India
Indian CFR offers have softened at the high end, currently quoted at USD 930–980/mt CFR (down from USD 960–980/mt CFR last week). Crushed lump sulfur CFR prices have retreated to USD 900–920/mt CFR (previous range: USD 920–930/mt CFR). Fertilizer producers on India’s East Coast are negotiating a cargo arriving in November; most immediate spot demand has already been replenished. Domestic refinery ex-works prices stand at INR 105,000/mt, with supply prioritized for fertilizer manufacturers. Current downstream chemical margins are insufficient to support elevated sulfur prices. Sugar industry demand will persist until January of next year, but procurement volumes remain limited.
Indonesia
Indonesian CFR offers have been revised downward at the high end to USD 930–950/mt CFR (from USD 930–970/mt CFR last week). State-owned fertilizer producer Pupuk Indonesia awarded a tender for 55,000 mt of granular sulfur on September 15 to a trader at USD 950/mt CFR. Additionally, a separate lot of 35,000 mt sourced from the Middle East was sold to nickel smelters at a similar price, scheduled for arrival in October and delivery in two batches between October and December to the Petrokimia Gresik plant. No transactions were reported by metal smelters this week. Buyer activity paused during the national holiday period from October 1–7, coinciding with China’s Golden Week. According to GTT data, Indonesia’s sulfur imports for January–September totaled 2.85 million mt, representing a 13% year-on-year decline. Disruptions to Strait navigation across much of the year led to significant drops in arrivals from Saudi Arabia (-46% YoY), Qatar (-56% YoY), and Kuwait (-48% YoY). Conversely, imports from Canada doubled YoY to 583,900 mt. Molten sulfur imports from Japan rose 57% YoY to 64,300 mt, serving as a supplementary source.
Middle East Market
Middle East FOB prices have eased to USD 810–835/mt (from USD 810–850/mt last week). Buyers and traders are pressing for lower bids, requiring acceptable freight rates before finalizing deals. Sulfur carriers have continued to transit the Strait of Hormuz over the past two weeks, alleviating global supply tightness. However, persistent geopolitical attacks keep freight costs elevated. While attacks primarily target tankers, bulk carriers also face heightened risk.
Iran
Iranian FOB prices have fallen back to USD 700–800/mt (from USD 750–800/mt last week). Shipping risks remain high, with substantial volumes stranded within the Strait.
Kuwait
Kuwait Petroleum Corporation (KPC) released its official KSP FOB price for October at USD 820/mt, marking a USD 45/mt decrease from September’s USD 865/mt.
UAE
ADNOC reduced its Official Selling Price (OSP) for the Indian subcontinent for October. Ruwais FOB is now quoted at USD 890/mt, down from USD 960/mt FOB in September.
North Africa Market
North African CFR prices for granular and crushed lump sulfur have retreated to USD 890–950/mt (from USD 900–970/mt last week). Granular-specific CFR stands at USD 920–950/mt (previous range: USD 930–970/mt). Buyers continue seeking prices below USD 900/mt, though no confirmed trades have materialized. Q4 quarterly contract negotiations for North Africa remain unresolved; early indicative CFR levels were USD 850–880/mt. A vessel carrying less than 10,000 mt departed Italy for North Africa in October.
Morocco
Multiple maritime inquiries have emerged: 30,000–35,000 mt of bulk cargo from Red Sea origins for shipment between October 6–16 to Jorf Lasfar/Safi ports; and 10,000–11,000 mt from Yanbu, Saudi Arabia, for shipment between October 10–15 to the same destinations.
Libya
Shipments of approximately 8,000 mt per cargo have been completed according to prior tenders. Spot availability may be nil in October, with the next batch of spot cargoes expected to load in November, comprising two vessels of 8,000 mt each.
Egypt
Inquiries for October arrivals have largely disappeared. Most fertilizer plants have either shut down or significantly reduced operating rates, relying on inventory stocks. High sulfur prices combined with low SSP (Single Superphosphate) prices are squeezing corporate profits.
Russia & Central Asia
Kazakhstan is negotiating Q4 long-term contracts for sales to North Africa, with Black Sea/Baltic FOB indications at USD 770–830/mt. Monthly export expectations range from 120,000 to 150,000 mt. Crushed and granular sulfur from Turkmenistan serves as a supplementary source. Meanwhile, non-standard Russian sulfur has received exemptions allowing for external exports.
Vancouver, Canada
FOB prices have declined to USD 870–900/mt (from USD 870–930/mt last week), with softening bids suppressing market sentiment. One October cargo was transacted for shipment to Brazil. Geopolitical disruptions in 2026 are redirecting Canadian sulfur flows to non-traditional markets. From January to August, Vancouver’s exports to India, Morocco, and Namibia began from zero base, while exports to Indonesia doubled. Total Vancouver exports for Jan–Aug reached 2.41 million mt, a marginal 2.6% YoY increase. September exports approximated 245,000 mt. Pacific Terminal maintenance scheduled for September 9–22 will constrain loading capacity. Full-year 2026 export projections stand at 3.5–3.7 million mt; however, the absence of new loading or granulation infrastructure caps export potential.
Latin America – Brazil
CFR prices have retreated to USD 945–955/mt (from USD 980–985/mt last week). A Vancouver-sourced cargo was confirmed at USD 950/mt CFR for arrival at Santos Port in October. The market features only one inquiry for 20,000–30,000 mt covering October–December. Buyers are questioning previous transaction price levels. Globally high prices are dampening procurement. Arrivals from the Middle East plummeted to 47,000 mt compared to 702,000 mt in the same period last year. The United States emerged as the top supplier with 357,000 mt, followed by Kazakhstan with 252,000 mt. Compressed fertilizer margins have led some plants to halt operations or reduce loads, resulting in shrinking import demand.
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