Sulfur spot prices fell sharply in the week to October 24. The Zhenjiang port reference price was 5,400 yuan per tonne, down 14.29% week on week, 25.00% from a month earlier and 53.45% below the June high, according to Baichuan Yingfu data cited in a Bank of China International Securities report.
Middle East October sulfur FOB contracts were lowered across the board. Kuwait's October FOB was $820 per tonne, down $45 month on month, and the UAE's was $890 per tonne, down $70.
Although shipping risk through the Strait of Hormuz persists and freight and war-risk insurance surcharges remain high, weak demand is driving prices down. Phosphate fertilizer and non-fertilizer downstream buyers are reluctant to purchase amid cost and sales pressure.
Sulfur inventories at China's main ports stood at 1.104 million tonnes, down 1,000 tonnes from October 15 and 1.204 million tonnes lower year on year, according to Baichuan Yingfu.
The report said sulfur prices may continue to trend lower in a volatile range given weak downstream demand.
