Global sulfur prices surge on Middle East disruptions, China export ban

Global sulfuric acid and elemental sulfur prices surged in April as Middle East supply disruptions and tougher Chinese export restrictions severely tightened spot availability across key markets, according to S&P Global Energy CERA analysts.

Platts, part of S&P Global Energy, assessed sulfuric acid CFR US Gulf at $400/mt on May 6, up from the pre-war level of $155/mt on Feb. 25, and sulfur FOB US Gulf at $1,060/mt, up from $650/mt when it launched April 2. The CFR Brazil sulfur assessment has increased to $1,150/mt May 7, more than double the pre-war level of $525/mt on Feb. 26.

The Middle East typically accounts for nearly half of all global seaborne sulfur exports.

Compounding this geopolitical shock, Chinese authorities imposed new restrictions on sulfuric acid exports effective May 1. The ban, which applies to smelter and sulfur burner-based acid with the sole exception of electronic-grade material, is set to push the market into a significant deficit.

In 2025, China — the world's largest sulfuric acid exporter — shipped about 4.6 million metric tons, according to S&P Global Market Intelligence's Global Trade Atlas.

CERA analysts noted that sulfuric acid prices are increasingly tracking elemental sulfur fundamentals. Tightening feedstock availability and reduced smelter acid supply have left the market highly exposed to sulfur shortages.

Desperate to secure replacement volumes, Brazilian sulfuric acid imports jumped roughly 800% year over year in March to 90,594 mt as buyers sought European cargoes. However, substitution has hit its limits, CERA analysts said in a May 1 report, adding that Europe is now effectively sold out until June, leaving buyers with few immediate options. Alternative sulfur supplies from Canada, which exported a record 628,000 mt in February, have proven insufficient to offset the lost Middle Eastern volumes.

Brazil's planting season at risk

The impact of the sulfur crisis goes far beyond raw material pricing, directly threatening Brazil's import-dependent fertilizer chain ahead of the country's key planting season.

Because sulfur is a critical input for phosphate production, the soaring costs have directly squeezed margins and forced operational reductions.

This tightening availability arrives just as Brazil enters its peak fertilizer import window. "If farmers don't use fertilizer, there will be a crop failure," warned a Brazil-based source, emphasizing that skipping conventional sulfur-based fertilizers could devastate the 2026-27 harvest.