Executive Summary

Sulphur prices exhibited mixed regional movements during the quarter ending September 2025, reflecting divergent supply-demand dynamics across North America, Asia-Pacific (APAC), and Europe. While North America and APAC recorded modest quarter-over-quarter declines in the Sulphur Price Index due to import cost pressures and oversupply conditions respectively, Europe witnessed a notable price increase, driven by restocking demand and seasonal agricultural activity.

Globally, the sulphur market remained sensitive to logistics disruptions, refinery throughput rates, fertilizer demand cycles, and industrial acid consumption, particularly from battery-grade sulphuric acid and copper leaching applications. Although inventories stayed elevated in several regions, short-term price firmness emerged toward the end of the quarter, supported by renewed procurement activity and tightening merchant availability.

Looking ahead, the Sulphur Price Forecast suggests near-term firmness, underpinned by fertilizer restocking, downstream industrial demand, and evolving logistics constraints, while longer-term upside remains capped by steady refinery output and sufficient global supply.

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Global Overview of Sulphur Prices – Q3 2025

During Q3 2025, global sulphur prices remained range-bound overall, with regional divergences shaped by logistics efficiency, feedstock availability, refinery utilization rates, and end-use demand patterns. Sulphur supply continued to be largely dictated by oil and gas refinery runs, while demand growth was closely linked to fertilizer manufacturing, HPAL nickel processing, copper leaching, and chemical intermediates.

Although international trade flows remained active—particularly from the Middle East to APAC markets—regional imbalances and port congestion influenced spot price behavior. The quarter closed with improving demand sentiment, especially in agricultural and battery-related applications, lending support to short-term price expectations.

North America Sulphur Price Trends – Q3 2025

Sulphur Price Index and Market Performance

In the United States, the Sulphur Price Index declined by 1.91% quarter-over-quarter during Q3 2025. This decrease was primarily attributed to import cost pressures and balanced domestic supply conditions. Despite the index decline, spot market behavior showed intermittent firmness, reflecting underlying logistical challenges and fluctuating terminal availability.

The average sulphur price for the quarter stood at approximately USD 291.00 per metric ton, highlighting relatively stable market fundamentals despite regional disruptions.

Spot Price Dynamics and Logistics Impact

Sulphur Spot Prices in North America experienced temporary upward pressure due to logistics delays at terminals, particularly along the Gulf Coast. Vessel congestion and railcar shortages intermittently tightened prompt availability, elevating transaction costs even as broader pricing indices remained subdued.

Major Gulf Coast refiners maintained steady throughput rates, ensuring adequate sulphur production volumes. However, transportation bottlenecks raised landed costs, increasing short-term price sensitivity.

Production Cost Trends and Refinery Influence

The Sulphur Production Cost Trend in North America was supported by shifts in refinery feedstock blends and stable run rates. As sulphur is primarily recovered from refining processes, consistent refinery operations helped preserve producer margins, preventing sharp cost escalations despite logistical inefficiencies.

Demand Outlook and Forecast

The Sulphur Demand Outlook improved notably during the latter half of the quarter, driven by fertilizer restocking activity and rising consumption from copper leaching and battery-grade sulphuric acid production. Elevated inventories remained available, but firm export inquiries and stronger term-volume spot bids intermittently tightened availability.

The Sulphur Price Forecast for North America indicates short-term firmness, supported by agricultural demand recovery and industrial acid consumption, while longer-term gains remain capped by ample supply and stable refinery output.

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APAC Sulphur Price Trends – Q3 2025

Indonesia Sulphur Price Index Movement

In Indonesia, the Sulphur Price Index fell by 1.11% quarter-over-quarter during Q3 2025, reflecting oversupply dominance across regional markets. Continuous inflows from the Middle East, combined with slower-than-expected domestic offtake, placed sustained pressure on prices.

The average sulphur price for the quarter was approximately USD 297.00 per metric ton, based on CFR Tanjung Priok cargo assessments.

