Track Sulphur Price Chart Historical and Forecast

Executive Summary

The global sulphur market experienced pronounced volatility across 2024 and 2025, shaped by shifting refinery dynamics, fertilizer demand cycles, logistics disruptions, and regional procurement behavior. While the sulphur market remained broadly bullish through late 2024 and early 2025, momentum diverged across regions by mid-2025 as inventories normalized and demand seasonality shifted.

For the quarter ending September 2025, sulphur prices softened in North America and APAC, while Europe registered a notable rebound driven by planting-related restocking. North American prices declined modestly due to import cost pressures and logistical inefficiencies, whereas APAC markets reflected oversupply conditions despite improving downstream demand. Europe, by contrast, recorded a sharp quarter-over-quarter increase supported by seasonal agrochemical demand and logistics constraints along inland waterways.

Looking ahead, the sulphur price forecast points toward short-term firmness across most regions, supported by fertilizer restocking, battery-grade acid demand, and tighter merchant availability. However, elevated inventories, steady refinery recoveries, and cautious buyer behavior are expected to cap aggressive upside risks. This report presents a comprehensive review of sulphur price trends, quarterly movements, regional drivers, production costs, procurement strategies, and trade-flow dynamics, offering actionable insights for buyers and market participants.

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Introduction

Sulphur remains a critical input material for a wide range of downstream industries, including phosphate fertilizers, agrochemicals, copper leaching, and battery-grade sulphuric acid production. As a by-product of oil and gas refining, sulphur supply is intrinsically linked to refinery utilization rates, crude slate selection, and energy market conditions.

Over the past year, the sulphur market has navigated an evolving landscape of refinery maintenance cycles, logistics disruptions, geopolitical uncertainty, and fluctuating agricultural demand. These variables have created distinct pricing trajectories across North America, Asia-Pacific, and Europe. Understanding these regional divergences is essential for procurement teams, traders, and downstream manufacturers seeking to optimize purchasing strategies and manage cost risks effectively.

Global Sulphur Price Overview

On a global basis, sulphur prices transitioned from a broadly bullish environment in late 2024 and early 2025 toward a more mixed and regionally differentiated market by the third quarter of 2025.

The bullish trend observed in Q4 2024 was largely driven by tight inventories, refinery disruptions, port congestion, and strong plantation-season demand. This momentum extended into Q1 2025, when winter-related logistics disruptions, refinery outages, and aggressive fertilizer procurement supported higher prices across all major regions.

By Q2 2025, sulphur prices surged sharply quarter over quarter, reflecting tight global supply and robust seasonal demand. However, as the year progressed into Q3 2025, the market began to cool in select regions due to inventory builds, easing logistics, and cautious buyer participation. Despite these corrections, underlying fundamentals remained supportive, particularly for fertilizer and battery-grade applications, setting the stage for potential near-term firmness.

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Regional Sulphur Price Analysis

North America

In the United States, the sulphur Price Index declined by 1.91 percent quarter over quarter in the quarter ending September 2025. The average sulphur price for the quarter stood at approximately USD 291.00 per metric ton, reflecting balanced supply conditions amid logistical challenges.

Despite the modest decline in the Price Index, sulphur spot prices exhibited intermittent firmness due to vessel delays, railcar shortages, and congestion at key terminals. Import costs from Canada played a pivotal role in shaping price dynamics, with rising export costs and increased Asian purchases tightening US import parity.

Sulphur production cost trends were supported by shifts in feedstock selection and stable refinery throughputs along the Gulf Coast. While major refiners maintained steady output, transportation inefficiencies elevated delivered costs. On the demand side, fertilizer restocking and rising copper-leach requirements improved the sulphur demand outlook, encouraging stronger term-volume spot bids.

Looking forward, the sulphur price forecast for North America points toward short-term firmness. Fertilizer demand and battery-grade acid consumption are expected to underpin prices, although elevated inventories and responsive imports may limit sustained upside.

Asia-Pacific

In APAC, the sulphur Price Index in Indonesia fell by 1.11 percent quarter over quarter during Q3 2025. Average prices for the quarter were assessed at approximately USD 297.00 per metric ton on a CFR Tanjung Priok basis.

The decline in prices was largely attributed to oversupply conditions, as steady Middle Eastern inflows outpaced domestic offtake. Elevated port inventories exerted downward pressure on sulphur spot prices, even as industrial demand began to recover.

Demand fundamentals improved toward the latter part of the quarter, supported by HPAL operations, fertilizer restocking ahead of planting seasons, and burner throughput expansions. Lower diesel prices and stable feedstock availability helped ease sulphur production cost trends, moderating landed costs.

