Abu Dhabi's state-owned Adnoc has set its July sulphur official selling price (OSP) for the Indian subcontinent at $1,000/t fob Ruwais, up by $140/t from its June OSP.
This is the highest level so far for the OSP, according to Argus records, $180-200/t above the previous record reached in June-August 2008, when the OSP hit $800-820/t fob.
Adnoc's July OSP implies a delivered price of $1,105-1,108/t cfr India, with the freight cost for a 40,000-45,000t shipment to the east coast of India last assessed at $105-108/t on 25 June. Additional costs such as insurance premiums on top of higher bunker costs could elevate delivered price levels further.
