Tampa:
The second-quarter contract price of molten sulfur delivered to Tampa closed at $103/lt CFR, down $27/lt from the first-quarter’s $130/lt settlement. The price landed closer to what buyers were bidding. Some called the international market oversupplied, citing both soft demand from phosphate producers in China and Africa, and increased supply coming from the Middle East.
US Gulf:
Sulfur pricing out of the US Gulf was estimated at $103-$105/mt FOB based on the new Tampa contract, with supply described as not readily available. The previous range was quoted at $125-$130/mt FOB for last-done business.
Brazil:
Sources noted recent Brazil spot pricing softening to the $129-$140/mt CFR range, off from the previous $129-$145/mt CFR. New offers for material of Kazakhstan origin circulated at $120/mt CFR, but with no trades reported.
Contracts for the second quarter were reportedly negotiated in the $135-$140/mt CFR range, below $172-$186/mt CFR in the prior period.
Vancouver:
Vancouver prices continued to decline, dropping to $85-$90/mt FOB from last week’s $100-$110/mt FOB range. Rising interest rates, large inventories, and lackluster demand from China were all blamed for the negative sentiment.
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 FOB range, declining from last week’s $15-$60/mt FOB.
West Coast:
West Coast prills were even with Vancouver at $85-$90/mt FOB, down from $100-$110/mt FOB the week before.
Molten sulfur contracts for loading in the second quarter were reported at $98-$106/lt FOB, falling from $125-$135/lt FOB in the prior period.
China:
China spot sulfur import pricing extended its decline, falling to $115-$120/mt CFR from the previous $120-$125/mt CFR range.
ADNOC:
Prilled sulfur produced by the Abu Dhabi National Oil Co. (ADNOC) was posted at $115/mt FOB Ruwais for loading in April, while discounted product was reportedly offered around $95/mt FOB.
Qatar:
April Muntajat solid sulfur cargoes were posted at $110/mt FOB Ras Laffan, sources said. Offers were reported around $90/mt FOB, $20/mt below the posted price.