Recent tender activity and tightening merchant availability signaled emerging balance in the market, lifting procurement urgency and supporting short-term price risks. However, smooth freight lanes and consistent Middle Eastern supply limited logistics premiums, preventing sharp price escalation. The near-term sulphur price forecast for APAC suggests moderate firming risks rather than a full bullish reversal.

Europe

Europe emerged as the strongest-performing sulphur market in Q3 2025. In Germany, the sulphur Price Index rose by 7.26 percent quarter over quarter, driven primarily by restocking activity linked to the resumption of the planting season. Average quarterly prices were recorded at approximately USD 231.33 per metric ton.

Sulphur spot prices firmed as prompt availability tightened, even though overall inventories remained sufficient. Logistics challenges along the Rhine River elevated landed costs and constrained short-term supply flexibility. Despite stable feedstock and energy prices keeping sulphur production costs muted, buyers faced higher delivered prices due to transport surcharges and tender-driven procurement.

Demand from agrochemical producers strengthened markedly, lifting offtake volumes and supporting the Price Index. However, cautious purchasing behavior and balanced refinery recoveries prevented excessive price inflation. The sulphur price forecast for Europe indicates limited upside potential, with restocking demand expected to normalize as inventories stabilize.

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Sulphur Price Table Overview

Sulphur Prices by Region for Q3 2025

Region | Price Index Movement QoQ | Average Quarterly Price | Basis
North America | -1.91% | USD 291.00/MT | Domestic US
APAC Indonesia | -1.11% | USD 297.00/MT | CFR Tanjung Priok
Europe Germany | +7.26% | USD 231.33/MT | Domestic

Historical Quarterly Review

The sulphur market demonstrated sustained bullishness in Q4 2024, driven by supply disruptions, geopolitical uncertainty, and strong plantation demand. This momentum intensified in Q1 2025 as winter storms, refinery outages, and rising import costs tightened availability across regions.

Q2 2025 marked a peak in price acceleration, with spot prices surging over 30 percent quarter over quarter in North America and APAC, and over 40 percent in Europe. Tight supply, refinery disruptions, and aggressive seasonal demand defined the quarter.

By Q3 2025, regional divergence became evident. While Europe rebounded on restocking demand, North America and APAC corrected lower due to inventory normalization and cautious procurement strategies.

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Production and Cost Structure Insights

Sulphur production costs remained closely tied to refinery utilization, crude oil price movements, and feedstock composition. Stable crude prices and steady refinery recoveries helped cap cost inflation during Q3 2025. However, logistics expenses, including freight, rail, and port congestion costs, emerged as key contributors to delivered price volatility.

In regions dependent on imports, landed costs remained sensitive to vessel availability, insurance premiums, and trade-flow disruptions.

Procurement Behavior and Supply Conditions

Buyers across regions adopted increasingly tactical procurement strategies during 2025. Elevated inventories and volatile spot prices encouraged short-term purchasing, while tender-driven buying resurfaced during periods of tightening availability. Fertilizer producers remained the dominant demand driver, followed by battery-grade acid and metallurgical applications.

Trade-Flow and Logistics Impact

Global sulphur trade flows were influenced by Middle Eastern export availability, Canadian shipments to the US, and inland logistics constraints in Europe. Vessel timing issues, rail shortages, and river transport disruptions played a decisive role in shaping regional price differentials.

Procurement Outlook

The procurement outlook for sulphur suggests a cautious but opportunistic approach. Short-term firmness is expected in response to fertilizer restocking and industrial demand recovery. However, balanced refinery output and sufficient inventories are likely to prevent sustained price spikes.

Frequently Asked Questions

What factors influenced sulphur prices in 2025

Sulphur prices were influenced by refinery disruptions, seasonal fertilizer demand, logistics constraints, and shifting global trade flows.

Why did Europe outperform other regions in Q3 2025

Europe benefited from planting-season restocking, logistics bottlenecks, and improved downstream demand, lifting the Price Index.

Will sulphur prices rise further

Short-term firmness is expected, but elevated inventories and steady supply may limit aggressive upside.

How ChemAnalyst Supports Sulphur Buyers

ChemAnalyst provides real-time sulphur price tracking, weekly market updates, and region-specific forecasts to help buyers stay ahead of market movements. By combining price data with in-depth analysis of supply disruptions, production costs, logistics risks, and demand trends, ChemAnalyst enables procurement teams to time purchases effectively and mitigate supply-chain risks.

With expert analysts, global port coverage, and continuous monitoring of plant operations and trade flows, ChemAnalyst delivers actionable intelligence that empowers buyers to make informed decisions in an increasingly volatile sulphur market.

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This release was published on openPR.