For the Quarter Ending September 2025
North America
• In USA, the Sulphur Price Index fell by 1.91% quarter-over quarter, driven by import cost pressures.
• The average Sulphur price for the quarter was approximately USD 291.00/MT, reflecting balanced supply dynamics.
• Logistics delays tightened terminals, lifting the Sulphur Spot Price while the Price Index remained sensitive.
• The Sulphur Price Forecast anticipates short-term firmness driven by fertilizer restocking and battery-grade acid demand.
• Shifts in feedstock and refinery runs influenced the Sulphur Production Cost Trend, supporting producer margins.
• Sulphur Demand Outlook improved as fertilizer and copper-leach requirements increased, underpinning stronger term-volume spot bids.
• Elevated inventories with firm export inquiries intermittently tightened availability, keeping the Sulphur Price Index responsive.
• Major Gulf Coast refiners' steady throughputs-maintained supply, yet vessel and rail delays elevated costs.
Why did the price of Sulphur change in September 2025 in North America?
• Rising Canadian export costs and Asian purchases raised US import parity, tightening merchant sulphur availability.
• Strong fertilizer and battery-grade acid demand increased offtake, offsetting refinery output and pressuring spot markets.
• Vessel timing and railcar shortages raised transport costs, increasing supply friction and influencing near-term prices.
APAC
• In Indonesia, the Sulphur Price Index fell by 1.11% quarter-over-quarter in Q3 2025, reflecting oversupply dominance
• The average Sulphur price for the quarter was approximately USD 297.00/MT based on CFR Tanjung Priok cargoes
• Elevated port inventories pressured Sulphur Spot Price as steady Middle Eastern inflows outpaced domestic offtake
• The Sulphur Demand Outlook strengthened as HPAL, and fertiliser restocking lifted industrial procurement for planting
• Lower diesel and steady feedstock supply tempered the Sulphur Production Cost Trend, easing landed costs
• Short-term Sulphur Price Forecast shows firming risks as burner ramps and merchant availability tightens further
• Recent tender activity and downstream bids lifted the Sulphur Price Index, signalling tighter short-term balance
• Robust Middle Eastern liftings and domestic burner expansions supported sustained export demand and procurement urgency
Why did the price of Sulphur change in September 2025 in APAC?
• Industrial restocking and burner throughput intensified import enquiries, tightening port inventories and lifting spot bids
• Smooth freight lanes and steady Middle East supply limited logistics premiums, moderating landed-cost volatility slightly
• Tender-driven buying and temporary import paperwork tightening prompted forward purchases, amplifying short-term procurement urgency notably
Europe
• In Germany, the Sulphur Price Index rose by 7.26% quarter-over-quarter, due to stocking and planting.
• The average Sulphur price for the quarter was approximately USD 231.33/MT reflecting cautious buying patterns.
• Sulphur Spot Price firmed as planting restocking resumed, tightening prompt supply and lifting regional offtake.
• Sulphur Price Forecast points to limited upside, supported by restocking and constrained FOB availability conditions.
• Sulphur Production Cost Trend remained muted as feedstock and energy prices held steady throughout quarter.
• Sulphur Demand Outlook improved with planting season restart, elevating offtake and raising the Price Index.
• Inventories stayed sufficient, but Rhine logistics and tenders elevated landed costs, capping Sulphur Spot Price.
• Major producers ran without outages, maintaining output reliability and keeping the regional Price Index balanced.
Why did the price of Sulphur change in September 2025 in Europe?
• Resumption of planting season increased agrochemical procurement, driving restocking and immediate downstream demand uplift pressure.
• Balanced refinery recoveries and steady domestic output-maintained supply, yet Rhine surcharges tightened prompt availability.
• Stable feedstock and energy costs limited production cost inflation, while buyer caution delayed contractual purchases.
MEA
• In Saudi Arabia, the Sulphur Price Index fell by 4.24% quarter-over-quarter, reflecting subdued export demand.
• The average Sulphur price for the quarter was approximately USD 271/MT FOB Al Jubail levels.
