10 May 2010 11:38 [Source: ICIS news]
LONDON (ICIS news)--Kuwait Petroleum Corp (KPC) has issued a sales tender for 25-30,000 tonnes of sulphur after being out of the spot market for over a year, a company official said on Monday.
The tender will close on 12 May and the cargo is for a 4-6 June shipment from Shuaiba.
The official from KPC said the spot cargo came from its uncommitted sulphur availability for the second quarter. The producer only secured two-thirds of its contracts with traders and buyers from ?xml:namespace>
Most Middle Eastern producers have concluded their second quarter contracts in the $150s/tonne FOB following prolonged contract negotiations. Some producers allocated their second quarter availability to new markets, including South and North American buyers, to offset the weaker demand in
The sales tender was issued amid Adnoc’s delayed announcement of its May sulphur price, which was expected to come down from April’s $170/tonne FOB Ruwais to $140-150/tonne FOB.
Spot sulphur prices continue to fall. The last spot business out of the Middle East was concluded at $165/tonne CFR (cost and freight) by
KPC had reported tight sulphur supply last month as continued work on its desulphurisers would lead to a loss of about 50,000 tonnes of sulphur for the second quarter after the producer already lost 75,000 tonnes of sulphur in the first quarter.
($1 = €0.78)
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