Prompt

Sulfur Prices Continue Downward Trend

Sulfur prices have continued to decline, with a large number of buyers still waiting for further price corrections before replenishing their inventories at lower levels.

In the Middle East, cargoes sold to India were transacted at $870–$880/ton CFR, representing a decrease of $10–$15/ton compared to two weeks ago. Some suppliers are willing to accept even lower prices to ensure shipment completion. In the Indonesian market, buyer bids have fallen below $800/ton CFR; last week’s rumored transactions at $820–$830/ton CFR remain unconfirmed. Weak import demand from China has weighed on the overall market. This week, domestic prices in China continued to drop significantly, undermining buyers’ willingness to purchase imported cargoes at a premium.

Compared to the landed cost levels established four weeks ago when October cargo prices were finalized, current market landed costs have declined. Qatar, Kuwait, and the UAE are expected to release their monthly official selling prices (OSPs) for November shipments early next week.

In the European liquid sulfur market, although supply-demand agreements reached two to three weeks ago set Q4 supply prices $50/ton lower than those in Q3, some consumers are still negotiating for deeper discounts. Buyers state that rising energy and logistics costs are eroding the benefits of these price reductions, rendering current price levels economically unviable for operations.

Market Drivers

• Suppliers are being forced to accept lower landed transaction prices to ship November cargoes.
• Weak spot demand provides buyers with leverage to negotiate price cuts.

Outlook for the Next 30–60 Days: Market to Remain Soft

As the downstream phosphate fertilizer industry enters its off-season, sulfur-consuming enterprises maintain low operating rates due to poor economic returns. With sluggish spot demand, sulfur prices continue to fall. Prices are expected to weaken further in November.