Mideast sulphur falls to $500/t on Kuwait business

09 September 2008 16:49  [Source: ICIS news]

LONDON (ICIS news)--Middle East sulphur prices have dropped further to around $500/tonne (€355/tonne) after a spot sale by Kuwait Petroleum Corp (KPC) amid continued weak demand, sources said on Tuesday.

An official at KPC said that it had sold a 20,000-25,000 tonnes sulphur cargo to an unnamed buyer on a free on board (FOB) basis for end-September shipment from Shuaiba.

This sale followed business confirmed last week by KPC in the low-$600s/tonne to Transammonia for end-August shipment to Morocco, and Abu Dhabi National Oil Co's lowering of its September lifting price to $580/tonne.

KPC said that there was a “lack of interest” in the product on offer and this accounted for the low price level.

The producer did not expect to have any spot availability for the next two months.

The sale came at a time of weakness in the international sulphur market on the back of slow demand from key markets China and India and improving supply levels. 

($1= €0.71)

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By: Rebecca Clarke
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