Prompt

India

Recent transactions have exerted slight downward pressure on India CFR prices, which are now quoted at $860–$880/mt CFR, compared to $880–$894/mt CFR last week.

Deals for Middle Eastern cargoes into India were struck at $870–$880/mt CFR, a decline of $10–15/mt from two weeks ago. Some suppliers are willing to accept lower prices to clear inventory. These cargoes will be distributed among buyers on both the West and East Coasts of India.

Due to limited supply of transshipment cargoes via the Strait of Hormuz, there have been no new offers for crushed lump sulfur. Consequently, India’s CFR price for crushed lump remains stable at $840–$850/mt CFR.

Indian fertilizer producer FACT has issued a tender for 10,000–20,000 mt of granular sulfur, with delivery to Kochi Port required between December 1–10. The tender deadline is October 28. Three traders—Wilson, Aditya Birla, and Rawfert Resources—have submitted bids. The process is currently in the technical evaluation phase, and no pricing information has been disclosed publicly. FACT’s previous sulfur tender, which closed on August 17, received only one bid (from Rawfert Resources) and was ultimately cancelled.

The Venus Lucky, with a deadweight tonnage (DWT) of 50,777 mt, is scheduled to discharge cargo at Daghjeh Port on October 30. This shipment corresponds to earlier deals for Middle Eastern cargoes priced above $880/mt CFR.

Indonesia

No new transactions occurred this week; Indonesia CFR prices remain unchanged at $850–$860/mt CFR. Indonesian buyer indications have fallen below $800/mt CFR. Rumors from last week regarding deals at $820–$830/mt CFR remain unconfirmed.

Green Eco-Manufacturing (GEM) announced on October 27 that its nickel projects in Indonesia, disrupted by a landslide in February, are expected to resume normal production in Q3 2026. Output from its QMB, Meiming, ESG New Materials, and GreenEco projects reached 30,812 mt of nickel metal equivalent (NME) in Q3, a significant rebound from just 7,368 mt in the previous quarter.

A major milestone has been achieved for GEM’s Sambalagi High-Pressure Acid Leaching (HPAL) nickel project located in the Indonesia Green Industrial Park (IGIP). The core autoclave equipment arrived on-site in July. The project, designed to produce 90,000 mt/year of Mixed Hydroxide Precipitate (MHP), is expected to be completed by the end of 2026 and commence operations in H1 2027. At full capacity, it will consume approximately 800,000 mt/year of sulfur. The facility is situated in Morowali, Central Sulawesi.

Utilization rates for major HPAL projects in Indonesia remain low at 30–50%. Key constraints include prolonged drought and water shortages in the Morowali industrial park, as well as depressed nickel prices coupled with persistently high costs for sulfur and sulfuric acid.

Increased shipments of sulfur from domestic smelters to Bahodopi have improved local sulfuric acid supply in Indonesia, providing some relief to buyers previously facing high prices.

Middle East Market

Spot FOB prices in the Middle East held steady at $740–$790/mt, with one spot transaction completed within this range. A 70,000 mt cargo from Ruwais, arriving in November, was sold to multiple buyers on India’s East and West Coasts.

Unlike last week, when vessels traversed the Strait of Hormuz, no sulfur carriers passed through the strait this week.

Qatar, Kuwait, and the UAE are expected to release their monthly official selling prices (OSPs) for November loading early next week. Sulfur shipping in the region continues to face high freight and insurance costs.

On October 28, the Joint Maritime Information Center (JMIC) issued an official U.S. notice stating that the U.S. military has intensified the blockade of Iranian ports and coastline. Commercial vessels transiting the Strait of Hormuz and the Gulf of Oman are advised to allow for additional transit time.

The U.S. stated that these measures are in response to “Iran’s continued provocations and illegal attempts to control the Strait of Hormuz.” JMIC data indicates that since the outbreak of the U.S.-Iran conflict in late February, the number of attacks on commercial vessels peaked in October, and the threat level remains severe.

Iran

Declining landed costs from other origins have squeezed Iran’s achievable netback price, causing Iran FOB prices to retreat to $680–$720/mt, down from $700–$730/mt last week. Markets suitable for accepting Iranian sulfur are limited, while logistics costs remain high and delivery timelines unpredictable.

North Africa Market

CFR prices for lump-granular blends in North Africa saw a pullback at the top end of the range, settling at $780–$850/mt CFR, compared to $780–$860/mt last week. Similarly, the upper limit for granular spot CFR declined to $790–$850/mt CFR, from $790–$860/mt previously.

This price adjustment stems from a transaction involving a granular sulfur cargo sold to Egypt at $850/mt CFR, which lowered the upper bound of the regional CFR quote range.

Morocco

Persistent delays in sulfur arrivals at Jorf Lasfar Port continue to disrupt plant operations, leading to reduced phosphate fertilizer vessel supply during October and early November. Argus vessel statistics show that Morocco’s monthly sulfur imports in September and October were both below 400,000 mt, compared to approximately 425,000 mt in July and 525,000 mt in August. Phosphate fertilizer plants are operating at 50–60% of capacity. Vessels from Vancouver, Canada, and Ust-Luga, Russia, continue to ship cargo to Morocco. Chartering inquiries exist for moving 27,000–29,000 mt of bulk sulfur from Gdańsk, Poland, to Safi/Jorf Lasfar, with laycan dates of November 2–4.

Egypt

A cargo arriving in November was traded at approximately $850/mt CFR.

Russia & Central Asia

Baltic FOB prices weakened to $770–$780/mt, down from $780–$800/mt last week. Black Sea cargoes are being sold to target markets at lower prices, with bid and offer levels declining across the board.

Kazakhstan’s exports via Ust-Luga in October are estimated at 170,000–300,000 mt. Risks to November rail shipments are emerging. Russian state railway operator RZD has reduced the allocation of fertilizer wagons destined for Baltic ports, creating logistical bottlenecks that delay and reduce volumes for both fertilizer and sulfur exports. Additionally, the diversion of Black Sea grain to Baltic ports is squeezing rail capacity, further delaying deliveries of bulk commodities like sulfur.

Canada – Vancouver

Export FOB prices in Vancouver remained unchanged. Total port exports for October are projected to exceed 400,000 mt. Spot prices hold at $800–$840/mt FOB, with no new transactions recorded this week.

At least two vessels completed sulfur loading at Vancouver Port and Port Moody this week. The Antigoni C (82,000 dwt) departed Vancouver terminal on October 25, bound for Kwinana, Australia. The Ever Reliance (58,000 dwt) loaded at Pacific Terminal on October 27–28, with destination unknown. Argus estimates Vancouver’s sulfur exports for October at nearly 420,000 mt. The Nord Delta (64,200 dwt) is expected to arrive at port on October 30, but loading operations may be deferred until early November.

Port inventories have been replenished, suggesting a month-on-month decline in November exports; however, suppliers anticipate at least five vessels completing loading in November.

Latin America – Brazil

Brazil CFR prices pulled back at the top end of the range to $860–$880/mt CFR, compared to $880–$900/mt last week.

Market rumors suggested offers for Black Sea cargoes at this level, but these were rejected by buyers; some buyers maintain higher psychological price expectations. Brazilian import demand remains sluggish. The most recent spot transaction was CMOC’s tender two weeks ago for 20,000 mt arriving in Santos in November, with rumored execution near the top of the quote range.