China’s Sinopec raises sulphur offers by CNY20-30/tonne again

23 March 2012 09:27  [Source: ICIS news]

SINGAPORE (ICIS)--China's Sinopec has raised its offers for sulphur by yuan (CNY) 20-30/tonne ($3-5/tonne) again on Friday, the second time it increased prices this week, given its low inventory of the product, a company source said.

“Liquid sulphur is offered at CNY1,710-1,760/tonne and solid sulphur is offered at CNY1,750-1,860/tonne,” the source said.

The price increase applies to Sinopec’s refineries in Jiujiang, Cangzhou, Yangzi, Jinling, Wuhan, Anqing, Qingdao, Qilu and Tianjin, the source said.

The company’s Puguang Gas field has also increased its sulphur offers by CNY20/tonne to CNY1,730/tonne EXW (ex-works) for cargoes delivered at Wanzhou port, while its EXW offers by truck in Sichuan were unchanged at CNY1,660/tonne, the source added.

However, with the spring fertilizer application season ending in April, the major price driver in China will be the prospects for Chinese phosphate fertilizer exports between 1 June to 30 September.

However, at the moment, the prospects for phosphate exports appear poor.

It was said in the market that 40,000 tonnes of Ma’aden DAP was sold to Indian PPL at $540/tonne (€410/tonne) CFR India, indicating a weakness in the phosphate market, an industry source said. 

Most market players have adopted wait-and-see attitude, and the offer prices for imported granular sulphur at Nantong port remained at  CNY1,700/tonne with thin trade volume, the source added.

($1 = CNY6.33)

By: Natalie Hui

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