Sulphur and Sulphuric acid
Overview
The global sulphur market has gone through fundamental changes in buying patterns, trade routes and pricing over the past few years. Fixed price contracts and formula-based indexation have become the dominant ways in which supplies are bought and sold around the world, which makes accurate price assessments and detailed analysis key to any sulphur market participants.
The global sulphuric acid industry has seen structural change in recent years and new capacities will continue to challenge the balance in the years to come. While demand will be driven by fertilizers — predominantly the increased production of phosphate and ammonium sulphates — the market will continue to be exposed to short-term supply shocks, especially from the metals sector.
Rising demand for battery materials such as nickel and cobalt (due to growing electric vehicle production) will in turn bolster demand for sulphur and sulphuric acid, increase competition for supply and impact pricing.
Our extensive market coverage includes formed sulphur (both granular and prilled), crushed lump sulphur, molten/liquid sulphur and sulphuric acid. Argus has decades of experience covering these markets, and incorporate our multi-commodity market expertise in key areas including phosphates and metals to provide the full market narrative.
Argus support market participants with:
- Price assessments (daily and weekly for sulphur, weekly for sulphuric acid), proprietary data and market commentary assessments
- Short and medium to long-term forecasting, modelling and analysis of sulphur and sulphuric acid prices, supply, demand, trade and projects
- Bespoke consulting project support
Latest sulphur and sulphuric acid news
Browse the latest market moving news on the global sulphur and sulphuric acid industry.
Kazakh Jan-May sulphur rail shipments fall
Kazakh Jan-May sulphur rail shipments fall
London, 9 June (Argus) — Sulphur transported by rail from the Kashagan and Tengiz projects to seaports on the Russian network dropped by 9pc to 1.85mn t in the first five months of this year, Russian rail data show. When factoring in sulphur rail shipments from other Kazakh refineries, the drop is smaller at only 6pc. Tengiz sulphur quantities fell by a substantial 26pc to 869,000t, with the majority moving to the Baltic port of Ust Luga for onward shipment at 835,000t. Just 34,000t went to Batumi on the Black Sea. The drop is attributed to maintenance early this year reducing output at some crude units at the plant. Kashagan sulphur rail shipments bucked the declining trend, rising by 14pc to 977,000t in the first five months of this year. This includes 568,000t delivered to Ust Luga on the Baltic Sea and 408,000t to Taman on the Black Sea. Crushed lump sulphur from Kashagan's block is expected to be depleted by July-August, and Kashagan's sulphur rail shipments for export markets are expected to drop by around 350,000-400,000 t/yr as a result. Crushed lump sulphur has been moved via Ust Luga and Taman ports alongside granular shipments, with Taman replacing Kavkaz in the fourth quarter of 2024 as the Black Sea port receiving crushed lump. Other Kazakh refineries contributed a further 32,000t to St Petersburg port and 6,000t to Ust Luga port, both on the Baltic Sea, and 31,000t to Taman port in the Black Sea. By Maria Mosquera Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
High sulphur prices pressure Indonesian buyers
High sulphur prices pressure Indonesian buyers
Singapore, 7 May (Argus) — Steep increases in sulphur prices, against expectations of lower future nickel demand, and falling nickel prices since last year are pressuring metals producers in Indonesia, and some are considering postponing new projects. Sulphur is used as a raw material in the production of nickel intermediates such as nickel matte and mixed hydroxide precipitate (MHP), through the rotary kiln-electric furnace (RKEF) and high-pressure acid leaching (HPAL) processes, respectively. Producing 1t of MHP or nickel matte requires an estimated 10t and 15t of sulphur, respectively. Global sulphur prices began to rise in mid-2024 on firmer demand from Morocco and Indonesia. Morocco's OCP started up two sulphur burners last year that will consume 967,000 t/yr of sulphur at capacity. In Indonesia, newly commissioned HPAL production lines at QMB New Energy Materials and Halmahera Persada Lygend also added an estimated 830,000 t/yr of sulphur demand. Uncertainty over Kazakh and Russian sulphur export availability because of EU sanctions also created uncertainty over available supply in the region. Tighter supply, compounded by competing Chinese and Indonesian demand after the Lunar New Year holidays, spurred a rally in sulphur prices in the first quarter of the year. Fob Middle