Argus Sulphur Report

The latest edition of the Argus Sulphur report, published on July 31, 2025, presents the following analysis of the Sulphur market:

Sulphur Market Exhibits Signs of Stabilization

The sulphur market remained stable this week, with limited new transactions reported. Market participants have largely adopted a wait-and-see approach, anticipating the August monthly price announcements from Middle Eastern suppliers to guide pricing expectations prior to concluding new deals.

Earlier in the week, QatarEnergy Marketing announced its August QSP at $259/t fob, reflecting an increase of $1/t from the previous month. Price announcements from Kuwait Petroleum Corporation (KPC) and Abu Dhabi National Oil Company (Adnoc) are anticipated by early next week.

Spot market activity has been subdued following a surge in transactions in China and Indonesia during the previous week. Meanwhile, buyers in Brazil and India have issued tenders for cargoes scheduled to arrive in September. The outcomes of these tenders, expected by next week, are likely to provide further insight into the market’s short-term direction.

Key Market Influences

• Elevated port inventories are constraining Chinese import demand, as significant volumes were procured this week by river fertilizer producers from the domestic market. Buyers in the southern region have largely fulfilled their requirements through prior spot transactions.
• Qatar has increased its monthly lifting price by $1/t from July to August, providing support for Middle Eastern FOB pricing expectations.

30–60 Day Forward Outlook

The sulphur market is expected to remain broadly stable throughout August, supported by the Chinese domestic season for autumn application, a resilient phosphate fertilizer sector, and Indonesia’s return to typical consumption levels following recent maintenance activities. However, the increase in demand is offset by bearish factors, including rising inventories at Chinese and southern African ports and continued subdued import levels into North Africa.

Source: Argus