Adnoc to raise its August sulphur price on surging spot prices

30 July 2010 12:16  [Source: ICIS news]

LONDON (ICIS)--Abu Dhabi National Oil Co (Adnoc) expects to raise its August sulphur price from July’s level as global spot prices continue to surge, an official with the Middle East-based sulphur producer said on Friday.

The source said Adnoc expects an increase of around $65/tonne (€49/tonne) FOB (free on board) Ruwais in its August price compared with July’s, reflecting the recovery in spot prices after they bottomed out in early July.

As the sulphur market regained momentum following steady price drops since the second quarter, Adnoc sold two spot cargoes within the last two weeks.

The company sold a 32,000-tonne cargo at $75/tonne FOB in mid-July and one of 30,000 tonnes this week at $87/tonne FOB for August shipment to China, representing a $22/tonne increase from Adnoc’s July lifting price.

The Adnoc official said the company was still discussing internally the level by which to increase its August sulphur price, with an announcement expected next week.

The latest sulphur sales in China this week showed prices rising by $11/tonne to $115/tonne CFR (cost and freight).

In India, prices also climbed to $103-104/tonne CFR, also up by $11/tonne from the last completed sale.

($1 = €0.76)

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By: Freda Gordon
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