IFA ’08: India sulphur rises $70/t to record high

20 May 2008 13:10  [Source: ICIS news]

VIENNA (ICIS news)--Indian sulphur prices have risen over $70/tonne to hit a new high of $818/tonne, market sources said on Tuesday.

 

Paradeep Phosphates Ltd (PPl) had purchased a cargo from trader Midgulf at the above price on a CFR (cost and freight) basis, up from its last purchase at $745/tonne CFR, sources said on the sidelines of the International Fertilizer Industry Association conference.

 

However, only large east coast Indian buyers were able to afford these higher numbers, players said.

 

Small buyers on the west coast of India were holding stocks and waiting for news on subsidy levels and were therefore unwilling to buy at these levels, the added.

 

As a result this was leading to a price differential between east and west coast India of around $100/tonne.

 

Last done business on the west coast was reported at $720/tonne CFR.

 

The IFA conference runs from 19-21 May.

 

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By: Rebecca Clarke
+44 20 8652 3214

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