ADNOC raises August sulphur price by $5/tonne

04 August 2014 16:07 Source:ICIS News

LONDON (ICIS)--Abu Dhabi National Oil Company (ADNOC) has set its official selling price (OSP) for August sulphur shipments to the Indian market at $175/tonne FOB (free on board), an increase of $5/tonne from July, a company source confirmed on Monday.

An increase had been widely expected in the market following Qatari producer Tasweeq raising its August price by $3/tonne to $169/tonne FOB on 31 July.  

However, market sources said that end user markets were not accepting prices reflecting $170/tonne FOB and were unlikely to now accept $175/tonne FOB for August, meaning traders would be squeezed.

Sentiment in end user markets China and India has been weaker in recent weeks, with some expectations that sulphur prices are at, or close to, the ceiling for the time being, according to market sources.

 

By Rebecca Clarke