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.
For the Quarter Ending December 2024
North America
In Q4 2024, the Liquid Sulphur Dioxide (LSD) market in North America was shaped by significant supply constraints and rising demand, driven by disruptions in the supply chain. Strikes at Canadian ports halted major production facilities and winter-related rail delays severely impacted the availability of feedstock, Sulphur, while Hurricane Helene and flooding incidents further hindered production. Despite high refinery utilization rates in the Gulf Coast and Midwest, supply remained tight.
Demand for LSD was strong, especially from the agrochemical sector during the plantation season, driven by fertilizer needs and soil replenishment, while global phosphate market tightness, exacerbated by Chinese export restrictions and domestic production outages, continued to support the feedstock Sulphur demand further tightening its availability. The downstream Sulphuric Acid sector experienced similar challenges, with Canadian port congestion and production delays contributing to rising costs and tight supply.
The resolution of strikes did little to alleviate ongoing logistical issues, and imports remained limited. As a result, active procurement continued, with availability becoming the primary price determinant. The market's overall sentiment remained bullish yet cautious, with supply chain disruptions and sustained demand influencing market dynamics throughout the quarter.
APAC
In Q4 2024, the Liquid Sulphur Dioxide (LSD) market in the APAC region followed a generally bullish trajectory, influenced by tight Sulphur supply, high demand, and rising production costs. Sulphur, as the key feedstock, faced disruptions due to logistical issues such as typhoons, port congestion, and reduced sailings, which limited the influx of new supplies. These challenges were further exacerbated by seasonal demand from the agrochemical and phosphate sectors, with fertilizer requirements peaking during the plantation season. Despite efforts to maintain supply, port inventories steadily declined, reflecting insufficient stocks to meet consumption. The Sulphuric Acid sector, a key downstream market for LSD, also witnessed a strong demand due to strong consumption from agrochemicals and tight supply resulting from scheduled smelter maintenance and high feedstock costs. In December, however, the Chinese market shifted to a slightly bearish tone due to export restrictions, price cuts by major producers, and reduced phosphate production. While market participants navigated through limited spot availability, the outlook remained cautious, with expectations for market recovery post-Lunar New Year, supported by higher run rates from phosphate producers.
Europe
In Q4 2024, the Liquid Sulphur Dioxide (LSD) market in the European region remained bullish due to tight Sulphur supply and increased production costs. Sulphur, the key feedstock for LSD, experienced upward pressure as sanctions on Russian crude imports led to a reliance on low-sulphur crude, further escalating production expenses. The ongoing plantation season boosted demand in the agrochemical sector, particularly for fertilizers, increasing the consumption of Sulphur for Sulphuric Acid production. Despite challenges like limited inventory levels, production disruptions, and port congestion, the market showed resilience. The restart of plants and increased imports offered some relief, but logistical issues such as the Grillo Werke plant fire continued to strain supply chains. The need for long-term solutions, such as the Aglobis and Rhenus remelter plants, became more apparent as supply constraints persisted. Overall, the market maintained bullish conditions, driven by tight supply, strong demand from the agrochemical sector, and ongoing challenges in logistics, ensuring stable market conditions for LSD production throughout the quarter.
For the Quarter Ending September 2024
North America
In Q3 2024, Liquid Sulphur Dioxide prices in North America experienced an uptrend, with the USA seeing the most substantial price changes. This growth was driven by several factors impacting market dynamics. Supply constraints, caused by disruptions such as labor strikes and natural disasters, significantly tightened Liquid Sulphur Dioxide availability across the region. These disruptions hindered the transportation and production of Liquid Sulphur Dioxide, creating a scarcity that contributed to elevated prices.
The demand from the downstream agrochemical sector intensified as the plantation season progressed, driving further increases. The agrochemical industry relies on Liquid Sulphur Dioxide, especially in fertilizers, to meet seasonal demand, adding pressure to an already constrained supply.
Furthermore, a surge in the production cost of the commodity due to the increase in the prices of the feedstock Sulphur market further pushed the prices of Liquid Sulphur Dioxide upwards. In addition, along with the increased demand, the inventory levels of the commodity proved to be insufficient to meet the demand, hence, to reflect the market scenario, the market players increased their ex-quotations which resulted in the bullish market sentiments of the commodity in the US.
APAC
In Q3 2024, the APAC region witnessed a significant surge in Liquid Sulphur Dioxide prices, with India experiencing the most notable price changes. The market was influenced by several key factors that drove prices upwards. Rising production costs, particularly due to an increase in feedstock prices, played a crucial role in elevating market prices. Additionally, heightened demand from downstream sectors, such as the agrochemical industry, further intensified the market dynamics. The recovery of the monsoon season bolstered fertilizer demand, contributing to a bullish sentiment. Global supply chain constraints, particularly from China, limited imports to India, exacerbating the supply-demand imbalance and pushing prices higher. Plant shutdowns, including maintenance at key refineries, disrupted supply chains, further straining availability and contributing to the price escalation. In India specifically, the pricing environment for Liquid Sulphur Dioxide displayed a consistent upward trend throughout the quarter. Seasonal factors, such as the delayed plantation season and increased production activities in response to rising demand, influenced price changes. The correlation between rising production costs, robust demand, and supply shortages resulted in a positive pricing environment. The quarter-ending price of USD 238/MT Ex-Ahmedabad in India reflected the overall bullish sentiment in the market.
Europe
In Q3 2024, Europe’s Liquid Sulphur Dioxide market experienced an uptrend, propelled primarily by the rising costs of feedstock Sulphur. The strong increase in Sulphur prices directly impacted Liquid Sulphur Dioxide production expenses, pushing market prices upward as manufacturers passed on these heightened costs. This cost-driven price growth was further compounded by a surge in the demand from the agrochemical sector. During the quarter, agricultural activities across Europe surged, intensifying the demand for agrochemicals and, consequently, for Liquid Sulphur Dioxide. This seasonal spike in agricultural activity typically increases fertilizer demand, straining supply channels for Liquid Sulphur Dioxide. As a result, the region faced a pronounced supply-demand imbalance, which supported bullish price momentum throughout Q3. The heightened demand from the agrochemical industry, coupled with restricted supply, created a favourable environment for price increases, reflecting the market's sensitivity to both feedstock fluctuations and seasonal agricultural cycles. Moreover, the sustained high demand emphasized the market's dependency on downstream agricultural activities, magnifying the effects of any shifts in Sulphur costs or seasonal agricultural requirements. Consequently, Q3 2024 marked a period of elevated pricing for Liquid Sulphur Dioxide, underscoring the market's intricate supply-demand dynamics in Europe.
