For the Quarter Ending March 2025
North America
During the first quarter of 2025, the sulphur market in North America witnessed bullishness. This sustained uptrend was driven by a complex interplay of supply constraints, logistical disruptions, and strong downstream demand. In January 2025, the U.S. sulphur market began the year with strong bullish sentiment. This was primarily driven by tight inventories, high import costs, and severe winter disruptions from Canada, which delayed deliveries and strained the supply chain. Despite a seasonal dip in agrochemical demand, buyers remained active due to fears of future shortages, especially as the polar vortex and heavy snowstorms intensified logistical hurdles.
By February, bullishness persisted, with market participants responding to consistent supply constraints, refinery maintenance, and shutdowns caused by harsh weather. A brief delay in the enforcement of tariffs on Canadian and Mexican imports by the U.S. government added temporary relief, but uncertainty loomed. Buyers increased procurement to secure volumes ahead of potential policy changes.
In March, bullish trends accelerated significantly. Sulphur prices surged by 11.9% in early March, and by the third week, prices jumped a further 13.3%. Rising Canadian import costs, tight inventories, and a fast-approaching tariff deadline drove suppliers and buyers into aggressive market activity. Therefore, Q1 was marked by robust demand, constrained supply, and market anxiety—together fueling a sharp upward momentum in sulphur pricing.
APAC
During the first quarter of 2025, the sulphur market in the APAC region witnessed bullishness in its trend in comparison to the previous quarter. However, during the first month of 2025, the sulphur market experienced a slight dip due to bearish factors like reduced phosphate production and ongoing export restrictions. However, bullishness returned later in the month as phosphate fertilizer producers began restocking ahead of the Lunar New Year, and port inventories slightly declined. In February, the bullish momentum strengthened. The plantation season kicked off, significantly boosting demand from the agrochemical sector. Prices climbed again as operations resumed post-holiday and procurement activities intensified. Despite declining crude oil prices, increased buying and strategic bulk purchases, especially from key fertilizer manufacturers, kept market sentiment strong. By March, bullish sentiment further surged. This was fueled by tighter supply conditions, shrinking inventories, and price hikes from major producer Sinopec. Despite stable refinery production, constrained availability and seasonal urgency sustained upward pressure, solidifying the bullish trend throughout Q1 2025.
Europe
In the first quarter of 2025, the sulphur market in the European region exhibited a bullish trend, showing stronger momentum compared to the previous quarter. In January 2025, sulphur prices in Germany held firm, reflecting bullish market sentiment despite the absence of the plantation season. The bullishness was primarily driven by persistent supply shortages due to declining refinery production and increasing crude oil prices, which raised production costs. Adding to the optimism, Aglobis (Mitsui) signed an Early Work Agreement with Engie Deutschland to develop a new sulphur remelter, further affirming long-term bullish supply outlooks. In February, prices remained elevated amid worsening supply constraints. A fire at Bayernoil’s Neustadt refinery and technical disruptions at the Miro refinery in Karlsruhe significantly limited sulphur production. These events, compounded by logistical issues like rail closures and refinery maintenance plans, kept the market tight. With peak plantation season underway, demand from the agrochemical sector remained firm, maintaining upward pressure on prices. By March, bullish sentiment surged further. Despite a drop in crude oil prices, refinery shutdowns (Bayernoil, Shell Wesseling), unresolved supply chain backlogs, and continued canal strikes restricted availability. Demand from the agrochemical sector remained strong during the plantation season, amplifying competition for limited stocks and reinforcing bullish sentiment across the German sulphur market.
MEA
During the first quarter of 2025, the sulphur market in the Middle Eastern region demonstrated a bullish trajectory, gaining stronger momentum than was observed in the preceding quarter. In January 2025, the sulphur market in Saudi Arabia showcased bullishness in its trend. This bullish sentiment was driven by strong overseas demand, particularly from the Asian agrochemical sector. Buyers in countries like China and Indonesia ramped up their purchases ahead of the Lunar New Year, leading to increased transactions and proactive inventory stocking. The pre-holiday rush, compounded by equipment shortages and logistical constraints, sustained high price quotations. Moving into February, the bullishness persisted. Despite subdued trade volumes due to the Lunar New Year holiday in China and Indonesia’s early procurement, bullish market sentiment remained supported by supply-side limitations. Notably, Adnoc’s pricing rollover added to the sense of market stability. Additionally, the ongoing planned maintenance at Saudi Arabia’s 400,000 b/d Jizan refinery restricted sulphur availability, contributing to tight supply conditions. By March, the bullish momentum intensified, with prices rising to USD 211/MT—marking a 24% increase. The rebound in Chinese imports and strong Indonesian demand fueled this surge, while Jizan’s maintenance cycle neared completion. Persistently tight inventories and robust downstream agrochemical demand solidified Saudi Arabia’s bullish sulphur market throughout Q1 2025.
