Tampa:
The first-quarter contract price of molten sulfur delivered to Tampa settled at $69/lt CFR, down $33/lt from the fourth-quarter 2023 price of $102/lt CFR, reflecting a 32% decline.
US Imports:
November sulfur imports softened 20.0%, to 185,693 st from the year-ago 232,061 st. Imports totaled 1.05 million st in July-November, down 9.9% from 1.16 million st in the prior year. Canadian cargoes totaled 537,077 st in July-November, while Saudi Arabia shipped 127,890 st. Mexico sent 73,194 st for the period, above 62,202 st from Iraq.
US Exports:
Sulfur exports firmed 11.5% in July-November, to 1.04 million st from the year-ago 934,404 st. November exports totaled 206,608 st, rising 42.1% from 145,355 st one year earlier. Brazil took 396,755 st of US sulfur in July-November, ahead of 313,926 st to Mexico and 135,181 st to Morocco. New Caledonia purchased 120,229 st.
US Gulf:
The US Gulf sulfur market was unchanged at $65-$70/mt FOB.
Brazil:
Brazil sulfur prices slipped to $91-$95/mt CFR, down from $97-$102/mt CFR at last report. Multiple lots were reported transacting during the week, with cargoes originating from both the West Coast of North America and the US Gulf.
Vancouver:
Vancouver export prices softened to $62-$66/mt FOB, below the week-ago $70-$75/mt FOB, reflecting lower CFR prices at China.
Alberta:
Based on softer levels at Tampa and Vancouver, Alberta netback estimates fell to the (-)$46-(-)$1/mt FOB range from (-)$13-$30/mt FOB at last report. The wide range included both molten sulfur cargoes contracted into the US market and solid tons selling internationally through the Vancouver export market.
West Coast:
On par with Vancouver, solid sulfur loading from the West Coast softened to the $62-$66/mt FOB range. Molten sulfur contracts settled at $50-$55/lt FOB for loading in the first quarter, sources reported, off from $85-$90/lt FOB in 4Q 2023.
China:
Sulfur prices declined to $90-$95/mt CFR at China, falling from last week’s $100-$105/mt CFR range. Reduced operating rates, driven in part by export restrictions and preparations for the upcoming holidays in China, were reportedly putting downward pressure on the market.
ADNOC:
Sulfur produced by the Abu Dhabi National Oil Co. (ADNOC) was posted at $77/mt FOB Ruwais for January, down 11.5% from $87/mt FOB in December.
Qatar:
January Muntajat prices were posted at $74/mt FOB Ras Laffan, a 12.9% decline from December’s $85/mt FOB offer.