East sulphur prices more than tripled to $285.5/t fob as of 1 May from $86/t a year earlier, Argus assessments show. Cfr Indonesia granular sulphur prices rose by $185/t to $297/t cfr over the same period. While sulphur prices have risen significantly over the past year, prices for Indonesian-origin nickel intermediates have been largely rangebound at $12,000-14,000/t of nickel contained since January 2024. The comparatively flat nickel prices and the rising raw material prices mean that producers' margins are narrowing further. Gross profit margins for MHP products were close to $10,000/t in 2023 before falling to around $7,000/t in 2024, according to Argus estimates. Current sulphur prices take up around 40pc of the total production cost of nickel matte, the largest portion out of other raw materials such as caustic soda, according to one metals producer. And the increased adoption of non-nickel containing battery chemistries such as lithium-iron-phosphate and higher demand for plug-in hybrid electric vehicles have led the industry to revise its expectation of future nickel demand from the battery section. The International Nickel Study Group has forecast a nickel market surplus of 198,000t for 2025 , rising from 179,000t in 2024. But new ternary precursor cathode active materials projects will support a rise in nickel usage in the medium term, the group said. As higher raw material prices continue to chip away at producer margins, upcoming projects including QMB New Energy Materials' phase 3 in Morowali, and developments by Guangqing and Blue Sparkling Energy in Weda Bay may have to be postponed, market participants said. The three projects are expected on line this year, adding 844,000 t/yr of sulphur demand at capacity. By Chi Hin Ling, Deon Ngee Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Aglobis, ECM sign sulphur remelter engineering deal
Aglobis, ECM sign sulphur remelter engineering deal
London, 3 April (Argus) — European sulphur and sulphuric acid marketer and distributor Aglobis announced today the signing of an extended basic agreement with engineering service provider ECM to develop its 400,000 t/yr sulphur remelter plant in Duisburg, Germany. Under this agreement, Sulphurnet will act as a sub-contractor to ECM, for sulphur processing technology. Construction is expected to start in 7–8 months following planning and technical design. Engineering activities have already started. This follows the announcement in early January of an agreement with Engie Deutschland for energy provision in the form of steam and utilities for its planned Duisburg sulphur remelter. By Maria Mosquera Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
No US tariffs on sulphur imports from Canada
No US tariffs on sulphur imports from Canada
London, 3 April (Argus) — Sulphur from Canada, which is by far the US' largest supplier, is not expected to be covered by the sweeping tariffs announced by President Donald Trump on 2 April. US sulphur imports from Canada totalled 830,000t in 2024 according to the US Geological Survey, with the rest of the world supplying just 60,000t. Trump exempted many energy and mineral products from tariffs unveiled on 2 April. Sulphur was not on the list of exemptions, but is understood to be covered by the US-Mexico-Canada free trade agreement, so should continue to be imported without tariffs. Sulphur imports from countries other than Canada and Mexico are believed to be subject to a 25pc tariff. US sulphur consumers would face higher prices if Canadian flows are subject to tariffs at a later date. Trump has threatened Canada and Mexico with further tariffs. He briefly imposed a 25pc levy on sulphur from Canada in February, only to suspend this days later. By Maria Mosquera Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Argus Fertilizer Market Highlights
The complimentary Argus Fertilizer Market Highlights package includes:
• Bi-weekly Fertilizer Newsletter
• Monthly Market Update Video
• Bi-monthly Fertilizer Focus Magazine
Spotlight content
Browse the latest thought leadership produced by our global team of experts.
Asia's sulphur and sulphuric acid markets
Watch analysis of market drivers, prices, supply, demand and the role of sulphur and sulphuric acid as key raw materials for phosphates and battery materials
WhitePaper - 25/05/21China’s PPA Market: Growing non-fertilizer demand, forecast & new price assessments
This paper analyses purified phosphoric acid (PPA) demand, production processes and grades, influence of the battery metals/LFP sector, forecasts - and introduces Argus' new China PPA price assessments
Podcast - 25/04/30Fertilizer Matters Ep30: US Fertilizer Markets are Tariff-ied
Explore our sulphur and sulphuric acid products
Region and country focused market intelligence