• Sulphur Spot Price firmed as Asian procurement increased and export availabilities tightened, lifting seller confidence.
• Sulphur Production Cost Trend remained stable as feedstock crude prices held steady, limiting inflationary pressure.
• Sulphur Demand Outlook improved with domestic plantation season and fertilizer buying from China and Morocco.
• Sulphur Price Forecast projects near-term firmness, modest corrections as restocking and seasonal demand dynamics normalize.
• Sulphur Price Index fluctuations mirrored shipping risk, port congestion and regional geopolitical tensions affecting export flows significantly.
• Inventory builds and steady refinery recoveries weighed on FOB values, though scheduled maintenance could tighten supply later.
Why did the price of Sulphur change in September 2025 in MEA?
• Tighter export inquiries from Asia increased procurement, tightening available spot parcels and elevating FOB quotations.
• Logistics disruptions, higher freight and insurance costs reduced arbitrage, constraining exports and supporting domestic FOB.
• Seasonal domestic planting increased demand while ample refinery recovery sustained supply, resulting in firmer pricing.
For the Quarter Ending June 2025
North America
• The Sulphur Spot Price in North America inclined by 32.36% quarter-over-quarter in Q2 2025, reflected in a bullish Price Index.
• The US sulphur market demonstrated a largely bullish trend in the early part of Q2, supported by tight supply conditions, firm demand from the agrochemical sector, and global geopolitical uncertainties.
• Import costs from Canada remained a key factor, often dictating price movements, with exemptions under the USMCA helping to stabilise pricing despite global tariff volatility.
• Mid-quarter, the Price Index stabilised at higher levels, driven by consistent demand and a gradual normalisation of domestic production, despite earlier refinery disruptions on the Gulf and West Coasts.
• Toward the end of Q2, weaker import costs from Canada and easing supply pressures led to a temporary dip in the Price Index, although bullish undertones persisted due to global freight disruptions and sustained seasonal demand.
• Overall, the quarter reflected a stable to bullish market tone, shaped by a dynamic balance of supply chain factors, seasonal demand cycles, and international trade developments.
Why did the price of Sulphur change in July 2025 in the US?
• The sulphur market in the US experienced a slight downward trend in July 2025, driven by stable imports from Canada, balanced domestic production, and sufficient inventory levels, which collectively eased market pressure.
• The sulphur Production Cost Trend remained steady as refinery operations normalised and Canadian exports flowed without major disruption, despite ongoing maintenance work and minor logistical adjustments.
• The sulphur Demand Outlook weakened due to the fertiliser off-season, leading buyers to adopt a conservative procurement strategy focused on existing stockpiles, and the sulphur Price Forecast points to continued stability unless market dynamics shift.
APAC
• The Sulphur Spot Price in APAC inclined by 30.29% quarter-over-quarter in Q2 2025, reflected in a bullish Price Index.
• The sulphur Price Index in Indonesia followed a largely bullish to stable trajectory in Q2, initially supported by strong demand from the agrochemical sector during the peak plantation season.
• Consistent import flows from Middle Eastern suppliers played a major role in supporting the firm Price Index amid the fluctuations in global markets.
• As the quarter progressed, market activity remained cautious, with buyers maintaining a conservative procurement approach due to elevated international offers and concerns over future demand.
• Mid to late Q2 witnessed a slight softening in the Price Index, as industrial buyers, especially in the battery metals sector, slowed operations and opted to monitor trends.
• Despite seasonal demand, the market remained balanced due to adequate inventories, and restrained buyer participation, leading to stable pricing dynamics.
Why did the price of Sulphur change in July 2025 in Asia?
• The sulphur Spot Price in Asia experienced a decline in July 2025 amid the consistent shipments from Middle Eastern exporters, supported by eased port congestion.
• On the sulphur Demand Outlook side, many industrial consumers opted for cautious procurement strategies. With inventories already stocked and end-user requirements well-covered through July, spot market activity remained minimal.
