03 February 2012 12:49 [Source: ICIS news]
PPL has made an award to Dubai-based trader, Swiss Singapore, at close to $182/tonne CFR (cost and freight) under the tender, according to a trader source.
This price is down 2% from the previous Indian spot business, concluded at $186/tonne CFR earlier in January.
Indian sulphur prices are declining due to a weak global demand outlook for phosphate fertilizers in the first quarter. As a result, feedstock sulphur demand in India and other major import markets, including China and Morocco, has been low.
Swiss Singapore is due to deliver 35,000 tonnes of granular sulphur to Cochin between 1 March and 4 March.
The tender award nets back to the $150s/tonne FOB (free on board) Middle East, currently unworkable in any markets other than, potentially, Iran.
Iran has been subjected to international sanctions and has to sell its sulphur at distress prices because few companies are able to do business with the country.
Swiss Singapore previously indicated that it is in talks with another trader for 30,000-35,000 tonnes of Iranian sulphur for February shipment. Swiss Singapore is targeting the $150s/tonne FOB, $20/tonne below seller ideas.
($1 = €0.76)
For more on sulphur visit ICIS pricing fertilizers
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections