European sulfuric acid market faces highest prices in 2024 amid scarcity of tons

Multiple market participants have reported prices in the European sulfuric acid market have reached $115/mt FOB West Europe in the week up to Nov. 8. The market faced continued lack of availability through Q3 up to Q4 due to factors including producers on maintenance, heavy buying activity from major consumer OCP, and tons contractually committed at the beginning of the year.

"Nothing, repeat absolutely not a liter of acid for sale is available this [rest of the] year", said one trader.

One buyer reported that if someone was seeking acid from Europe, "they (sellers) can offer basically anything" due to lack of spot tons. A key producer in the region further agreed that there is no spot availability in Europe until 2025, indicating spot prices at $115/mt FOB. A second producer added: "market supply would be tight now for the year with major volume already committed, so spot would be difficult to source".

This time last year Platts, part of S&P Global Commodity Insights, assessed its FOB West Europe price at $55-65/mt FOB as of Nov. 8, 2023. In November 2024, the price stands at around $45/mt higher due to extreme supply shortness.

Looking ahead, if tons become available in the market, prices could further increase, which could "create a hurdle for the start of 2025," according to the second producer.

Platts last assessed its FOB West Europe spot price at $100-$110/mt on Oct. 30.