• The expectation of further declines in the sulphur Price Forecast led buyers to postpone purchases, reinforcing the downward trend in regional spot prices.
Europe
• The Sulphur Spot Price in Europe inclined by 40.49% quarter-over-quarter in Q2 2025, reflected in a bullish Price Index.
• The sulphur Price Index in Germany showed a consistent upward trend throughout Q2 2025, driven primarily by constrained supply and high procurement activity from key downstream sectors like agrochemicals.
• Operational disruptions at major facilities—including Bayernoil and Grillo Werke—contributed to tight availability, while logistical bottlenecks due to low Rhine River water levels added further pressure.
• Despite some recovery in refinery output and easing of transport constraints later in the quarter, the Price Index remained bullish due to lingering supply imbalances.
• Seasonal demand from the agrochemical industry initially supported strong buying activity, though this tapered off toward the end of the quarter as the region entered the traditionally slower summer period; however, limited availability continued to sustain a firm market sentiment.
Why did the price of Sulphur change in July 2025 in Europe?
• In July 2025, sulphur spot price in Europe remained stable amid the start of summer holiday season, which led to reduced market activity and cautious buying behavior.
• The sulphur demand outlook was moderate as plantation activity across European countries slowed, and most buyers were well-stocked, limiting the need for additional spot purchases.
• Sulphur production cost trend remained steady, with no major disruptions in supply, allowing suppliers to hold their quotations despite mild upward pressure in some contract negotiations.
• The sulphur price forecast indicated continued market stability, supported by a balanced supply-demand environment and early contract settlements ahead of the seasonal slowdown.
MEA
• The Sulphur Spot Price in Europe inclined by 35.22% quarter-over-quarter in Q2 2025, reflected in a bullish Price Index.
• The sulphur Price Index in Saudi Arabia showed strong bullish momentum during early Q2, supported by seasonal demand from agricultural and industrial sectors in key export markets such as India, China, and Southeast Asia.
• Rising production costs—driven partly by higher crude oil values and revised regional pricing announcements—further elevated the Price Index.
• Mid-quarter trends remained firm due to persistent export demand and constrained supply, as regional producers increased output to meet international orders.
• However, as the quarter progressed, sentiment shifted towards caution, with market participants showing resistance amid high offers and stable inventory levels.
• By June, the sulphur Price Index moderated, reflecting unsold cargoes and subdued buying interest from major importers relying on existing stocks.
• The domestic market remained stable due to low seasonal demand, while anticipation of resumed Chinese phosphate exports and upcoming Q3 contract talks added uncertainty to the near-term outlook.
Why did the price of Sulphur change in July 2025 in MEA?
• The sulphur Spot Price in the MEA region declined in July 2025 due to softening overseas buying activity. Major importers remained well-stocked, reducing spot procurement.
• The sulphur Demand Outlook softened as agricultural demand in Saudi Arabia was limited amid the off-season, while international buyers delayed fresh purchases, leading to reduced trade momentum.
• The sulphur production cost was unstable amid the fluctuations witness in the crude oil market.
• The sulphur Price Forecast reflected bearish market sentiment driven by ample supply, lack of spot buying interest as the Asian Suppliers are not expected to enter the spot market until August, and logistical challenges, suggesting continued downward pressure.
For the Quarter Ending March 2025
North America
During the first quarter of 2025, the sulphur market in North America witnessed bullishness. This sustained uptrend was driven by a complex interplay of supply constraints, logistical disruptions, and strong downstream demand. In January 2025, the U.S. sulphur market began the year with strong bullish sentiment. This was primarily driven by tight inventories, high import costs, and severe winter disruptions from Canada, which delayed deliveries and strained the supply chain. Despite a seasonal dip in agrochemical demand, buyers remained active due to fears of future shortages, especially as the polar vortex and heavy snowstorms intensified logistical hurdles.
By February, bullishness persisted, with market participants responding to consistent supply constraints, refinery maintenance, and shutdowns caused by harsh weather. A brief delay in the enforcement of tariffs on Canadian and Mexican imports by the U.S. government added temporary relief, but uncertainty loomed. Buyers increased procurement to secure volumes ahead of potential policy changes.
