Sulfur: Trading

Monthly prices set by Gulf state producers

Sulfur has no liquid futures market. It is sold under monthly or quarterly contracts and spot cargoes. Large Middle East state producers announce monthly prices, and US Tampa contract prices set a regional benchmark. Price-reporting agencies such as Argus, CRU and ICIS assess FOB Middle East, CFR China and other basis prices. Trading houses and fertiliser companies arrange much of the seaborne trade. Sulfur dioxide, in contrast, has long had a traded market: the US allowed coal-fired utilities to trade emission permits (Tilton & Guzmán, pdf p. 247).

Where it is bought (buyers)

• Phosphate producers: OCP (Morocco), Chinese producers, Ma'aden (Saudi), Mosaic (Tampa), IFFCO and Coromandel (India)
• Nickel HPAL operators in Indonesia and copper leach mines in Chile and DRC (DRC took 10.9% of world import value in 2024)
• China (19.6% of world import value, 2024), Indonesia (8.2%), Brazil (5.4%), India (4.2%) (Comtrade)

Where it is sold (sellers)

• Gulf national oil and gas companies: ADNOC, Aramco, QatarEnergy, KPC; Qatar had 16.6% of world export value in 2024
• Kazakhstan (16.5%), Canada (15.1%) and US (10.1%) exporters (Comtrade 2024)
• Refiners such as Reliance (India) and Korean refiners (South Korea 6.2%)

Exchanges and benchmarks

Contract types

• Monthly contract prices posted by Gulf producers (FOB)
• Quarterly Tampa delivered liquid sulfur contract ($/long t)
• Annual term supply contracts with monthly price reset
• Spot bulk cargoes (30,000-50,000 t) on CFR China, Indonesia, Brazil, North Africa

Top trading houses

• Trammo
• Ameropa
• Interacid (sulfuric acid)
• Glencore (smelter acid)

How prices are discovered

• Argus, CRU and S&P Global Platts weekly FOB Middle East, CFR China and CFR Indonesia assessments
• SMM China domestic and import prices
• USGS annual average unit value