Key facts
- QatarEnergy Marketing increased its July Qatar Sulphur Price (QSP) by $85/t to $890/t fob Ras Laffan/Mesaieed.
- The June price was $805/t fob.
- Freight rates for 30,000-35,000t shipments to Chinese ports were $125-140/t as of June 25.
- Delivered cost to China is estimated at $1,015-1,030/tcfr, before insurance premiums.
- Vessel traffic through the Strait of Hormuz recovered in June, easing stock shortages for major consumers.
State-owned QatarEnergy Marketing has raised its July Qatar Sulphur Price (QSP) by $85/t to $890/t fob Ras Laffan/Mesaieed, up from $805/t fob in June.
Freight rates as of June 25 were $125-140/t for a 30,000-35,000t shipment to Chinese ports, implying a delivered cost of $1,015-1,030/tcfr before additional insurance premiums.
Vessel traffic through the Strait of Hormuz recovered in June, with over 800,000t of Middle East sulphur shipments crossing the strait, according to Argus estimates. This has eased extreme stock shortages among major consumers, but the market remains tight due to delivery delays and production outages. Spot availability is limited to a few shipments in trader hands.
Optimism for a production ramp-up at QatarEnergy's terminal has emerged following drone attacks and damage to the facility, spurred by the number of LNG vessels holding positions near Ras Laffan.