Abu Dhabi's state-owned Adnoc has set its June sulphur official selling price (OSP) for the Indian subcontinent at $860/t fob Ruwais, up by $100/t from its May OSP.
This is the highest level for the OSP, according to Argus records, $40-60/t above the previous record reached in June-August 2008, when the OSP hit $800-820/t fob.
Adnoc's June OSP implies a delivered price of $1,000-1,002/t cfr India, with the freight cost for a 40,000-45,000t shipment to the east coast of India, last assessed at $140-142/t on Thursday. Additional costs such as insurance premiums on top of higher bunker costs elevate delivered price levels further.
