14 March 2011 12:59 [Source: ICIS news]
The sulphur producer sold 20,000 tonnes of granular product to an undisclosed trader on a free on board (FOB) basis on 10 March following private negotiations, the source said.
The producer expected to load the cargo at the end of March/early April, likely for
KHIPC previously offered the same cargo on the Iran Mercantile Exchange (IME), but had scrapped the 8 March tender.
“The price proposals we received via the IME were not acceptable, hence we sold the cargo through direct negotiations,” the source added.
The producer’s price idea was understood to be in line with Abu Dhabi National Oil Co’s (Adnoc) March sulphur lifting price, set at $210/tonne FOB Ruwais. However, the difference in price ideas between the buy and sell side was huge.
“Most traders did not want to pay $190/tonne FOB or above,” according to a market source.
($1 = €0.72)
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