Abu Dhabi's state-owned Adnoc has rolled over its August sulphur official selling price (OSP) for the Indian subcontinent at $1,000/t fob Ruwais, stable on its July OSP.
Adnoc's August OSP implies a delivered price of $1,140-1,142/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 30 July.
Shipping costs have increased by $35/t since the July price was set, following the collapse of the US-Iran ceasefire deal, translating to a corresponding increase in delivered prices implied by the fob level. Additional costs such as insurance premiums, on top of higher bunker costs, could elevate delivered price levels further.
