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Latest market news

Tupras' latest sulphur award prices slow to build

  • Market: Fertilizers
  • 25/06/26

Turkish refiner Tupras has awarded its latest July domestic sulphur e-tender in full at $650-804/t fca for various lot sizes. Prices overall are up by $17/t on average compared with its last tender awarded on 21 May, which ranged from $690-730/t fca.

Tupras awarded product for its Izmir and Kirikkale refineries on 23 June as follows:

  • From Izmir — lots ranging from 150-800t totalling 4,400t at $728-737/t fca. Tupras initially set a floor price at $925/t fca, which was cut to $625/t fca before competitive bidding ensued.
  • From Kirikkale — lots ranging from 250-750t totalling 2,850t at $650-652/t fca. Tupras' floor price for these lots was also $925/t fca, which was reduced to $778/t fca and finally to $625/t fca before competitive bids started.

Tupras additionally awarded product from its Izmit refinery late on 24 June for lots ranging from 100-1,400t at $796-804/t fca. Tupras set a floor price originally at $925/t fca, reducing it to $775/t fca and to $625/t fca before competitive bidding began.

By Fenella Rhodes

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25/06/26

More sulphur vessels leave the Mideast Gulf

More sulphur vessels leave the Mideast Gulf

London, 25 June (Argus) — More vessels carrying sulphur have left the Mideast Gulf, switching on their AIS tracking at the Fujairah bunkering hub after successfully transiting the strait of Hormuz. From a peak of around 1mn t of sulphur built up in floating storage in the Gulf by late April owing to the effective closure of the strait of Hormuz, around 300,000-400,000t remains loaded on vessels in the region. Most of this product is tied up under earlier commitments, and while at least two shipments are being offered on a spot basis, spot availability remains limited. One spot shipment is understood to be from a vessel that has already transited Hormuz, while another is yet to pass through the strait. The 56,600dwt Poly Odyssey is due to deliver to south China under contract The 50,100dwt Xing Qiang 1 is due to deliver to Indonesia under earlier commitments The 40,000dwt Warrior will deliver to Jorf Lasfar, Morocco, under regular contracts The 36,800dwt Lady Anastasia will deliver to Dar es Salaam, Tanzania The 39,300dwt Western Doncaster will deliver to southern Africa under an existing agreement These shipments follow several vessels that exited the strait in the past 10 days . Seven vessels had crossed from the UAE to primarily Morocco during May-early June and from Saudi Arabia towards Singapore, with at least one of the two sold to Indonesia rather than China, despite earlier tracking information pointing to China . By Maria Mosquera Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Indian May DAP stocks improve but could slip in 3Q

24/06/26
News
24/06/26

Indian May DAP stocks improve but could slip in 3Q

London, 24 June (Argus) — Indian DAP stocks edged up to 1.96mn t over May as a boost in domestic production and imports helped offset the uptick in demand. Combined imports and domestic output outpaced offtake in May, raising stocks by 33,000t on the month, the latest data from the Fertilizer Association of India (FAI) show. India started May with 1.93mn t of DAP in stock. May domestic output was at 393,000t, the highest of any month since August 2024, according to FAI data. In the face of bullish international DAP prices, domestic production margins are almost $200/t more attractive when using ammonia and phosphoric acid than importing DAP as of last week. The FAI data show an increase in May imports to 132,000t compared with underwhelming arrivals in March and April. But last month's total is only about a third of average 2021-25 May imports at 393,000t. The lack of clarity on whether importers will be compensated by the government for their losses, coupled with steep price increases since the start of the US-Iran war, have dampened import interest. Domestic sales seasonally rose to 492,000t in May, but the total remains below the 573,000t five-year average for the month. More imports needed ahead of 4Q Indian importers will have to intensify their DAP purchases in the coming months, as domestic demand will rise seasonally over the third quarter and peak in the fourth quarter. Margins for the production of DAP with phosphoric acid may worsen next quarter on the back of expectations of higher phosphoric acid prices. Producers and traders envisage a significant price increase from the second-quarter settlement at $1,360/t P2O5 cfr as sulphur costs have continued to rise over the second quarter while supply has dried up. A lack of ammonia stocks helped Indian importers secure a lower-than-expected second-quarter phosphoric acid settlement, but improved ammonia supply over the second quarter is likely to weaken importers' hands in negotiations for the third quarter. Indian importers are expected to soon emerge with fresh demand for DAP. The apparent de-escalation of hostilities around the strait of Hormuz raised the prospect of softer DAP prices and delayed Indian import demand. TSP stocks fall on lack of imports Indian TSP demand rose to 59,000t in May, while no imports were recorded for the third month in a row, causing stocks to fall to 314,000t. Stocks are due to improve with new arrivals of 100,000t of Moroccan TSP bought at the start of the month for shipment in June-July, and another 100,000t from OCP bought last week for loading in June. By Adrien Seewald Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Saudi DAP cargo transits Hormuz: Update

