Tampa:
The second-quarter contract price of molten sulfur delivered to Tampa closed at $103/lt CFR, $27/lt below the first-quarter value of $130/lt, a 20.8% decrease. Reduced producer operating rates from phosphate producers and turnarounds reportedly planned for the summer months were noted suppressing demand.
US Imports:
March sulfur imports softened 24.4% compared to March 2022, registering 224,169 st compared to 296,628 st. Imports fell 16.2% for July-March, to 2.09 million st from the year-ago 2.49 million st.
US Exports:
March exports moved 147.4% higher, to 185,599 st from 75,011 st in March 2022. July-March totals were up 43.8% year-over-year, to 1.65 million st from 1.15 million st in the prior period.
US Gulf:
The US Gulf price remained unchanged from last week’s $80-$90/mt FOB. An expected inventory build-up was said to contribute to a general bearish sentiment.
Brazil:
Sources noted Brazil spot prices remaining at $110-$120/mt CFR. Due to high inventory levels and backups in the receiving ports, there is no new business expected at Brazil anytime soon.
Vancouver:
Vancouver prices softened to an $80-$85/mt FOB range, off from the week-ago $85-$90/st FOB. A lack of demand from China continued to be blamed for a slight negative sentiment in the market.
Alberta:
Based on both molten sulfur cargoes contracted into the US market and solid tons sold through the Vancouver export market, Alberta sulfur netbacks were estimated in the (-)$12-$33/mt range, unchanged from last week.
West Coast:
West Coast prills were indicated on par with Vancouver at $80-$85/mt FOB, falling from $85-$90/mt FOB last week.
Molten sulfur contracts for loading in the second quarter were reported at $98-$106/lt FOB, down from $125-$135/lt FOB in the prior period.
China:
China spot sulfur continued to be reported in the $105-$110/mt CFR range. Sources described a lack of interest from buyers, as well as a build-up of inventories by phosphate producers. Chinese MAP and DAP exports increased by 23.5% year-over-year in the first quarter of 2023.
ADNOC:
Prilled sulfur produced by the Abu Dhabi National Oil Co. (ADNOC) was posted at $84/mt FOB Ruwais for loading in May, a $31/mt decrease from $115/mt FOB in April. The change represents a nearly 27% decrease in posted prices.
Qatar:
May Muntajat solid sulfur cargoes were posted at $86/mt FOB Ras Laffan, sources said. The May price represented a $24/mt drop from $110/mt FOB in April, a nearly 22% fall.