Adnoc sulphur hits new record $240/t for November
01 November 2007 11:17 [Source: ICIS news]
LONDON (ICIS news)--Major Middle East sulphur producer Abu Dhabi National Oil Co (Adnoc) has set its November price to traders for India shipments at a new all-time record price of $240/tonne (€165.60/tonne), up $20/tonne from October, a company source said on Thursday.
The monthly price, agreed on an FOB (free on board) Ruwais basis, reflects continued strong demand and is largely viewed as an indicator of global sulphur price direction.
Prices have now risen a massive $186/tonne since the start of the year, when Adnoc’s January price was set at $54/tonne FOB Ruwais.
Traders had been expecting a further rise of around $10/tonne based on continued strong demand in
Adnoc, however, said earlier this week that prices would increase by more than $10/tonne.
Traders ship some 35,000-40,000 tonnes/month of Adnoc sulphur to buyers in
($1 = €0.69)
By: Rebecca Clarke
+44 20 8652 3214
< previous article(VIDEO – ICIS news Americas Lunchtime Bulletin 18 January 2010)
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