For the Quarter Ending December 2024
North America
The North American Sulphur market exhibited a bullish trend in Q4 2024, driven by supply chain disruptions, rising demand, and production challenges. Strikes in Canadian ports, halted operations in major facilities, and rail delays from freezing winter conditions created significant supply constraints. Domestic production faced additional setbacks due to Hurricane Helene and flooding incidents, limiting output and tightening supply. High refinery utilization rates in the Gulf Coast and Midwest helped stabilize supply but did not fully alleviate market pressure.
Demand from the agrochemical sector remained robust throughout the plantation season and beyond, fueled by fertilizer needs and soil replenishment after reduced field activity. Global phosphate market tightness, exacerbated by Chinese export restrictions and domestic production outages, further supported demand for Sulphur.
Political uncertainty, including potential tariffs on Canadian imports, added to market volatility, while congestion at US ports and backlogs from strikes intensified logistical challenges. Buyers continued active procurement to secure volumes, balancing seasonal and ongoing needs. Overall, the Sulphur market was marked by tight supply, heightened demand, and cautious but optimistic market sentiment.
APAC
The Sulphur market in the APAC region demonstrated a bullish trend during Q4 2024, driven by strong demand, fluctuating production costs, and tight inventory levels. In China, the post-Golden Week period witnessed heightened market activity as participants returned to address increased demand during the plantation season. Demand from the agrochemical sector and phosphate producers remained strong, supported by high operating rates and the need for fertilizers. However, port inventories declined steadily, reflecting insufficient supply to meet rising consumption. Logistical disruptions from typhoons, port congestion, and reduced sailings compounded supply challenges, limiting the inflow of new stocks. The market also witnessed active trading, with international and domestic transactions highlighting ongoing supply movements and demand dynamics. However, at the end of December, bearish market sentiments emerged due to export restrictions, price cuts by major producers, and lower phosphate production rates. Seasonal demand variations and uncertainty around export policies further contributed to the market’s softer tone. Phosphate producers operated at reduced capacities, but expectations of higher run rates post-Lunar New Year hint at potential market recovery.
Europe
During Q4, the Sulphur market in the European region remained bullish due to tight supply conditions and increased production costs. Sanctions on Russian crude imports led to a reliance on low-sulphur crude, further driving up production expenses. The ongoing plantation season significantly boosted demand, particularly in the agrochemical sector, adding upward pressure on the market. Furthermore, the market continued to face persistent challenges, such as limited inventory levels and production disruptions in the European region. The restart of some plants and increased imports provided some relief, but issues like port congestion and fire at Grillo Werke's plant continued to strain supply chains. The recent leak in the Druzhba pipeline raised initial concerns, but supply remained unaffected. As the plantation season progressed, demand for sulphur grew, supported by projects like the Aglobis and Rhenus remelter plants, which aim to address long-term supply constraints. Overall, the market demonstrated resilience amidst these challenges, reflecting a complex interplay between supply limitations, rising demand, and strategic responses to ensure stability.
MEA
During the last quarter of 2024, the Sulphur market in the Middle Eastern region has consistently demonstrated bullish market sentiments, driven by strong demand and tight supply conditions amidst global and geopolitical pressures. Rising crude oil prices and the Red Sea crisis have contributed to increased production costs and freight charges, intensifying the bullish trend for the Sulphur market. The plantation season and heightened overseas demand have further spurred consumption rates, reflecting robust market optimism. Furthermore, with the maintenance at the Red Sea Yasref refinery, which temporarily halted sulphur shipments, the bullish sentiment persisted. The maintenance, coupled with supply chain disruptions, has further tightened the market. The broader challenges, including geopolitical tensions and supply chain disruptions, have underscored the market's resilience in maintaining the bullish market sentiments, presenting opportunities for downstream sectors. Overall, the market's bullish trend has been driven by strong demand from the agrochemical sector, supply constraints, and strategic supplier actions, showcasing resilience and confidence amidst global and regional challenges.
For the Quarter Ending September 2024
North America
In Q3 2024, Sulphur prices in North America experienced a strong 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 Sulphur availability across the region. These disruptions hindered the transportation and production of Sulphur, 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 heavily on Sulphur, especially in fertilizers, to meet seasonal demand, adding pressure to an already constrained supply.
