Indian sulphur plunges $295/tonne on IFFCO buy

09 October 2008 14:13  [Source: ICIS news]

LONDON (ICIS news)--Indian sulphur has plunged $295/tonne (€215/tonne) or 72% in value following a purchase for December shipment in a weak market, market sources said on Thursday.

Indian Farmers Fertilizer Cooperative (IFFCO) was reported to have purchased 40,000 tonnes of sulphur from Mitsui for December shipment to Paradeep at $115.15/tonne CFR (cost and freight) with 30 days’ credit, said sources.

This price is down $295/tonne from latest business in India at $410/tonne CFR, and is a massive $385/tonne lower than IFFCO’s last purchase at $500/tonne CFR for October/November delivery.

The huge price drop comes at a time of weak demand, largely in major market China, where sulphur imports have almost come to a standstill due to restrictions on phosphates exports.

Globally prices have been falling since reaching highs earlier this year.

Indian price peaked at $818/tonne CFR in May this year.

($1 = €0.73)

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By: Rebecca Clarke
+44 20 8652 3214

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