11 January 2012 17:17 [Source: ICIS news]LONDON (ICIS)--Sulphur prices in India have dropped to $186/tonne (€145/tonne), the lowest in 12 months, after a purchase by Indian Farmers Fertilizer Cooperative (IFFCO), a company source said on Wednesday.
IFFCO has bought a 30,000-35,000 tonne Middle East granular sulphur cargo from Dubai-based trader Swiss Singapore at $186/tonne CFR (cost and freight), the source added.
It is lower than IFFCO’s last purchases from Transfert in the low-$190s/tonne CFR.
The price nets back to the high-$150s/tonne FOB (free on board), with freight indicated in the high-$20s/tonne between the Middle East and east coast India.
The netback is also at least $30/tonne lower than the January official selling price of Abu Dhabi National Oil Co (Adnoc) at $190/tonne FOB Ruwais. The price applies to the Indian market only.
IFFCO’s purchase put Indian sulphur prices at its lowest since January 2011, further demonstrating a weakening market due to poor global demand.
($1 = €0.78)
For more on sulphur visit ICIS pricing fertilizers
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