Interestingly, despite a decrease in Crude Oil prices, the production costs for Sulphur showed a downtrend. However, these lower production costs were not sufficient to offset the supply and demand imbalance. In the USA, Sulphur prices rose consistently, showing a year-over-year increase of 16% and a quarter-on-quarter rise of 8%, indicating a bullish trend. By the end of Q3, Sulphur prices reached USD 130/MT (Granular) CFR Texas, underscoring the region's strong pricing environment and sustained upward momentum for Sulphur as the market adapted to these complex conditions.
APAC
In Q3 2024, the APAC Sulphur market saw a notable uptrend in prices, largely influenced by a range of market dynamics. Geopolitical tensions and supply chain disruptions in major oil-producing regions heightened uncertainty, which impacted Sulphur production costs and fostered a bullish market sentiment. Singapore, particularly, observed significant price volatility, with Sulphur prices reaching USD 110/MT (CFR-Jurong) by quarter-end. The Singaporean market showed seasonal price fluctuations due to shifts in supply-demand balance and inventory adjustments. While Singapore faced rising prices, Singapore’s Sulphur market experienced a contrasting trend, with a year-over-year price decrease of 5%. This highlighted the inherent volatility within the region, as Singapore’s softer demand for Sulphur contributed to the differing price dynamics. Despite this, the quarter-ending price of Sulphur in Singapore, at USD 150/MT (Granular) CFR Jurong, underscored a positive pricing environment with sustained upward pressure, reflecting the broader APAC market’s resilience amid complex geopolitical and seasonal factors.
Europe
In Q3 2024, the Sulphur market in Europe experienced a notable uptrend in prices, characterized by a robust increase in market value. This surge can be attributed to several key factors that influenced market dynamics throughout the quarter. The tightening supply of Sulphur due to maintenance rounds and unplanned outages at refineries in Western Europe significantly impacted pricing. Additionally, the onset of the plantation season heightened demand, further exacerbating the limited availability of the commodity. The widening spread between Sulphur and crude oil prices underscored the bullish market sentiments prevalent in the region. Germany, in particular, witnessed substantial price changes compared to the rest of Europe. Despite a -5% drop from the previous quarter. Furthermore, the significant -24% decrease from the same quarter last year highlighted the market's resilience and adaptability to changing conditions. The quarter-ending price of USD 84/MT of Sulphur (Granular) FOB Hamburg in Germany marked the culmination of a period characterized by increasing price trends and a generally positive pricing environment.
MEA
In Q3 2024, the Sulphur market in the Middle East and Africa (MEA) region experienced a pronounced upward trajectory in pricing, driven predominantly by several key factors. The market dynamics were heavily influenced by heightened demand from the downstream agrochemical sectors, fueled by the ongoing plantation season, which necessitated increased Sulphur usage. Additionally, geopolitical tensions and associated disruptions in global crude oil supply chains led to escalated production costs, contributing further to the bullish sentiment in the Sulphur market. The imbalance between supply and demand, exacerbated by insufficient inventory levels, also played a pivotal role in pushing prices upward. Focusing on Saudi Arabia, the market witnessed the most significant price fluctuations. Seasonal demand peaks, coupled with production challenges and strategic inventory management, resulted in a marked 27% price increase from the previous quarter. Compared to the same quarter last year, prices rose by 27%, underscoring the persistent upward pressure. The quarter concluded with Sulphur (Granular) prices reaching USD 124/MT FOB-Al Jubail, reflecting a consistently positive pricing environment driven by strong market fundamentals and external economic pressures.
For the Quarter Ending June 2024
North America
During Q2 2024, the North American Sulphur market experienced a mixed trend. During the H1 of the second quarter, the Sulphur market showcased bullishness in their trend. The US market was affected by the high inflation rate and the potential Canadian National Railway Strike, which resulted in a supply chain disruption pushing the Sulphur market towards the bullish market scenario. Due to the ongoing Plantation season, the demand from the downstream Agrochemical sector has increased which led to the supply deficiency of the commodity.
However, in the H2 of the second quarter, the market showcased a declining pattern. This downward trajectory can be attributed to several key factors influencing the market. The overarching trend has been driven by a significant oversupply of Sulphur, exacerbated by high refinery throughputs and ample inventory levels. Despite efforts to stabilize the market, the demand from the downstream Agrochemical sector has been sluggish due to the summer fertilizer off-season.
In the USA, the market prices decreased by 7% from the same quarter last year however, they increased by 2.85% from the previous quarter in 2024. By the end of the quarter, Sulphur (Granular) prices in the USA settled at USD 105/MT (CFR-Texas).
