Industrial sulfur prices have climbed to nearly $1,000 per metric ton, compared with a typical range of $100-$200, as global supply has tightened through 2026. Most of the increase has been driven by prolonged disruption to shipping through the Strait of Hormuz, which has severely constrained sulfur trade flows.
Commodity data platform Kpler said the sulfur trade crisis is far from resolved and is worsening again, with a large number of vessels still stranded in the Strait of Hormuz. The disruption has affected refinery operations and by-product sulfur availability worldwide.
Huatai Securities' basic chemicals team said geopolitical conflict could continue to weigh on global refinery utilization rates in the short term, keeping sulfur supply tight and prices high. It said new energy development could reduce refinery by-product sulfur output over the medium and long term.
At the same time, demand from phosphate fertilizer and new energy sectors is expected to keep growing, potentially widening the supply-demand gap and pushing sulfur and sulfuric acid prices higher. Companies with sulfur output or alternative process routes could benefit, according to the brokerage.
Among Chinese listed companies cited, Luxi Chemical holds a sulfur sales license and is building an 800,000 mt/y sulfuric acid project reported at 40% completion, while Rongsheng Petrochemical is described as a leading domestic producer of by-product sulfur from integrated refining and petrochemical operations.
