Argus Sulphur Market Forecast and Strategic Outlook

Middle East

The FOB price for sulphur in the Middle East has risen to $315–320/t from the previous $310–315/t, driven primarily by elevated bids in recent Qatari spot sales. Despite these speculative offers, several regional markets are showing resistance to these higher levels. An Iranian bulk sulphur shipment of 27,000 t was transacted at $290/t FOB Bandar Iman Khomeini, while Turkmen sulphur was last reported at $280–285/t FOB Bandar Abbas. Limited supply has tempered demand, particularly in China. Upcoming offers for granular sulphur at Bandar Abbas are expected to range between 1,000–10,000 t FOB for November loading. A minor quantity of 1,500 t was sold at $310/t FOB from the Pars Palayesh Fajr facility.

In Qatar, a tender for 35,000 t of granular sulphur closed with bids ranging from $320–333/t FOB, though no awards have been officially confirmed.

Western Europe

Contracts for liquid sulphur supply in Benelux and Northwest Europe from January 2026 are being finalized at a premium of $25–45/t, with pricing indexed to global benchmarks, resulting in $325–345/t FCA Benelux. Negotiations for the fourth quarter remain pending amid rising global prices and improved product availability.

Eastern Europe

FCA liquid sulphur pricing in Eastern Europe is anticipated to be determined on a monthly basis from January 2026, linked to Benelux contract prices but with a reduced premium reflecting improved supply conditions.

Russia

Sulphur production in Russia continues to be impacted by maintenance activities, notably at Gazprom’s Salavat refinery, which has experienced multiple fire incidents.

Mediterranean

In Turkey, Socar’s Aliaga Star refinery will close its spot tender on 26 September for up to 10,000 t of granular sulphur. Concurrently, Tupras will conclude its electronic tender for smaller lots on 29 September, for October loading from its refinery network.

Source: Argus Magazine – September 24, 2025