NewsFlashAdnoc cuts August sulphur $50/tonne

04 August 2008 11:39  [Source: ICIS news]

LONDON (ICIS news)--Abu Dhabi National Oil Co (Adnoc) has lowered its August sulphur price to traders by $50/tonne in response to weaker demand from China and India, the first monthly decrease since 2006, a company official said on Monday.

 

The August price was set at $770/tonne FOB (free on board) Ruwais, down from the record high of $820/tonne FOB in July, the official added.

 

This represents the first decrease in Adnoc’s monthly price since November 2006, however the August price is still $275/tonne higher than in January this year.

 

Adnoc said that although its supply situation remained tight, sulphur demand in key markets China and India had weakened and in response it had lowered its price.

 

Traders had been expecting a decline in the Adnoc price for August but were anticipating a slightly larger decrease to $750/tonne FOB.

 

The Adnoc monthly price is largely viewed as an indicator of global price direction.

By: Rebecca Clarke
+44 20 8652 3214

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