur trades fell within the range at approximately $850–$860/mt CFR. Freight costs are higher for smaller parcel shipments of 30,000–35,000 mt destined for Tunisia; lower discharge efficiency at ports such as Gabes and Sfax compared to Jorf Lasfar has increased overall landed costs.
Morocco
Vessels arriving this week:
Libya
Sulfur production has declined, and the Libyan National Oil Corporation (NOC) is not expected to issue an October loading tender for Mellitah Port; the next spot batch is anticipated for November loading. The previous sales tender closed on September 10 for two parcels of 8,000 mt each of granular sulfur with mid-to-late September laycans. The latest 8,000 mt parcel is currently en route to Lobito Port, Angola.
Egypt
Import demand in Egypt remains sluggish, with fertilizer plant operating rates below historical norms. Egyptian buyers have received offers from Black Sea sources in recent weeks, though logistics constraints in the Black Sea limit supply availability.
Chartering inquiries this week:
Russia & Central Asia
Baltic FOB prices remained stable at $780–$800/mt. Negotiations for November prices are hovering around the low-to-mid $700s/mt but have not yet been finalized. Kazakhstan’s monthly exports (excluding Russia) remain stable at 120,000–150,000 mt but are below historical levels. Black Sea FOB prices fell to $740–$800/mt, down from $770–$800/mt last week. A spot cargo of small Romanian lump ore was traded at FOB below $750/mt for delivery to Mediterranean markets.
Vancouver, Canada
Demand remains weak, and Vancouver prices continued to slide, with FOB dropping by $15/mt to $800–$840/mt. Market rumors suggest a sale to Indonesia occurred below this range, though it could not be verified prior to publication.
Prices are expected to continue declining until they reach levels acceptable to fertilizer producers. Demand from China, Vancouver’s largest export destination, is subdued; domestic fertilizer plants are running at low utilization rates, prioritizing consumption of local supplies.
With winter approaching, natural gas extraction in Alberta and British Columbia is increasing. Higher sour gas production is driving up sulfur output. According to the Alberta Energy Regulator (AER), sulfur production from gas processing facilities in Alberta totaled 739,661 mt in January–August, representing only a 1% year-on-year decline.
October sulfur exports from Vancouver are projected to approach 500,000 mt, with 347,000 mt already shipped. Multiple vessels will load at port in the coming days, including the Brigitte, Thor Achiever, and Antigoni C, which is currently loading at Vancouver terminals with an undisclosed destination.
Given the high October export volumes, inventories at Vancouver and Port Moody terminals are low, suggesting month-on-month declines in November loading volumes.
Imperial Oil’s Sarnia refinery in Ontario has completed its autumn turnaround and restarted units this week. Community notifications indicated flaring during the restart phase. The restart began on October 18 and was still underway as of October 22, with no defined completion timeline.
Latin America – Brazil
Amid global demand weakness, suppliers accepted lower CIF prices, causing the upper end of Brazilian spot CFR prices to retreat to $880–$900/mt, down from $880–$955/mt last week.
CMOC Brazil issued an inquiry initially for 20,000 mt, later increased to 35,000 mt for arrival in Santos in December. Rumors indicate booking of CIS FSU-origin cargo at approximately $900/mt CFR, though the trade had not been confirmed prior to publication.
Production of Single Superphosphate (SSP) has entered its off-season, leading to sluggish import demand. Many plants are undergoing maintenance or operating at low loads.
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