ADNOC sets OSP for June at $150/tonne FOB, up by $5/tonne

02 June 2014 15:29 Source:ICIS News

LONDON (ICIS)--Abu Dhabi National Oil Company (ADNOC) has set its official selling price (OSP) for June sulphur for the Indian market at $150/tonne FOB (free on board), an increase of $5/tonne from May, a source confirmed on Monday.

ADNOC’s OSP for May was set at $145/tonne FOB, down $25/tonne from April. In April, it dropped its OSP by $30/tonne.

In relation to the ADNOC price increase, a market follower said: “Well, that doesn’t surprise me.”

During the recent International Fertilizer Industry Association (IFA) annual conference in Sydney, market followers had not been expecting to see much change in prices moving from May to June from the Middle East, largely because demand from the phosphates market in India had not been as strong as expected following the opening of the export tax window in China on 16 May.

At the close of the conference, Qatar International Petroleum Marketing Company Ltd (Tasweeq) announced that it was increasing its June Qatar Sulphur Price (QSP) to $152/tonne FOB.


By Julia Meehan