18 August 2010 16:04 [Source: ICIS news]
Adnoc was reported to have sold a sulphur cargo at more than $140/tonne FOB (free on board) for September loading, according to market sources. The amount of sulphur involved was not disclosed, but Adnoc had previously indicated that it had less than 30,000 tonnes of sulphur to offer in the spot market.
Meanwhile, an Aramco official confirmed that 35,000 tonnes of sulphur was awarded in the high $130s/tonne FOB to a customer for September loading from Jubail, under its 14 August sales tender.
Both sales have surpassed last week’s Kuwait Petroleum Corp (KPC) sulphur sales tender, awarded at $125-130/tonne FOB, for September shipment. The new high was also above Adnoc’s August sulphur lifting price, set at $110/tonne FOB.
Demand for sulphur has picked up in recent weeks, on the back of a strong diammonium phosphate (DAP) market, tight sulphur supply in the Middle East region, anticipated logistic problems over winter in Russia and Canada, and surging crop prices following Russia's and Ukraine’s announcements on grain export cuts.
The strong FOB prices in the
($1 = €0.78)
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