India
Driven by lower transaction prices in competing markets, both bid and offer prices declined simultaneously. India CFR prices dropped from $860-880/ton last week to $820-830/ton CFR.
Indian lump sulfur (crushed) CFR prices fell to $800-810/ton CFR, down from $840-850/ton last week. The lower price of granular sulfur has weakened market interest in purchasing crushed lumps.
With the Diwali holiday approaching on November 8-11, market activity is gradually cooling off.
On November 1, domestic refinery ex-factory sulfur prices were cut to approximately INR 91,000/ton, but this did not stimulate demand. It is understood that most buyers have already completed their stockpiling. Weaker monsoon rains have further depressed refinery operating rates, weakening procurement willingness.
Indonesia
Bid and offer prices declined synchronously across both sides. Indonesia CFR prices fell from $850-860/ton last week to $820-830/ton CFR.
Rumors suggest Vancouver-origin cargo was sold to Indonesian nickel plants at $770/ton CFR, though the transaction remains unconfirmed.
Amidst sluggish nickel prices and high sulfur costs, nickel producers are still evaluating further production cuts for High-Pressure Acid Leaching (HPAL) projects. Some companies are considering reducing Mixed Hydroxide Precipitate (MHP) and nickel matte output by up to 50%. These discussions are ongoing, with no actual production cuts confirmed yet.
The approval process for Indonesia’s 2027 Mining Work Plan and Budget (RKAB) has stalled. This document determines next year’s nickel ore supply scale, thereby affecting sulfur demand and suppressing market trading activity.
On November 2, the Indonesian government stated it is considering implementing a mining quota system to regulate supply and demand, address global oversupply, and support product prices. LME nickel prices stood at $15,112.50/ton on November 2, compared to around $17,000/ton in August. Persistent oversupply, high inventories, and weaker-than-expected growth in battery industry demand have led to subdued market sentiment.
Middle East Market
Supported by two new transactions, spot FOB prices in the Middle East (excluding Iran) fell from $740-790/ton last week to $680-740/ton. The traded cargoes were for November shipment.
Iran
Weighed down by high freight costs and sanctions risks, Iran FOB prices declined from $680-720/ton last week to $640-660/ton.
Kuwait
On November 2, Kuwait Petroleum Corporation (KPC) set the official November KSP sulfur FOB price at $720/ton, down $100/ton from October’s $820/ton.
Qatar
QatarEnergy Marketing lowered the official November QSP sulfur FOB price to $735/ton for Ras Laffan/Mesaieed ports, down $100/ton from October’s $835/ton.
United Arab Emirates (UAE)
Abu Dhabi National Oil Company (ADNOC) is expected to release its monthly November quote by the end of this week.
Saudi Arabia
Luberef, a subsidiary of Saudi Aramco, announced that the Phase II Growth Project in Yanbu is scheduled for completion in the first half of 2027. Upon commissioning, it will produce three types of base oils. Originally planned maintenance shutdowns for October have been postponed to the first half of 2027 to maintain production during high-profit cycles. The company supplies 4,000-5,000 tons of big-bag packed sulfur annually to export markets.
North Africa Market
Two large Middle Eastern cargoes totaling over 100,000 tons arrived in December, causing North Africa lump-granular spot CFR prices to fall from $780-850/ton last week to $780-830/ton.
Affected by these new transactions, the upper limit of North Africa’s import-only granular sulfur spot price range declined from $790-850/ton CFR last week to $790-830/ton CFR.
Morocco
Sulfur shipments arrived on schedule at Jorf Lasfar port. OCP fertilizer plant operating rates, which were 50-60% in October, are expected to rise to nearly 70% in November. Several batches of sulfur arrived at Jorf Lasfar port this week, predominantly from the UAE, including small-volume cargoes that typically go unnoticed during periods of low demand: ① MV Kenan T delivered approx. 5,500 tons of Romanian crushed lump sulfur on November 1; ② MV Minoan Sea delivered approx. 70,000 tons of UAE Ruwais sulfur on November 2.
Libya
The National Oil Corporation (NOC) of Libya concluded an 8,000-ton sulfur tender, awarding it to a trader at an approximate FOB price of $825/ton. The destination has not yet been confirmed.
Tunisia
Mediterranean origin cargoes for November arrival have already been booked.
Egypt
There is sulfur procurement demand, with market negotiations occurring this week, but no transactions have been confirmed. Fertilizer plant maintenance and low operating rates persist, while some buyers are inquiring about December shipment cargoes.
Russia and Central Asia
Baltic Sea
Netback prices were compressed by lower landed prices in target markets, causing Baltic FOB prices to drop from $770-780/ton last week to $740-760/ton.
Shipment volumes from Ust-Luga port remain below normal levels due to grain and fertilizers competing for railway capacity. Some Kazakh sulfur remains locally, while the rest is used for export. Kazakhstan’s monthly export estimate is 160,000-300,000 tons; suppliers operate on a monthly basis, and availability for December exports remains unclear.
Black Sea
Lower operating rates among consuming enterprises suppressed landed prices, while rising freight costs contributed to Black Sea FOB prices falling from $710-760/ton last week to $700-740/ton.
Regional conflicts pose vessel damage risks, keeping Black Sea freight rates and war insurance premiums elevated. Poti port in Georgia is offering Kazakh sulfur cargoes externally, but no transactions have been confirmed.
Vancouver, Canada
Vancouver FOB prices dropped by $45/ton to $770-780/ton.
Offers to China are below this range, but buyer bids are also similarly low. Most buyers, particularly fertilizer producers, remain on the sidelines, unwilling to enter at current price levels, continuing to pressure suppliers.
Argus and Port of Vancouver statistics: Sulfur exports from Vancouver exceeded 420,000 tons in October, compared to 229,384 tons in the same period last year. Cumulative exports for January-October 2026 reached approximately 3.3 million tons, a slight increase of about 3% from 3.14 million tons last year. However, inventory levels at Vancouver’s two terminals are low, and November shipment volumes are expected to return to normal levels.
According to Alberta Energy Regulator data for inland regions, Alberta’s sulfur closing inventory dropped to 10.95 million tons in September, the lowest level since at least 2018. Despite continuously declining export prices, liquid and granular sulfur export prices remain above historical levels, indicating that Alberta suppliers are still drawing down stored inventories.
Latin America - Brazil
Global demand weakness led to downward adjustments in bid and offer prices. Brazil CFR prices fell from $860-880/ton last week to $840-850/ton. Rumors suggest US Gulf Coast origin cargo was traded at $800/ton CFR, though this transaction remains unverified.
Unigel reportedly procured less than 10,000 tons of sulfur arriving in November, with transaction details unconfirmed. Its sulfur burning unit continues to produce sulfuric acid, supplying certain customers in the Alagoas region.
Buyers are prioritizing the consumption of existing inventories or seeking small-volume cargoes in the domestic market. Nevertheless, import demand has emerged, with at least two fertilizer producers issuing inquiries for December shipment cargoes.
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