Spot Prices and Inventory Pressure

Sulphur Spot Prices in Indonesia remained under pressure due to elevated port inventories, as import volumes outpaced immediate consumption needs. Steady arrivals from Middle Eastern producers ensured abundant availability, limiting price upside during most of the quarter.

However, toward the end of Q3, recent tender activity and downstream bids helped lift the Sulphur Price Index modestly, signaling a tightening short-term balance.

Production Costs and Feedstock Trends

The Sulphur Production Cost Trend in APAC remained relatively soft, supported by lower diesel prices and stable feedstock availability. These factors helped ease landed costs for importers, offsetting some of the logistical expenses associated with port congestion.

Demand Outlook and Forward Pricing

The Sulphur Demand Outlook strengthened in Indonesia as HPAL nickel projects and fertilizer restocking for planting seasons boosted industrial procurement. Domestic burner expansions further supported offtake expectations.

The short-term Sulphur Price Forecast for APAC shows firming risks, as merchant availability tightens and burner demand increases. Robust Middle Eastern liftings and ongoing procurement urgency are expected to keep the market responsive to shifts in supply.

Europe Sulphur Price Trends – Q3 2025

Germany Sulphur Price Index Surge

In Germany, the Sulphur Price Index rose sharply by 7.26% quarter-over-quarter in Q3 2025. This increase was driven primarily by stocking activity and the restart of planting seasons, which significantly improved demand sentiment across Europe.

Despite the index rise, the average sulphur price for the quarter was approximately USD 231.33 per metric ton, reflecting cautious buying behavior and sufficient baseline inventories.

Spot Price Firmness and Logistics Constraints

Sulphur Spot Prices in Europe firmed as agricultural restocking resumed, tightening prompt supply availability. Although inventories remained adequate, Rhine River logistics challenges and tender-driven procurement elevated landed costs, preventing prices from softening.

These logistics constraints, combined with seasonal demand, supported price stability without triggering excessive volatility.

Production Cost and Supply Reliability

The Sulphur Production Cost Trend in Europe remained muted, as feedstock and energy prices held steady throughout the quarter. Major producers operated without unplanned outages, maintaining output reliability and ensuring balanced supply conditions.

Demand Outlook and Price Forecast

The Sulphur Demand Outlook improved across Europe due to renewed planting activity and fertilizer demand, supporting a higher regional Price Index. However, sufficient inventories and stable production limited excessive price escalation.

The Sulphur Price Forecast for Europe points to limited upside, with continued support from restocking demand offset by constrained FOB availability and stable cost structures.

Key Market Drivers Influencing Sulphur Prices

Several factors shaped sulphur price movements globally during Q3 2025:

• Refinery throughput stability, governing sulphur supply volumes
• Seasonal fertilizer demand cycles, influencing procurement intensity
• Logistics and transportation delays, affecting landed costs
• Industrial acid demand, particularly for batteries and copper leaching
• Inventory positioning and tender activity, shaping spot price sensitivity

These dynamics collectively kept sulphur prices responsive to short-term shifts while preventing extreme volatility.

Sulphur Price Outlook and Procurement Strategy

Looking ahead, the global sulphur market is expected to remain firm in the near term, supported by fertilizer restocking, industrial demand growth, and logistics-related cost pressures. However, ample refinery-linked supply and steady production rates are likely to cap long-term price upside.

Buyers are expected to adopt strategic procurement approaches, balancing spot purchases with term contracts to mitigate logistics risks and price fluctuations. Monitoring refinery run rates, export flows from the Middle East, and regional agricultural demand will remain critical for informed sourcing decisions.

Conclusion

The quarter ending September 2025 highlighted the regional divergence in sulphur price trends, with North America and APAC experiencing mild declines, while Europe saw a notable price increase driven by seasonal demand. Despite elevated inventories in some markets, logistics constraints and improving demand sentiment supported spot price firmness toward quarter-end.

As fertilizer and industrial demand continue to recover, the Sulphur Price Forecast suggests cautious optimism, with short-term firmness expected across major regions. Market participants should remain vigilant to supply chain disruptions and evolving demand signals to navigate the sulphur market effectively. 

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