23/06/26
News
23/06/26

Saudi DAP cargo transits Hormuz: Update

London, 23 June (Argus) — Since the start of the week, three out of eight Saudi Arabian DAP/MAP cargoes stuck in the Mideast Gulf have managed to transit through the strait of Hormuz, totalling 154,000t of product. The Global Unity carrying 61,000t of Saudi Arabian DAP crossed the strait of Hormuz yesterday and is scheduled to arrive at Visakhapatnam in India on 3 July, vessel tracking data show. The cargo loaded at the Saudi port of Ras al-Khair in the first half of March but the effective closure of the strait of Hormuz following the outbreak of the regional war prevented it from leaving the Mideast Gulf. The Banglar Joyjatra crossed last night with 37,000t of MAP. The trader holding the cargo has specified that all the volume will go to South Africa, likely for arrival in early July. The cargo loaded at Ras al-Khair in early April. Vessel tracking data shows that the BC Agility has crossed the strait with 55,000t of MAP for arrival at Rio Grande in Brazil on 25 July. Loading had completed in the second half of March. These crossings come after a deescalation of tensions between the US and Iran last week. They mark the first phosphate cargoes to cross the strait since the first half of May, when [the Mdl Toofan carried 55,000t of Saudi MAP](https://direct.argusmedia.com/newsandanalysis/article/2825221) to Brazil. Another 319,000t of Saudi Arabian DAP/MAP is still stuck on five vessels in the Mideast Gulf. Phosphates sellers and buyers have remained cautious about last week's announcement of a provisional peace deal between the US and Iran. By Adrien Seewald Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Hormuz traffic management changed forever: Iran

23/06/26
News
23/06/26

Hormuz traffic management changed forever: Iran

Dubai, 23 June (Argus) — Administration of the strait of Hormuz will never return to how it was prior to the US-Iran war and will instead be managed by Tehran, according to the country's parliament speaker and top negotiator Mohammad Bagher Ghalibaf. "Everyone needs to know that management of the strait will never return to the way it was before the war," Ghalibaf said. The strait has emerged as a key point of contention since the early days of the war, with Iran insisting that it and Oman, as the two countries bordering the waterway, should play a role in controlling how it is used and which vessels are allowed to pass through it. Tehran in May set up a maritime authority, the Persian Gulf Strait Authority (PGSA), in an effort to consolidate its control. The PGSA would manage transit through the strait and has said it has engaged with hundreds of vessels seeking permits to pass safely, in some cases for a toll or fee. The US-Iran interim deal, signed last week, called for Tehran to ensure movement of vessels from the Mideast Gulf to the Gulf of Oman, and vice versa, with the aim of returning traffic to pre-war levels within 30 days — by around 18 July — while allowing Iran to "remove technical and military obstacles and removal of mines." Latest data from Kpler show an uptick in seaborne Iranian crude and oil product exports as of the week starting 15 June, coinciding with the US lifting the blockade it imposed on Iranian ports in April. Iran has agreed not to charge tolls for passage through the strait, at least for the initial 60 days. But it appears intent on keeping the PGSA in control of all traffic. "Of course, we will fully comply with international law," Ghalibaf said. "But people need to understand [that administration of the strait will remain with Iran]." He said the US and Iran have agreed to "establish co-ordination mechanisms there including a hotline and a centre that can be contacted whenever there is any ambiguity or dispute." "Because the administration/management of the strait is with us, we will manage it easily," said Ghalibaf. "If there is any issue, we will solve it." A tale of two shores But Iran will have to act in co-ordination with Oman, which controls the strait's southern shore, and the two have held a meeting that could help institutionalise a new administrative regime. They agreed to form "a joint working group" to "reach agreement on the future administration of navigation in the strait of Hormuz and the services that will be provided in this regard and the costs associated with them in accordance with international standards," the Omani foreign ministry said on 23 June. Oman's foreign minister Badr Albusaidi said the sides "affirmed commitment to international law and toll-free safe passage." Any toll for passage would be incompatible with the UN Convention on the Law of the Sea (Unclos), notably Articles 38 and 42 that provide "all ships and aircraft enjoy the right of transit passage" that "shall not be impeded". Measures adopted by states bordering a strait must not have "the practical effect of denying, hampering or impairing the right of transit passage," Unclos states. But Article 42 also says states bordering straits may adopt laws and regulations relating to transit passage in respect of the safety of navigation, the regulation of maritime traffic, and the prevention, reduction and control of pollution. "The services that will be provided… and the costs associated with them in accordance with international standards," as mentioned by the Omani foreign ministry, will require clarification. By Nader Itayim and Andrey Telegin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Several sulphur vessels exit Hormuz after peace deal

22/06/26
News
22/06/26

Several sulphur vessels exit Hormuz after peace deal

London, 22 June (Argus) — Several sulphur vessels have transited the strait of Hormuz since the signing of the peace deal between the US and Iran last week. The Espada X dwt 88,300 loaded at Ruwais, UAE, and has an estimated time of arrival (ETA) of 18 July at Jorf Lasfar, Morocco. MV Toro dwt 55,000 loaded in Ruwais, UAE, and has an ETA of 28 June in Aqaba, Jordan. The Yan Dang Shan dwt 63,300 loaded in Ruwais, UAE, and is sailing towards Indonesia. The Xin Qi Men dwt 81,600 loaded sulphur at Ruwais, UAE, and is headed for China. These vessels follow earlier three transits identified as having exited the strait a week ago: The Nejat dwt 38,000 for Bahodopi, Indonesia, loaded in Ras Laffan, Qatar. Two vessels for Dar Es Salaam, Tanzania; the Abu Al Abyad dwt 57,000 from Ruwais, UAE,and the Safeen Al Nasr dwt 36,600 loaded in Al Zour, Kuwait. These deliveries are all believed to be contract shipments or earlier sales. With some vessels having been able to sail, approximately 500,000t of sulphur in still believed to remain loaded onto ships in the strait, much of it committed under earlier contracts. Some vessel operators were left confused on the status of the strait, with some attempting to exit on 17 and 18 June, only to be forced to turn back due to a lack of permission. Confusion remains over the status, and many consider crossing to be too big of a risk in the current, volatile situation. Since the start of the conflict 28 February, an estimated 480,000t-500,000t of sulphur has managed to exit the strait of Hormuz at a slow pace up until mid-June. This is around 10pc of the usual rate of sulphur exports from the region. By Maria Mosquera Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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