Adnoc Oct sulphur delayed on uncertainty, holiday

06 October 2008 12:31  [Source: ICIS news]

LONDON (ICIS news)--Abu Dhabi National Oil Co (Adnoc) is not expected to announce its October sulphur lifting price until early next week following delays due to the Eid holidays, an industry conference and uncertainty over the market price, sources said on Monday.

 

Adnoc usually sets its monthly lifting price in the first few days of the month, but this was delayed last week due to the Eid al Fitr holidays.

 

A company official said on Monday, however, that a price announcement was now not expected until early next week once an industry conference in the Middle East was over.

 

Traders also commented that the supplier was uncertain where to set the price this month due to the recent rapid downward correction in international sulphur prices, adding that this was further delaying a decision.

 

The price was expected to drop to around $400/tonne (€292/tonne) FOB (free on board), down from the September price of $580/tonne FOB Ruwais. 

 

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

 

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

 

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

 

($1 = €0.73)

 

To discuss issues facing the chemical industry go to ICIS connect

By: Rebecca Clarke
+44 20 8652 3214

< previous article(VIDEO – ICIS news Americas Lunchtime Bulletin 3 November 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