In March, bullish trends accelerated significantly. Sulphur prices surged by 11.9% in early March, and by the third week, prices jumped a further 13.3%. Rising Canadian import costs, tight inventories, and a fast-approaching tariff deadline drove suppliers and buyers into aggressive market activity. Therefore, Q1 was marked by robust demand, constrained supply, and market anxiety—together fueling a sharp upward momentum in sulphur pricing.
APAC
During the first quarter of 2025, the sulphur market in the APAC region witnessed bullishness in its trend in comparison to the previous quarter. However, during the first month of 2025, the sulphur market experienced a slight dip due to bearish factors like reduced phosphate production and ongoing export restrictions. However, bullishness returned later in the month as phosphate fertilizer producers began restocking ahead of the Lunar New Year, and port inventories slightly declined. In February, the bullish momentum strengthened. The plantation season kicked off, significantly boosting demand from the agrochemical sector. Prices climbed again as operations resumed post-holiday and procurement activities intensified. Despite declining crude oil prices, increased buying and strategic bulk purchases, especially from key fertilizer manufacturers, kept market sentiment strong. By March, bullish sentiment further surged. This was fueled by tighter supply conditions, shrinking inventories, and price hikes from major producer Sinopec. Despite stable refinery production, constrained availability and seasonal urgency sustained upward pressure, solidifying the bullish trend throughout Q1 2025.
Europe
In the first quarter of 2025, the sulphur market in the European region exhibited a bullish trend, showing stronger momentum compared to the previous quarter. In January 2025, sulphur prices in Germany held firm, reflecting bullish market sentiment despite the absence of the plantation season. The bullishness was primarily driven by persistent supply shortages due to declining refinery production and increasing crude oil prices, which raised production costs. Adding to the optimism, Aglobis (Mitsui) signed an Early Work Agreement with Engie Deutschland to develop a new sulphur remelter, further affirming long-term bullish supply outlooks. In February, prices remained elevated amid worsening supply constraints. A fire at Bayernoil’s Neustadt refinery and technical disruptions at the Miro refinery in Karlsruhe significantly limited sulphur production. These events, compounded by logistical issues like rail closures and refinery maintenance plans, kept the market tight. With peak plantation season underway, demand from the agrochemical sector remained firm, maintaining upward pressure on prices. By March, bullish sentiment surged further. Despite a drop in crude oil prices, refinery shutdowns (Bayernoil, Shell Wesseling), unresolved supply chain backlogs, and continued canal strikes restricted availability. Demand from the agrochemical sector remained strong during the plantation season, amplifying competition for limited stocks and reinforcing bullish sentiment across the German sulphur market.
MEA
During the first quarter of 2025, the sulphur market in the Middle Eastern region demonstrated a bullish trajectory, gaining stronger momentum than was observed in the preceding quarter. In January 2025, the sulphur market in Saudi Arabia showcased bullishness in its trend. This bullish sentiment was driven by strong overseas demand, particularly from the Asian agrochemical sector. Buyers in countries like China and Indonesia ramped up their purchases ahead of the Lunar New Year, leading to increased transactions and proactive inventory stocking. The pre-holiday rush, compounded by equipment shortages and logistical constraints, sustained high price quotations. Moving into February, the bullishness persisted. Despite subdued trade volumes due to the Lunar New Year holiday in China and Indonesia’s early procurement, bullish market sentiment remained supported by supply-side limitations. Notably, Adnoc’s pricing rollover added to the sense of market stability. Additionally, the ongoing planned maintenance at Saudi Arabia’s 400,000 b/d Jizan refinery restricted sulphur availability, contributing to tight supply conditions. By March, the bullish momentum intensified, with prices rising to USD 211/MT—marking a 24% increase. The rebound in Chinese imports and strong Indonesian demand fueled this surge, while Jizan’s maintenance cycle neared completion. Persistently tight inventories and robust downstream agrochemical demand solidified Saudi Arabia’s bullish sulphur market throughout Q1 2025.
