Adnoc raises March sulphur price in India by $20/t to $210/t
02 March 2011 12:06 [Source: ICIS news]
LONDON (ICIS)--United Arab Emirates (UAE) sulphur producer Abu Dhabi National Oil Co (Adnoc) has raised its March sulphur contract price for the Indian market to $210/tonne (€153/tonne), a source with the company said on Wednesday.
The price was set on an FOB (free on board) basis from the
The March level reflected a delivered price of $233-235/tonne CFR (cost and freight)
However, this level has not yet been realised in the current Indian market, in which last done business was concluded at $222.50/tonne CFR under a sale from trader Swiss Singapore to Indian Farmers Fertilizer Cooperative Limited (IFFCO) for March delivery.
Regarding the pricing outlook in the coming weeks, the sulphur producer was optimistic. “We are pretty bullish about the market. I think there is a potential for prices to go as high as $230/tonne FOB in the near term,” the source added.
The increase in Adnoc's March price was within market expectations due to tight global supply, but market reactions towards the new price were less bullish.
“I think they [Adnoc] are taking a chance. They are entering a dangerous zone because prices can swing either way,” said a market source.
“March is typically slow [in terms of demand] in
Market tightness had led to sulphur prices trending up in major importing countries such as Brazil (last business indicated at $230/tonne CFR) and China ($215/tonne CFR).
Adnoc's February price at $190/tonne FOB was a $25/tonne increase from the January level.
($1 = €0.73)
For more on sulphur visit ICIS pricing fertilizers
By: Freda Gordon
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