21 February 2014 15:07 [Source: ICIS news]
LONDON (ICIS)--The first-quarter sulphur contract price in North Africa has settled at $130-140/tonne, sources said on Friday.
“We are loading in March. Formally we will make $130-140/tonne the price,” a major supplier to North Africa confirmed.
The settlement at $130-140/tonne CFR (cost and freight) North Africa marks an increase of $27-58/tonne on the fourth quarter of 2013.
While contracts have been finalised with one major consumer, paperwork has yet to be fully signed off with a second major customer, the supplier said.
“Morocco is on provisional pricing,” the supplier confirmed.
Some market participants were surprised that the North African Q1 contract price was not higher, since globally sulphur prices have been firming on almost a daily basis.
In relation to the settlement, an international trader said: “I have heard that North Africa was done at $130-140/tonne.”
Negotiations had been rather protracted, since North African buyers were heard to be trying to negotiate lower prices.
However, the longer negotiations continued, prices across other key sulphur trading regions, such as the US, Canada, the Middle East and China, had all firmed.
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