For the Quarter Ending December 2024
North America
The North American Sulphur market exhibited a bullish trend in Q4 2024, driven by supply chain disruptions, rising demand, and production challenges. Strikes in Canadian ports, halted operations in major facilities, and rail delays from freezing winter conditions created significant supply constraints. Domestic production faced additional setbacks due to Hurricane Helene and flooding incidents, limiting output and tightening supply. High refinery utilization rates in the Gulf Coast and Midwest helped stabilize supply but did not fully alleviate market pressure.
Demand from the agrochemical sector remained robust throughout the plantation season and beyond, fueled by fertilizer needs and soil replenishment after reduced field activity. Global phosphate market tightness, exacerbated by Chinese export restrictions and domestic production outages, further supported demand for Sulphur.
Political uncertainty, including potential tariffs on Canadian imports, added to market volatility, while congestion at US ports and backlogs from strikes intensified logistical challenges. Buyers continued active procurement to secure volumes, balancing seasonal and ongoing needs. Overall, the Sulphur market was marked by tight supply, heightened demand, and cautious but optimistic market sentiment.
APAC
The Sulphur market in the APAC region demonstrated a bullish trend during Q4 2024, driven by strong demand, fluctuating production costs, and tight inventory levels. In China, the post-Golden Week period witnessed heightened market activity as participants returned to address increased demand during the plantation season. Demand from the agrochemical sector and phosphate producers remained strong, supported by high operating rates and the need for fertilizers. However, port inventories declined steadily, reflecting insufficient supply to meet rising consumption. Logistical disruptions from typhoons, port congestion, and reduced sailings compounded supply challenges, limiting the inflow of new stocks. The market also witnessed active trading, with international and domestic transactions highlighting ongoing supply movements and demand dynamics. However, at the end of December, bearish market sentiments emerged due to export restrictions, price cuts by major producers, and lower phosphate production rates. Seasonal demand variations and uncertainty around export policies further contributed to the market’s softer tone. Phosphate producers operated at reduced capacities, but expectations of higher run rates post-Lunar New Year hint at potential market recovery.
Europe
During Q4, the Sulphur market in the European region remained bullish due to tight supply conditions and increased production costs. Sanctions on Russian crude imports led to a reliance on low-sulphur crude, further driving up production expenses. The ongoing plantation season significantly boosted demand, particularly in the agrochemical sector, adding upward pressure on the market. Furthermore, the market continued to face persistent challenges, such as limited inventory levels and production disruptions in the European region. The restart of some plants and increased imports provided some relief, but issues like port congestion and fire at Grillo Werke's plant continued to strain supply chains. The recent leak in the Druzhba pipeline raised initial concerns, but supply remained unaffected. As the plantation season progressed, demand for sulphur grew, supported by projects like the Aglobis and Rhenus remelter plants, which aim to address long-term supply constraints. Overall, the market demonstrated resilience amidst these challenges, reflecting a complex interplay between supply limitations, rising demand, and strategic responses to ensure stability.
MEA
During the last quarter of 2024, the Sulphur market in the Middle Eastern region has consistently demonstrated bullish market sentiments, driven by strong demand and tight supply conditions amidst global and geopolitical pressures. Rising crude oil prices and the Red Sea crisis have contributed to increased production costs and freight charges, intensifying the bullish trend for the Sulphur market. The plantation season and heightened overseas demand have further spurred consumption rates, reflecting robust market optimism. Furthermore, with the maintenance at the Red Sea Yasref refinery, which temporarily halted sulphur shipments, the bullish sentiment persisted. The maintenance, coupled with supply chain disruptions, has further tightened the market. The broader challenges, including geopolitical tensions and supply chain disruptions, have underscored the market's resilience in maintaining the bullish market sentiments, presenting opportunities for downstream sectors. Overall, the market's bullish trend has been driven by strong demand from the agrochemical sector, supply constraints, and strategic supplier actions, showcasing resilience and confidence amidst global and regional challenges.
