05 August 2011 11:46 [Source: ICIS news]
LONDON (ICIS)--Abu Dhabi National Oil Co (Adnoc) has posted a $10/tonne (€7.10/tonne) drop to its August sulphur official selling price, market sources said on Friday.
The August price, applicable to the Indian market only, is set at $215/tonne FOB (free on board) Ruwais, a company official said.
The price reflects a delivered price of about $240/tonne CFR (cost & freight), with freight rates between the Middle East and west coast India estimated at around $25/tonne.
Trading in India has been thin in recent weeks, as most sulphur buyers are covered. As a result the drop is in line with market expectations.
The latest business was concluded in the $228–232/tonne CFR range – below Adnoc’s implied CFR price for August.
Two new Indian purchase tenders announced this week are expected to put the new Adnoc price to the test.
Mumbai-based Rashtriya Chemicals and Fertilizers has issued a tender, closing on 16 August, for 10,000 tonnes of sulphur in a late August to early September delivery to Mumbai, a trader source said.
Another purchase tender was issued by Indian chemical producer Andhra Sugar. The tender is also closing on 16 August, for 9,000 tonnes of granular or lumpy sulphur for late September delivery to Vizag, India, the source added.
Adnoc's July official selling price was set at $225/tonne FOB.
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