NewsFlashIranian sulphur sold at record $666/t

18 March 2008 11:41  [Source: ICIS news]

LONDON (ICIS news)--Iranian sulphur prices have risen $14/tonne (€9/tonne) to a new record high following a tender award amid a continued tight market, an official at supplier Iran Petrochemical Commercial Co (IPCC) said on Tuesday.

IPCC sold 25,000 tonnes of granular sulphur to an unnamed trader at $666/tonne FOB (free on board) under its extended sales tender which closed on 18 March, the official confirmed.

The cargo will be lifted from Bandar Imam Khomeini (BIK) in the second week of April. At present the destination is undeclared, but market expectations are that it will be shipped to India.

The previous Iranian price high was $642/tonne FOB following a sales tender by IPCC last month. The vessel Princess 2 has been fixed to load the cargo 25-26 March in BIK for shipment to India.

This new price high comes amid continued tight supply and strong demand in the global sulphur market.

However, market sources said that the rate of increase in prices has started to slow as buyers, particularly in China, become reluctant to pay more.

($1 = €0.64)

By: Rebecca Clarke
+44 20 8652 3214

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