Iran sulphur prices rise $20/t to record highs

25 February 2008 14:49  [Source: ICIS news]

LONDON ( ICIS news)--Iranian sulphur prices have risen around $20/tonne (€13/tonne) to new record highs following the most recent tender awards amid a continued tight market, market sources said on Monday.

 

Iran Petrochemical Commercial Co (IPCC) sold 20,000 tonnes of granular sulphur to an unnamed trader at $642/tonne FOB (free on board) under its 21 February sales tender, a company official confirmed.

 

The cargo would be lifted from Bandar Imam Khomeini (BIK) 8-10 March and was expected to be shipped to India, the official added.

 

The previous Iranian price high was $620/tonne FOB following a sales tender by Kharg Island Petrochemical Co at the end of January, while IPCC last sold a granular sulphur cargo earlier in January at $559/tonne FOB.

 

Another Iranian producer NIGC closed a sales tender for 30,000 tonnes of granular sulphur for end of February shipment from Assaluyeh on 19 February and sold the cargo to an undisclosed buyer at €427.50/tonne FOB.

 

Market sources said this price translated to a number in the $630s/tonne FOB depending on what exchange rate was used.

 

These sales came amid continued tight supply and strong demand in the global sulphur market.

 

($1 = €0.67)

By: Rebecca Clarke
+44 20 8652 3214

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