{
  "fob_vancouver_mid_usd_mt": 1045,
  "fob_us_gulf_mid_usd_mt": 1125,
  "fob_me_mid_usd_mt": 805,
  "as_of": "2026-06-01",
  "note": "Implied CFR uses origin-matched FOB mid (Vancouver, US Gulf, or Middle East). Transit days are lane estimates, not fixture prints.",
  "netbacks": [
    {
      "route": "vancouver_china",
      "origin": "FOB Vancouver / Port Moody",
      "destination": "CFR China",
      "fob_index": "SR-VAN-FOB-G",
      "fob_usd_mt": 1045,
      "fob_vancouver_usd_mt": 1045,
      "freight_usd_mt": 28,
      "implied_cfr_usd_mt": 1073,
      "transit_days": 18,
      "as_of": "2026-07-01",
      "data_type": "platform_estimate",
      "source": "2026 Sulphur Price Analysis (call2supply) ME-China freight contrast",
      "source_url": "https://call2supply.com/2026/06/25/sulphur-price-2026/"
    },
    {
      "route": "vancouver_indonesia",
      "origin": "FOB Vancouver / Port Moody",
      "destination": "CFR Indonesia",
      "fob_index": "SR-VAN-FOB-G",
      "fob_usd_mt": 1045,
      "fob_vancouver_usd_mt": 1045,
      "freight_usd_mt": 40,
      "implied_cfr_usd_mt": 1085,
      "transit_days": 22,
      "as_of": "2026-07-01",
      "data_type": "platform_estimate",
      "source": "SMM analysis after sulfur breaks through $1,200",
      "source_url": "https://news.metal.com/newscontent/103899139-smm-analysis-after-sulfur-breaks-through-1200-how-far-is-the-ceiling"
    },
    {
      "route": "vancouver_brazil",
      "origin": "FOB Vancouver / Port Moody",
      "destination": "CFR Brazil (Santos / Paranaguá)",
      "fob_index": "SR-VAN-FOB-G",
      "fob_usd_mt": 1045,
      "fob_vancouver_usd_mt": 1045,
      "freight_usd_mt": 58,
      "implied_cfr_usd_mt": 1103,
      "transit_days": 28,
      "as_of": "2026-07-01",
      "data_type": "platform_estimate",
      "source": "Lion Sulphur market update March 2026 (LinkedIn)",
      "source_url": "https://www.linkedin.com/posts/lion-sulphur-53163425b_sulfur-market-update-march-4-2026-the-activity-7435033225502121985-E0XG"
    },
    {
      "route": "vancouver_australia",
      "origin": "FOB Vancouver / Port Moody",
      "destination": "CFR Australia",
      "fob_index": "SR-VAN-FOB-G",
      "fob_usd_mt": 1045,
      "fob_vancouver_usd_mt": 1045,
      "freight_usd_mt": 28,
      "implied_cfr_usd_mt": 1073,
      "transit_days": 16,
      "as_of": "2026-07-01",
      "data_type": "platform_estimate",
      "source": "freight-history-5y",
      "source_url": "https://www.portvancouver.com/"
    },
    {
      "route": "middle_east_china",
      "origin": "FOB Middle East (ex-Iran typical)",
      "destination": "CFR China",
      "fob_index": "SR-ME-FOB",
      "fob_usd_mt": 805,
      "fob_vancouver_usd_mt": 1045,
      "freight_usd_mt": 90,
      "implied_cfr_usd_mt": 895,
      "transit_days": 20,
      "as_of": "2026-07-01",
      "data_type": "industry_estimate",
      "source": "2026 Sulphur Price Analysis (call2supply)",
      "source_url": "https://call2supply.com/2026/06/25/sulphur-price-2026/"
    },
    {
      "route": "us_gulf_brazil",
      "origin": "FOB US Gulf",
      "destination": "CFR Brazil",
      "fob_index": "SR-GULF-FOB-G",
      "fob_usd_mt": 1125,
      "fob_vancouver_usd_mt": 1045,
      "freight_usd_mt": 42,
      "implied_cfr_usd_mt": 1167,
      "transit_days": 14,
      "as_of": "2026-07-01",
      "data_type": "platform_estimate",
      "source": "Tampa 3Q liquid sulphur price hits record $705/lt (Argus)",
      "source_url": "https://www.argusmedia.com/en/news-and-insights/latest-market-news/2851577-tampa-3q-liquid-sulphur-price-hits-record-705-lt"
    },
    {
      "route": "middle_east_india",
      "origin": "FOB Middle East",
      "destination": "CFR India",
      "fob_index": "SR-ME-FOB",
      "fob_usd_mt": 805,
      "fob_vancouver_usd_mt": 1045,
      "freight_usd_mt": 85,
      "implied_cfr_usd_mt": 890,
      "transit_days": 10,
      "as_of": "2026-07-01",
      "data_type": "platform_estimate",
      "source": "2026 Sulphur Price Analysis (call2supply)",
      "source_url": "https://call2supply.com/2026/06/25/sulphur-price-2026/"
    }
  ]
}