Traders expect Adnoc Oct sulphur price to fall

25 September 2008 13:23  [Source: ICIS news]

LONDON (ICIS news)--Abu Dhabi National Oil Co (Adnoc) is expected to drop its October price for sulphur on lacklustre global demand and falling international prices, trader sources said on Thursday.

One trader said he expected the price to fall by up to $180/tonne (€122/tonne) to around $400/tonne FOB (free on board) Ruwais, but that it would not go below that level.

Another said his expectations were for a price of $425/tonne FOB, down $155/tonne from September.

The September price was set at $580/tonne FOB, down $190/tonne from the August price.

 Adnoc said it did not yet have any firm ideas for the October price, but that given the current market conditions the number would come down from September levels.

Price ideas in major markets India and China have tumbled over the past few weeks due to a lack of demand.

Buyer price ideas in India are now reported in the $400s/tonne CFR (cost and freight), while product is reportedly being offered in China in the $300s/tonne CFR.

Adnoc expects to set its October sulphur price early next week.

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

($1=€0.68)

By: Rebecca Clarke
+44 20 8652 3214

< previous article(VIDEO - ICIS news Europe Lunchtime Bulletin 27 October 2009)

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly