For the Quarter Ending December 2025
North America
• In the USA, the Liquid Sulphur Dioxide Price Index rose quarter-over-quarter, reflecting feedstock and logistics tightness.
• Liquid Sulphur Dioxide Spot Price strengthened as elemental sulphur supply remained constrained and freight surcharges tightened delivery options.
• Liquid Sulphur Dioxide Production Cost Trend increased with higher sulphur and energy costs impacting merchant conversion economics.
• Liquid Sulphur Dioxide Demand Outlook remains firm with strong procurement from pulp, fertilizer, and chemical intermediates supporting volumes.
• Liquid Sulphur Dioxide Price Forecast points to near-term upside pressure due to constrained supply and elevated logistics costs.
• Distributor inventories tightened, particularly in the Midwest and Gulf Coast, sustaining spot availability pressures and limiting downward adjustment.
• Plant maintenance at key US producers further reduced merchant volumes, supporting elevated domestic price levels and competitive offers.
Why did the price of Liquid Sulphur Dioxide change in December 2025 in North America?
• Limited elemental sulphur supply and higher conversion costs pushed domestic Liquid Sulphur Dioxide pricing upward.
• Freight constraints and elevated transport surcharges reduced prompt availability, prompting forward buying and stronger spot offers.
• Distributor inventories were tight while end-user procurement remained active, sustaining competition and upward pressure on pricing.
APAC
• In India, the Liquid Sulphur Dioxide Price Index rose by 17.48% quarter-over-quarter, driven by feedstock and logistics pressures.
• The average Liquid Sulphur Dioxide price for the quarter was approximately USD 339.28/MT as reported by domestic exchanges.
• Liquid Sulphur Dioxide Spot Price firmed as ISO-tank shortages and freight surcharges tightened delivered availability across western-India hubs.
• Liquid Sulphur Dioxide Production Cost Trend reflected surging elemental sulphur feedstock offers, widening conversion margins for merchant sellers.
• Liquid Sulphur Dioxide Demand Outlook remains constructive with fertilizer, sodium metabisulphite and pulp sectors sustaining firm procurement.
• Liquid Sulphur Dioxide Price Forecast indicates near-term upside risk before seasonal normalization reduces upward momentum incrementally.
• Inventory cover tightened with western-India distributors holding barely two weeks, pressuring spot availability and export responsiveness.
• Major producer maintenance and constrained captive sulphur recovery removed merchant volumes, amplifying competition and sustaining elevated domestic Price Index.
Why did the price of Liquid Sulphur Dioxide change in December 2025 in APAC?
• Surging elemental sulphur feedstock prices increased conversion costs, directly lifting merchant Liquid Sulphur Dioxide pricing.
• Higher freight and ISO-tank logistics premiums raised delivered costs into Ahmedabad, prompting aggressive forward buying.
• Tight import allocations and declining port inventories forced competitive purchases, sustaining December price increases immediately.
Europe
• In Germany, the Liquid Sulphur Dioxide Price Index rose quarter-over-quarter, reflecting tight feedstock availability and logistic pressures.
• Liquid Sulphur Dioxide Spot Price firmed as limited sulphur feedstock and elevated freight costs constrained immediate supply.
• Liquid Sulphur Dioxide Production Cost Trend increased, driven by higher elemental sulphur and energy prices across major production hubs.
• Liquid Sulphur Dioxide Demand Outlook remained supportive with continued procurement from fertilizers, pulp, and chemical processing sectors.
• Liquid Sulphur Dioxide Price Forecast indicates short-term upside, with further marginal increases possible before seasonal normalization.
• Distributors operated with low inventories, especially in northern European hubs, maintaining pressure on spot and contract prices.
• Maintenance at some European plants and reduced merchant allocations amplified competition for available volumes, sustaining firm pricing.
Why did the price of Liquid Sulphur Dioxide change in December 2025 in Europe?
• Tight elemental sulphur feedstock and higher conversion costs supported higher Liquid Sulphur Dioxide offers.
• Freight premiums and ISO-tank availability constraints limited delivered volumes, keeping spot prices elevated.
• Steady procurement from downstream industries alongside low distributor inventories maintained competition and reinforced upward pricing pressure.
For the Quarter Ending September 2025
North America
• The Price Index for Liquid Sulphur dioxide in North America increased during Q3 2025.
• This modest rise was driven by steady industrial activity and moderate restocking in the chemical and food sectors.
• The Production Cost Trend remained stable throughout Q3, supported by consistent sulphur feedstock availability and manageable energy costs.
• The Demand Outlook for Q4 2025 is cautiously optimistic. Demand from food preservation, chemical manufacturing, and pulp and paper is expected to remain steady.
• However, environmental regulations and seasonal slowdowns in industrial activity may temper growth.
• The Price Forecast for Q4 suggests a stable-to-slightly-increasing trend, contingent on feedstock pricing and downstream demand.
• Market participants anticipate continued price stability unless impacted by regulatory changes or energy cost volatility.
Why did the price of Liquid Sulphur dioxide change in September 2025 in North America?
• In September 2025, Liquid Sulphur dioxide prices increased slightly due to stable demand outlook from food processing and pulp industries, combined with unchanged production cost trend.
• While demand remained moderate, limited supply-side fluctuations supported a mild upward movement in Spot Prices.
APAC
• In India, the Liquid Sulphur dioxide Price Index rose by 12.48% quarter-over-quarter and reflecting stable inventories.
• The average Liquid Sulphur dioxide price for the quarter was approximately USD 288.81/MT, reported by sources
• Limited spot activity kept Liquid Sulphur dioxide Spot Price firm despite slight feedstock sulphur price declines.
• Market consensus forecasts kept the Liquid Sulphur dioxide Price Forecast cautiously positive ahead of seasonal restocking.
• Liquid Sulphur dioxide Production Cost Trend edged lower as feedstock sulphur eased modestly, marginally supporting margins.
• Liquid Sulphur dioxide Demand Outlook remains subdued with agrochemical buyers delaying purchases until Q4 planting catalysts.
• Thin liquidity and covered import positions kept the Liquid Sulphur dioxide Price Index broadly stable recently.
• Upcoming PPL sulphur burner startup is expected to ease imports and influence Liquid Sulphur dioxide availability.
Why did the price of Liquid Sulphur dioxide change in September 2025 in APAC?
• Balanced supply and sufficient inventories limited spot buying, restraining upward pressure on September pricing significantly.
• Feedstock sulphur eased, lowering production cost pressure but not immediately translating into lower commodity prices.
• Importers largely covered requirements and postponed purchases, while buyers adopted a wait-and-watch procurement stance short-term.
Europe
• The Price Index for Liquid Sulphur dioxide in Europe remained largely unchanged during Q3 2025.
• Prices were supported by consistent supply and moderate industrial activity, though demand from key downstream sectors remained tepid.
• Prices varied slightly based on regional logistics and concentration levels.
• The Production Cost Trend remained stable throughout Q3, supported by normalized sulfur feedstock availability and manageable energy costs. European producers operated steadily, with no major supply disruptions reported.
• The Demand Outlook for Q4 2025 is cautiously optimistic. While demand from chemical processing and food preservation may remain steady, sectors like pulp and paper and metal refining are expected to show only marginal recovery. Environmental regulations may also influence usage patterns.
• The Price Forecast for Q4 suggests a flat-to-slightly-declining trend, contingent on feedstock pricing and downstream demand recovery.
• Market participants anticipate stable pricing unless disrupted by regulatory shifts or energy cost spikes.
Why did the price of Liquid Sulphur dioxide change in September 2025 in Europe?
• In September 2025, Liquid Sulphur dioxide prices decreased slightly, primarily due to weak demand outlook from the chemical and paper industries.
