Chemicals

September 11, 2024

Platts revises specifications for Mediterranean sulfur assessments Sep 12

Platts, part of S&P Global Commodity Insights, has refined its specifications for three sulfur 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 has made the following changes to the suite of assessments:

  • Revising the standard volume of cargo for all three assessments from 1,500-10,000 metric tons to 5,000-8,000 metric tons
  • 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 to be priced at a discount to cargoes originating elsewhere

These changes have been made following extensive market survey to capture the most relevant trade dynamics in the Mediterranean sulfur market. They were initially proposed in a subscriber note on July 22, available here. They were then announced in another subscriber note on Aug. 8, available here.

Platts may normalize trades, bids and offers for cargoes which 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 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: 16:30 London close, published according to the London publishing calendar

Specification Previous 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 Restrictions None Basis non-Russian origin. Russian-origin material may be considered and normalized as appropriate.

The revised 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: 16:30 London close, published according to the London publishing calendar

Specification Previous 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 information 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 Restrictions None Basis non-Russian origin. Russian-origin material may be considered and normalized as appropriate.

The revised 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 four weeks forward
  • Frequency: Weekly every Thursday
  • Appears in: Sulphur Market Report
  • Unit of assessment: $/mt
  • Timestamp: 16:30 London close, published according to the London publishing calendar

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.
Specification Previous 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*

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

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