Asia sulphur drops below $100/tonne

17 October 2008 16:27  [Source: ICIS news]

LONDON (ICIS news)--Sulphur in Asia has dropped below $100/tonne (€74/tonne) following recent spot sales and amid weak demand and plummeting price ideas, market sources said on Thursday.

Trader Swiss Singapore was reported to have sold 25,000 tonnes of Middle East sulphur to Coromandel Fertilizer Ltd (CFL) at $94/tonne CFR (cost and freight) India for November shipment to Vizag port in Andhra Pradesh.

This price is down $316/tonne from CFL’s most recent purchase from Transfert at $410/tonne CFR for October shipment to Chennai.

The purchase is also down on business last week at $115/tonne CFR for December shipment to Paradeep for Indian Farmers Fertilizer Cooperative (IFFCO).

Additionally, Philippine Phosphates Fertilizer Corp (Philphos) purchased 15,000 tonnes of sulphur from a trader, reportedly of Middle East origin, at $90/tonne CFR for November shipment.

Last week, Philphos paid $180/tonne CFR to a trader for 10,000 tonnes of Japanese liquid sulphur.

Meanwhile, in China buyers are bidding at $100/tonne CFR and below for sulphur, but no business has been confirmed at this level yet.

The fall in sulphur prices comes amid weak demand, growing supply and a bearish sentiment which has seen prices plummet over recent weeks.

Expectations are that prices have not yet bottomed out, sources said.

($1 = €0.74)

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By: Rebecca Clarke
+44 20 8652 3214

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