31 December 2007 10:45 [Source: ICIS news]
LONDON (ICIS news)--Middle East sulphur producer Abu Dhabi National Oil Co (Adnoc) has set its January price to traders for shipments to India at a new all-time record of $495/tonne (€336/tonne), up $135/tonne on continued strong demand and tight supply, the company said on Monday.
The monthly price, agreed on an FOB (free on board) Ruwais basis, is largely viewed as an indicator of global sulphur price direction.
Prices have now risen a massive $441/tonne since the start of 2007, when Adnoc's January price was set at $54/tonne FOB Ruwais.
Expectations had been for an increase of around $100/tonne following Adnoc tonnage being agreed in the $440s-450/tonne FOB for first-quarter deliveries to ?xml:namespace>
However, Adnoc would have been encouraged by Iran Petrochemical Commercial Co's recent record spot sale at $497/tonne FOB.
Middle East sulphur prices have soared over the past couple of months due to increased demand from
Traders ship some 35,000-40,000 tonnes/month of Adnoc sulphur to buyers in
($1 = €0.68)
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