India sulphur prices rise $20/tonne to new record

07 March 2008 14:08  [Source: ICIS news]

LONDON (ICIS news)--Indian sulphur prices have risen another $20/tonne to a new record high following awards in a tender this week amid continued tight supply, trader sources said on Friday.

 

State trading house MMTC agreed two 15,000 tonne cargoes with trader Swiss Singapore at $696/tonne CFR (cost and freight) for March and April shipment to Cochin, around $20/tonne higher than its previous purchases at $676.20-679/tonne CFR in February. 

 

Sulphur prices have jumped since the start of the year on the back of strong demand and expectations of reduced availability from major producers in Canada, the Middle East and the Former Soviet Union (FSU) this year.

 

However, demand in major markets China and India had now started to cool off due to the high prices, traders said.

 

Despite the MMTC tender this week, there was little other activity in the Indian market, they added, noting that tight sulphur supply and high prices had combined with a shortage of phosphate rock to dampen demand from fertilizer producers.

By: Rebecca Clarke
+44 20 8652 3214

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