Adnoc’s July sulphur price up $20/t to record high

01 July 2008 14:52  [Source: ICIS news]

LONDON (ICIS news)--Middle East sulphur producer Abu Dhabi National Oil Co (Adnoc) has set its July price to traders at a new all-time record of $820/tonne, up $20/tonne from June amid continued tight supply, a company source said on Tuesday.

 

The rise came at a time when Adnoc described its supply situation as extremely tight, due to increased natural gas imports from Qatar and strong demand from China and India earlier this year.

 

The monthly price, agreed on a free on board (FOB) Ruwais basis, is largely viewed as an indicator of global sulphur price direction.

 

The Adnoc price is now $670/tonne higher than in July 2007 and is $325/tonne up from the January 2008 price of $495/tonne FOB Ruwais.

 

Adnoc indicated last week that it expected another double-digit increase in the July price, although had not given a specific target.

 

Traders had also expected an increase in the price, although a smaller increase than in previous months.

 

The June price was set at $800/tonne FOB, up $80/tonne from May.

 

Traders ship some 35,000-40,000 tonnes/month of Adnoc sulphur to buyers in India.

 

($1 = €0.63)

 

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By: Rebecca Clarke
+44 20 8652 3214

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