India
The India CFR price range remained stable at $1,040–$1,060/mt. A Middle Eastern cargo with delivery in early October was sold to a fertilizer producer on India’s east coast at $1,060/mt CFR.
The India lump sulfur CFR price range held steady at $900–$950/mt. Most offers from east coast fertilizer producers were below the assessed price range.
Despite continued subsidies for both sulfur and sulfuric acid, import demand remains limited. Domestic refinery supply (also subject to subsidies) is priced consistently below import parity, making it a more competitive option. However, these subsidies are only available to phosphoric acid producers.
Other downstream sulfur consumers, including fine chemicals, dyes, and intermediates, continue to face higher import costs, prompting some companies to reduce operating rates or shut down units.
Indonesia
The Indonesia CFR price range eased slightly to $1,050–$1,060/mt, compared with $1,050–$1,070/mt CFR last week.
A 50,000-tonne spot Middle Eastern sulfur cargo delivered in October traded at $1,060/mt CFR. On September 15, state-owned fertilizer company Pupuk Indonesia closed its tender for 55,000 tonnes of granular sulfur for subsidiary Petrokimia Gresik. The award decision is expected next week. Vessels are required to arrive at Gresik port between October and December, with the first shipment scheduled for late October.
Rumors of a trade at $950/mt CFR widely linked to a metal producer were denied by the buyer. Some market sources indicated the deal included compensation clauses, and the price was generally considered below prevailing spot market levels.
Indonesia’s nickel reference price (HPM) fell in the second pricing period of September due to valuation impacts on London Metal Exchange (LME) reference prices for various metals. The latest HPM setting was $16,698/tonne, down $35.33/tonne from the first period in September. Although physical nickel supply remains tight, lower HPM prices reduce ore costs, benefiting high-pressure acid leach (HPAL) producers’ margins, provided they secure sufficient feedstock.
Insufficient rainfall in Central Sulawesi led Excelsior Nickel Cobalt (ENC) to reduce plant utilization from 50% in early August to 30%. The facility’s sulfuric acid unit has a nominal capacity of approximately 3 million tonnes/year, producing sulfuric acid via sulfur burning.
Middle East
The Middle East FOB price range remained unchanged at $860–$890/mt FOB.
Sulfur vessels continue to transit the strait at a rate of two to three ships per week, but geopolitical risks have driven up freight and insurance costs. Several vessels have encountered drone and missile attacks during transits in recent weeks.
Iran
The Iran FOB price range stabilized at $750–$850/mt FOB.
Oman
On September 17, a sulfur sales tender was issued for 35,000–40,000 tonnes, loading at Duqm port in late October. The tender closed on September 22.
Saudi Arabia
After several weeks, the first vessel carrying Saudi sulfur again transited the strait. The Xia Men Ze Ping, with a deadweight tonnage of 27,414 tonnes, is expected to sail to Asia.
Red Sea
Houthi attacks continue to pose risks to Saudi shipping routes via the Red Sea. Consequently, Saudi cargoes are likely to be routed northward via Egypt/the Suez Canal to supply North African markets.
Yemen’s Houthis announced on September 16 that they had struck and hit Saudi Aramco facilities in Yanbu. Yanbu, located on the Red Sea coast, has a sulfur production capacity of approximately 169,000 tonnes/year. However, sources told Argus that the facility was not damaged.
Jordan
Recent charter inquiries emerged for 30,000 tonnes of bulk sulfur, loading from Poti or Batumi ports in Georgia, destined for Aqaba, with arrival dates between September 25–30.
North Africa
The upper limit of the North Africa lump + granular sulfur CFR price range pulled back to $980–$1,050/mt CFR, from $980–$1,100/mt CFR last week. Both bid and offer levels declined; buyers anticipate further softening in raw material prices. Previous transactions have covered immediate requirements, while reduced plant operating rates have slowed inventory drawdowns, extending inventory cover.
The upper limit of the North Africa pure granular sulfur CFR price also retreated to $1,000–$1,050/mt CFR, from $1,000–$1,100/mt CFR last week, amid weaker demand. Offers for Saudi Red Sea-origin and US-origin cargoes persisted into the North African market, but no spot trades occurred in the region.
Morocco
The Hermes, with a deadweight tonnage of 59,000 tonnes, arrived at Jorf Lasfar port on September 16 after loading in Ust-Luga, Russia.
Egypt
Constrained by tight sulfur supply, Egyptian fertilizer producers other than NCIC have not commenced production of new fertilizer batches.
Although domestic Egyptian refineries are selling small volumes in the local market, supply is insufficient to meet the needs of most sulfur-consuming enterprises.
This Monday, a 7,500-tonne cargo of Saudi sulfur loaded at Yanbu port arrived at Ain Sokhna port, supplying NCIC.
Russia & Central Asia
Baltic
The Baltic FOB price range remained stable at $850–$900/mt FOB. Kazakhstan sulfur shipments remain at low levels, with at least 100,000 tonnes expected to be exported via Russian ports in September.
Black Sea
The lower end of the Black Sea FOB price range adjusted downward, reflecting softer lump sulfur prices, with quotes at $800–$900/mt FOB, compared with $850–$900/mt FOB last week. Offers exist from a Georgian port at prices significantly below those from other origins and the assessed range, though the origin and current location of this cargo remain unclear.
Russia
Russian Prime Minister Mikhail Mishustin signed a decree banning sulfuric acid exports from September 22 through December 31. This measure aims to ensure stable supply for domestic industrial users and fertilizer producers. Due to conflict-related damage to refineries, Russian sulfur supply is constrained. Russia implemented a sulfur export ban in November 2025, which is expected to remain in effect until the end of 2026. The shortage of Russian sulfur has prompted increased diversion of Kazakh sulfur to the phosphate fertilizer sector.
Canada
Spot FOB prices stood at $950–$1,050/mt, unchanged from last week.
Data from the Alberta Energy Regulator (AER) showed that July sulfur inventories in Alberta decreased further to just under 11.11 million tonnes. The 10,000-tonne reduction represented the smallest monthly drawdown since January 2025; however, it marked the 20th consecutive month of inventory declines since December 2024. Increased re-melting capacity at local processing facilities in Alberta, combined with rising export volumes from Vancouver and external demand from the US, continues to drive inventory depletion.
The impact of wildfires near Boston Bar along key rail corridors in British Columbia (BC) has subsided. BC Wildfire Service reported that the Anslie Creek and Brunswick Creek fires are now contained.
Regular sulfur deliveries at Vancouver terminal facilities have not been interrupted, although currently only one terminal can simultaneously receive rail arrivals and load vessels. Despite weak demand, suppliers remain motivated to ship faster than usual.
Operators stated that the Pacific Coast Terminal near Port Moody, BC, is undergoing planned maintenance and is expected to resume normal operations on September 22.
Brazil
The upper limit of the Brazil CFR price range retreated to $1,000–$1,145/mt CFR, from $1,000–$1,160/mt CFR last week, primarily due to an increase in low-priced offers. No new trades or inquiries emerged. Market activity remains sluggish, with major importers relying on existing stocks and unwilling to increase imports at current price levels. Some downstream customers opted to reduce plant operating rates rather than accept elevated prices.
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