Sulphur Prices in China Shoots Up by 12% in the Third Week of March
- 21-Mar-2022 5:39 PM
- Journalist: Li Hua
The unprecedented developments and setbacks in the geopolitical front are inducing extraordinary turbulences in the global economy. The conflict in the eastern European region between Russia and Ukraine created havoc in the international Crude Oil market as the prices peaked at an all-time high since the 2008 global financial crisis. Whereas, the imposition of sanctions on Russia by the western economies devalued the Ruble against the Dollar besides widened the gap between the Russian Ural and Brent/WTI Crude Oil. The setbacks had a major impact on the Russian economy besides hampering the demand for Russian Ural Crude in the international market.
The impact continues to prevail to the downstream and byproducts market globally. In the third week, the producers’ quotations for Sulphur in East China observed a sudden increment of 11% in pricing on a week-on-week basis after the constantly building bubble enforced by the higher crude oil offers burst. Whereas the Sulphur market in China, according to the market sources, remained high and strong, and refineries in various regions of the country raised sharply. The reason credited for the sharp rise was the influence of the high prices at ports. It was tough to find the supply of goods on the port, and the supplier & traders were reluctant to sell. Whereas, the demand from the downstream has observed a substantial growth amidst the constant utilization of fertilizers in spring uplifting the market sentiments against the short supply in the Chinese domestic market.
As per ChemAnalyst, in the short term, the Chinese Sulphur market is likely to attain another strong ground in the domestic market and the demand outlook is likely to strengthen kept the market sentiments buoyed in the Chinese domestic market.