04 October 2011 13:02 [Source: ICIS news]
LONDON (ICIS)--The UAE’s Abu Dhabi National Oil Co (Adnoc) has rolled over its official selling price for sulphur in October, contrary to expectations of a slight increase, market sources said on Tuesday.
Adnoc has announced its October sulphur price at $220/tonne (€167/tonne) FOB (free on board) on the back of “a strong market”, according to a company source.
The market had expected a more bullish move from the sulphur producer, but welcomed the new price, which is unchanged from September.
“This is good news to the market,” an international trader said, based on the fact that Adnoc’s selling price is closer to tested spot prices in India.
With freight rates between the Middle East and India – to which the price is applicable – estimated in the mid $20s/tonne, the reflected cost and freight (CFR) price is in the mid-$240s/tonne.
This means that Adnoc’s price idea is still slightly above the latest concluded business in India, which was agreed at $242/tonne CFR under Fertilisers and Chemicals Travancore's 28 September purchase tender.
($1 = €0.76)
For more on sulphur, visit ICIS pricing fertilizers
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