LONDON (ICIS)--ADNOC's (Abu Dhabi National Oil Company's) August Official Selling Price (OSP) for sulphur to the Indian market has risen by $13/tonne from July to $100/tonne FOB (free on board), according to sources on Thursday.
This is the highest ADNOC monthly posted price since February 2016, and the highest month-on-month increase since January 2015. It follows a $10/tonne rise in the QPSPP and Saudi Aramco Trading monthly posted prices earlier in the week.
The Saudi Aramco Trading August monthly posted sulphur price was announced on Tuesday at $95/tonne FOB Saudi Arabia, representing a price increase of 12%, also an 18-month high.
The Qatar Petroleum for the Sale of Petroleum Products Company Limited's (QPSPP) August posted price was announced on Monday at $94/tonne FOB Qatar, at a nineteen month high.
The price hikes follow weeks of rising Middle East spot prices on the back of low availability and strong demand in China.
With high China demand expected to continue into August because of the peak season, some traders were speculating that Middle East spot prices could break the $100/tonne psychological barrier in the next few weeks.