02 November 2011 17:41 [Source: ICIS news]
LONDON (ICIS)--UAE sulphur producer Abu Dhabi National Oil Co (Adnoc) has maintained its official selling price for November at $220/tonne (€161/tonne) citing market stability, an Adnoc source said on Wednesday.
The monthly sulphur price is on a free on board (FOB) Ruwais basis, applicable to the Indian market only.
“We have seen stability in the market and decided to roll over the price from October,” the source added.
Traders who are active in the Indian market said Adnoc’s FOB level is still too high for the current market.
Earlier this week, Indian state trading company MMTC’s 31 October sulphur purchase tender attracted the lowest offer at $239.70/tonne CFR (cost and freight), netting back to the mid-$210s/tonne FOB Middle East.
The Adnoc monthly selling price has been unchanged since September this year, when Indian prices hovered in the $234-242/tonne CFR range. The $220/tonne FOB level has been above this range, with freight between the Middle East and India estimated in the mid $20s/tonne.
($1 = €0.73)
For more on sulphur, visit ICIS pricing fertilizers.
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