Global ammonia benchmarks pushed to fresh highs in April, with a reported trade from Egypt to NW Europe at $905/t c.fr, marking the highest Atlantic level seen since the Middle East conflict began. The move was driven primarily by tightening North African supply, with Algerian offer levels climbing to $840-850/t f.o.b., and Egyptian availability constrained by EBIC being sold out through June, together with limited prompt tonnage from Abu Qir.
Copper smelters are under fresh pressure as treatment and refining charges (TC/RCs) fall amid tighter concentrate supply and rising smelter capacity, while record sulphuric acid values reshape smelter revenues.
A review of papers presented at this year’s Sulphur World Symposium, held by The Sulphur Institute (TSI) in Vancouver, Canada this year from April 28 to 30.
Bullish sentiment in the sulphuric acid market has intensified amid the suspension of all Chinese sulphuric acid exports from May.
Three major sulphur producers are restricting exports simultaneously, threatening to push an already supply-squeezed global market into deeper deficit.
CRU's fertilizer and raw materials experts examine mounting market pressures in a newly available on-demand webinar, Straight Talk: Fertilizer Constraints Compound as Conflict Lingers.
Bullish sentiment in the sulphuric acid market has intensified amid the suspension of all Chinese sulphuric acid exports from May through the end of the year. Although no formal announcement has been issued by government authorities, smelters are reportedly preparing to implement the measure.
An update on the impacts of the Middle East conflict on fertilizer markets.
The effective closure of the Straits of Hormuz by Iran in the wake of US and Israeli attacks has sent shockwaves through all markets, but sulphur has been particularly badly affected. While the Straits carry 22% of global phosphate exports and 35% of urea, for sulphur around 45% of the 39 million tonnes transported internationally every year must traverse the narrow waterway, with major suppliers like Abu Dhabi and Saudi Arabia relying upon it for their export cargoes.
The US and Israel attacks on Iran and the Iranian response have thrown commodity markets into chaos, with sulphur and sulphuric acid particularly affected.