• Despite stable production levels, buyers adopted cautious procurement strategies, leading to subdued Spot Price movement.
For the Quarter Ending March 2025
North America
In Q1 2025, the market sentiments for Liquid Sulphur Dioxide in North America reflected a unique tug-of-war between bullish feedstock dynamics and bearish downstream conditions, resulting in mixed yet cautiously optimistic trends. In January, bullish momentum in the sulphur market—driven by severe winter disruptions, high import costs, and tight inventories—elevated production costs for Liquid Sulphur Dioxide. However, downstream sulphuric acid demand remained subdued due to limited seasonal agricultural activity and buyer caution, tempering the price gains.
February saw continued feedstock constraints amid refinery shutdowns and ongoing weather-related logistics issues, keeping input costs high for producers. Yet, demand for sulphuric acid remained muted, as agrochemical buyers held back purchases due to sufficient inventories and low consumption, placing a cap on aggressive pricing for Liquid Sulphur Dioxide.
In March, while sulphur prices surged further due to pre-tariff procurement activity and persistent supply tightness, bearish sentiment in the downstream sulphuric acid market—marked by falling prices, weak Latin American demand, and trade policy anxieties—dampened market enthusiasm for Liquid Sulphur Dioxide. Thus, the quarter unfolded with a cautiously bullish undertone, primarily fueled by cost-push factors from the feedstock side, but consistently restrained by limited downstream pull and economic uncertainty across the sulphuric acid value chain.
APAC
In Q1 2025, the APAC Liquid Sulphur Dioxide market consistently demonstrated bullish sentiment, underpinned by a confluence of rising production costs, stable downstream demand, and evolving policy dynamics. In January, prices surged as escalating feedstock sulphur costs and tight supply conditions coincided with steady demand from the fertilizer and metal processing sectors, particularly driven by ongoing plantation activities and the expanding EV battery industry. February sustained this upward momentum, although at a moderated pace, due to limited spot trading as buyers favored long-term contracts and planned for future seasonal demand. Despite cautious procurement, elevated input costs and maintenance shutdowns at key fertilizer plants constrained supply, maintaining the bullish trend. By March, the market witnessed renewed strength, spurred by a sharp rise in feedstock costs and consistent agrochemical demand amid Kharif season preparations. Early uncertainty regarding government fertilizer subsidies tempered buying activity, but bullish sentiment returned after formal approval of the nutrient-based subsidy scheme toward the month’s end. Ongoing plant maintenance, coupled with deferred commissioning of new facilities, added to supply-side tightness. Collectively, these factors—rising costs, strategic buying behaviour, and supportive policy decisions—sustained a bullish outlook across the quarter, despite intermittent caution from market participants.
Europe
In Q1 2025, the market sentiment for Liquid Sulphur Dioxide in Europe was influenced by both bullish feedstock dynamics and mixed downstream conditions, creating a generally cautious but upward-moving market trend. In January, the strong bullish sentiment in the feedstock sulphur market, fueled by tight availability due to refinery production declines and rising crude oil prices, led to increased production costs for Liquid Sulphur Dioxide. Despite the lack of seasonal agrochemical demand, the tight supply conditions supported price stability, as buyers anticipated potential shortages. February continued the trend, with disruptions such as refinery fires and technical issues exacerbating the feedstock sulphur supply constraints. This kept production costs elevated for Liquid Sulphur Dioxide, although demand from the agrochemical sector remained steady, maintaining upward price pressure. March saw further tightening of supply, with refinery shutdowns and logistical disruptions leading to more pronounced shortages of sulphuric acid, which directly impacted the availability of Liquid Sulphur Dioxide. The ongoing demand from the agrochemical sector during the plantation season, coupled with supply chain difficulties, pushed prices higher. However, bearish sentiment emerged toward the end of March, partly due to the temporary halt of purchases by OCP, redirecting volumes elsewhere, which added uncertainty and tempered some of the bullish market momentum.
