The international sulfur market price has remained stable for a period of time
2023/9/25
From January to August this year, China's sulfur imports ranked in the top three by trading partners, followed by Canada, South Korea, and Japan; Among them, Canada is 16.62% more than the second ranked South Korea, with a clear advantage. If we look at China's sulfur import data for August alone, the performance of Middle Eastern countries can be described as excellent, with a crushing performance compared to other regional trading partners in terms of ranking and quantity. However, in the cumulative data from January to August, although Middle Eastern countries have an overall advantage in terms of quantity, they are still one step away from the top three.
In fact, in the ranking of domestic sulfur imports by trading partners last year, only one of the top three countries was from the Middle East (United Arab Emirates), and it ranked second, with South Korea from East Asia ranking first. In 2022, China imported 1.1988 million tons of sulfur from South Korea, which is 235600 tons more than the second ranked United Arab Emirates. This is also another country after Kazakhstan in 2013 that ranks first in China's annual sulfur import volume by trading partners, but not from the Middle East region.
In 2023, after the increasingly normal operation of Shenghong Refining and Chemical Plant in China, Guangdong Refining and Chemical Co., Ltd., Sichuan West Gas Field, and related coal sulfur enterprises have put into operation, and domestic increment continues to drive on the fast track. Against this backdrop, pressure and the needs of the domestic spot market have put new demands on the selection of imported resources - price is king. Compared to mainstream resources in the Middle East, which have less initiative in negotiation and often have prices significantly inverted in the domestic spot market, sulfonic acid, which is more suitable in price and has a higher level of terminal acceptance, is accepted by more merchants (of course, the formation of this situation is also influenced by factors such as changes in the global supply and demand pattern).
At present, the international market has found a benchmark price for the fourth quarter, and it is expected that local FOB price data will decrease in the future. However, considering the recent increase in related freight rates, the decline may be limited. In addition, the price center vortex triggered by demand release may shift, and there is a possibility of an overall decline in purchasing power for China. However, a stronger demand from Indonesia may offset this impact. The international sulfur market price has shown a stable chip for a period of time, and the operating space left for mainstream resources in the Middle East in China is likely to be impacted, and the duration of non mainstream resources' dominance is likely to continue.
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