22 Jul 2024 | 15:20 UTC

Platts proposes revised specifications for Mediterranean sulphur assessments, effective Sept. 12

Platts, part of S&P Global Commodity Insights, proposes refining its specifications for three sulphur spot assessments: CFR Mediterranean, Granular & Crushed Lump, Spot -- small lots; CFR Mediterranean, Granular, Spot -- small lots; and FOB Mediterranean, Granular, Spot -- small lots; effective Sept. 12, 2024.

Platts proposes to make the following changes to the suite of assessments:

  • Revising the standard volume of cargo for all three assessments from 1,500-10,000 mt to 5,000-8,000 mt
  • Specifying the basis ports considered for each assessment
  • Revising the timing -- laycan date ranges -- of cargoes considered in the assessment
  • Removing Russian-origin cargoes from CFR Mediterranean assessments, as these cargoes are seen as priced at a discount to cargoes originating elsewhere

This proposal is made following extensive market survey to capture the most relevant trade dynamics in the Mediterranean sulphur market.

Platts may normalize trades, bids, and offers for cargoes that occur outside the specification thresholds, considering prevailing freight rates, price variation for different cargo sizes and input from market participants where necessary.

The revised specifications proposed for the CFR Mediterranean, Granular & Crushed Lump, Spot -- small lots assessment (FSSMA04) are as follows:

  • Quality: Granular and crushed lump in bulk
  • Frequency: Weekly, every Thursday
  • Appears in: Sulphur Market Report
  • Unit of assessment: $/mt
  • Timestamp: 1630 London close, published according to the London publishing calendar
Specification Existing Specifications Revised Specifications
Quantity 1,500-10,000 mt 5,000-8,000 mt
Basis Location Mediterranean markets e.g. Israel, Lebanon, Turkey and North Africa, e.g. Morocco (including Atlantic ports), Tunisia and Egypt (excluding Red Sea ports) CFR Mediterranean, basis Abu Qir. Price indications for other ports in the Mediterranean will be normalized to Abu Qir
Timing Shipment up to 30 days forward Product to be delivered two-to-six weeks forward
Origin Exclusions None Will exclude Russian origin loadings

The proposed specifications for the CFR Mediterranean, Granular, Spot -- small lots assessment (FSSMB04) are as follows:

  • Quality: Granular in bulk
  • Frequency: Weekly every Thursday
  • Appears in: Sulphur Market Report
  • Unit of assessment: $/mt
  • Timestamp: 1630 London close, published according to the London publishing calendar
Specification Existing Specifications Revised Specifications
Quantity 1,500-10,000 mt 5,000-8,000 mt
Basis Location Mediterranean markets e.g. Israel, Lebanon, Turkey and North Africa, e.g. Morocco (including Atlantic ports), Tunisia and Egypt (excluding Red Sea ports) CFR Mediterranean, basis Abu Qir. Price indications for other ports in the Mediterranean will be normalized to Abu Qir
Timing Shipment up to 30 days forward Product to be delivered two to six weeks forward
Origin Exclusions None Will exclude Russian origin loadings

The proposed specifications for the FOB Mediterranean, Granular, Spot -- small lots assessment (FSSMD04) are as follows:

  • Quality: Granular in bulk
  • Timing: Product to be loaded one to three weeks forward
  • Frequency: Weekly every Thursday
  • Appears in: Sulphur Market Report
  • Unit of assessment: $/mt
  • Timestamp: 1630 London close, published according to the London publishing calendar
Specification Existing Specifications Revised Specifications
Quantity 1,500-10,000 mt 5,000-8,000 mt
Basis Location Mediterranean suppliers e.g. Spain, Italy, Libya, Greece, Turkey, excludes loading from Black Sea FOB Mediterranean, basis Sousaki. Price indications for other Mediterranean ports will be normalized basis Sousaki
Timing Shipment 30 days forward Product to be loaded one to four weeks forward
Note* In the absence of representative FOB Med price information, Platts may also refer to CFR prices in relevant destinations and normalize using prevailing spot freight rates and origin adjustments to normalize to FOB Mediterranean.

Please send any feedback, comments, or questions to fertilizer@spglobal.com and pricegroup@spglobal.com by Aug. 5.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available to the public upon request.