IFA ’14: Qatar’s Tasweeq increases June QSP by $19/tonne

28 May 2014 14:55 Source:ICIS News

SYDNEY, Australia (ICIS)--Qatar International Petroleum Marketing Company Ltd (Tasweeq) has announced its Qatar Sulphur Price (QSP) for June at $152/tonne FOB (free on board), the company confirmed on Wednesday.

The $19/tonne increase from May will come as a surprise to some industry participants, many of which were not expecting to see a shift in the value of sulphur moving from May to June.

Speaking on the sidelines of the International Fertilizer Industry Association (IFA) annual conference in Sydney, a trader supplying the market with sulphur originating from the Middle East described the market as “not long or short”.

It also did not expect Tasweeq to increase its June price.

“I don’t think the Middle East producers will do much with their prices in June, so any movements up will come from position-taking,” the trader previously said.

Indeed the mood of the market during IFA was that any upward movement in price would be largely speculator driven.

Another supplier of sulphur to the international market also believed that the sulphur market was in speculative mode.

“There is nothing on the horizon to suggest prices moving up or down, but traders will speculate, and I think this is the only reason why we might see sulphur increase in China,” said the supplier.

The IFA conference runs from 26-28 May.

By Julia Meehan