APAC
During Q2 2024, the Sulphur market in the APAC region experienced a mixed trend, influenced by several key factors. At the start of the second quarter, the prices of the commodity experienced an incline in their trend since the demand from the downstream Agrochemical enterprises was strong and the inventory levels were utilized at a faster rate which resulted in the supply deficiency. Sinopec’s Puguang, the largest Sulphur producer in China, increased its sulphur prices in Wanzhou and Dazhou. In terms of the upstream market, the prices of Crude Oil inclined as well which resulted in the increased production cost of the commodity. However, the trend showcased a declining pattern in the second half of the quarter. The overarching sentiment has been negative, driven primarily by subdued demand from the downstream agrochemical sector, which has been impacted by the ongoing harvesting season. Additionally, increased production costs due to rising crude oil prices have not translated into higher Sulphur prices, as ample inventory levels have sufficiently met the existing demand. This overstock has led to a bearish market, with suppliers reducing their ex-quotations to clear out excess inventory. In China, where the most significant price fluctuations were observed, the Sulphur market faced a marked decline. This was exacerbated by seasonal factors, including the mid-year planting season, which failed to boost demand as anticipated. The overall trend in China mirrored the broader regional sentiment, with a pronounced 32% decrease from the same quarter last year. Compared to the previous quarter in 2024, prices further declined by 10%, reflecting persistent bearish market conditions. Price comparison between the first and second halves of the quarter indicated a 4% drop, consolidating the negative outlook. At the conclusion of Q2 2024, the quarter-ending price for Granular Sulphur in China stood at USD 144/MT (Ex-Shanghai). This figure underscores the declining pricing environment, characterized by a surplus in supply and lacklustre demand.
Europe
During Q2 2024, the European Sulphur market showcased a mixed trend. During the H1 of the second quarter, the Sulphur market experienced an incline in its trend since the inventories were unable to meet the rising demand from the downstream Agrochemical sectors due to the lower production which was partly the result of increasingly sweeter crude feedstocks being used by the refineries as Red Sea logistics issues and a ban on crude imports from Russia limited the availability of sour inputs. Notably, the demand from downstream Agrochemical sectors soared during this period, driven by both economic challenges and the ongoing crop season in Germany. However, in the H2 of Q2, the bearish trend was primarily influenced by stable yet subdued demand from the downstream agrochemical sector and adequate existing inventory levels. Despite the reduced production costs due to a decline in crude oil prices, the market remained oversupplied, further exerting downward pressure on Sulphur prices. Focusing on Germany, the ongoing harvesting season resulted in moderate demand from the agrochemical sector, which, combined with ample inventories, led to a cautious pricing approach among market players. The price of Sulphur in Germany declined by 11% compared to the same quarter last year, reflecting a significant decrease in market confidence and demand. Furthermore, compared to the previous quarter of 2024, however, the prices increased by 9.33% this quarter. The quarter concluded with Sulphur prices at USD 76/MT (Granular) FOB Hamburg.
MEA
During Q2 2024, the Sulphur market in the MEA region witnessed a mixed trend. In the first half of the second quarter, the market showcased an incline in their trend. This rise was influenced by the increasing production costs due to the uptick in Crude Oil prices. Additionally, heightened demand from the Agrochemical and Rubber Vulcanisation sectors, both domestically and internationally, led to increased consumption of existing inventories and boosted trading activities from the Middle East to overseas markets to meet the growing demand. Additionally, the Red Sea disruption continued and resulted in the delayed transportation of the cargo as the Hamas-based Youthis continued to attach the coming cargo causing disruption. Therefore, the traders chose to trade their cargo via the Cape of Good Hope. In the second half, the market experienced significant downward pressure due to ample inventory levels coupled with lacklustre demand from the downstream agrochemical sector. The harvesting season further suppressed demand, as consumption rates typically dip during this period. Additionally, global economic uncertainties and fluctuating crude oil prices contributed to reduced production costs, which were not offset by sufficient market demand, thereby exacerbating the bearish sentiment. The geopolitical instability in the Red Sea region, though a complicating factor, did not significantly disrupt supply chains enough to counterbalance the declining trends. The year-on-year percentage change stood at a substantial 14% decrease, highlighting a significant drop from the same quarter last year. Compared to the previous quarter in 2024, prices increased by 12%, showcasing an incline. The quarter-ending price for Sulphur (Granular) FOB-Abu Dhabi settled at USD 80/MT, accentuating the negative pricing environment.
