Comprehensive Sulphur Market Analysis: Key Trends, Outlooks, and Strategic Implications

Introduction: The global sulphur market remains a highly dynamic landscape, shaped by evolving trade policies, regional shifts in demand, and tightening supply chains. This report offers a detailed overview of recent market movements, highlights critical trends, and presents forward-looking insights to help industry professionals navigate an increasingly complex environment.

Key Takeaways:

• Market Resilience Despite Trade Tensions: The sulphur market has shown remarkable resilience, even amid renewed US-China tariff disputes. While these tariffs briefly pressured domestic Chinese prices, spot sales remained largely unaffected, signaling underlying market strength.
• Stable to Firm Pricing Trends: Spot pricing has remained steady, with recent deals in South China closing in the high $290s/t CFR. New offers are now emerging in the $310s/t range, suggesting upward momentum.
• Demand-Driven Support: Strong demand from Indonesia and Africa continues to support the market. Simultaneously, ongoing maintenance in the Middle East has reduced regional output, further tightening global availability. In India, the onset of the Kharif season has triggered an uptick in both domestic and import demand for sulphur.
• Uncertain Market Sentiment: Discussions at a recent industry event in Italy revealed persistent uncertainty regarding global trade flows, driven by inconsistent tariff policies. Many participants noted that strategic planning around tariffs remains challenging due to ever-shifting political and economic landscapes.
• 30–60 Day Outlook: Market fundamentals point to continued price stability or modest firmness, given constrained availability through April and May and sustained demand from key importers.

Regional Highlights:

• China: Domestic prices initially declined due to tariff uncertainty but have since rebounded. Granular sulphur imports are seeing offers above $300/t CFR, especially for Middle Eastern origins. However, downstream demand from non-fertilizer users (e.g., liquid sulphur consumers) remains muted, pushing smaller buyers toward local alternatives.
• India: Demand is strengthening due to the agricultural season, with West Coast CFR offers exceeding $300/t. Rising sulphur prices are also pushing up domestic sulphuric acid values. However, local sulphur burners are resisting further increases and may lower production rates.
• Indonesia: HPL has procured two 50,000t granular cargoes for May-June at prices in the high $290s/t CFR. Additionally, Huayou has restarted its HPAL operations in Bahodopi, signaling ongoing strong industrial demand.
• Middle East: Q2 contract prices have been settled between $222–247/t FOB—marking a sharp rise from Q1. Upcoming maintenance in the UAE is expected to constrain supply further in May.
• North Africa: Spot prices for granular sulphur have firmed, now ranging between $235–270/t CFR. Q2 contract prices for delivered material are aligned within a similar band ($225–270/t CFR).
• Brazil: Brazilian sulphur imports rose by 15% in Q1 2025. New Q2 contracts from the Middle East are concluding at around $269–271/t CFR.

To view the full article, please visit our newsletter on LinkedIn at the following address:
https://www.linkedin.com/pulse/comprehensive-sulphur-market-analysis-key-trends-outlooks-zndle/

Prepared by GGT Petrochemical Analysis Team