Argus noted China's second-quarter 2022 sulfur imports of 2.4 million tonnes rose 50 percent year on year, driven by phosphate fertilizer exports before July's de-facto quota regime. The first-half import surge and second-half collapse defined 2022 Chinese sulfur trade volatility. The viewpoint is at https://www.argusmedia.com/en/news-and-insights/latest-market-news/2403764-viewpoint-increasing-supplies-pressure-chinese-sulphur.
April's 719,800 tonnes, up 24 percent, with DAP and MAP exports already down 157 percent and 52 percent on inspections from mid-April, is the mixed month inside this 2.4 million tonne quarter. June volumes near 948,000 tonnes and CIF near $471 per tonne, IndexBox, are the peak month. 2.4 million tonnes at spike prices is why 2022 import value hit about $2.3 billion even though January-October volumes would fall 22 percent.
Alberta recovered sulfur still leaves mainly through Vancouver. Second-quarter Canadian stems at $476-480 FOB, Argus 26 May sample, sold into this 2.4 million tonne Chinese pull. The 2.39 million tonne January-October Vancouver total is first-half-heavy because of this quarter. Without it, the 22 percent harbour year does not exist in the same shape.
Tampa $481 in early April, USGS, is the Florida rhyme of this Chinese surge. TFI's plus 198 percent sulfur cost March 2021 to March 2022 is the input-cost rhyme. War-risk after 24 February is the freight-and-credit rhyme. Three supports under 2.4 million tonnes. July removed the Chinese one.
UAE, Canada, Korea, Iran, and other origins filled the 2.4 million. Gulf solids and Canadian granules both ran hot. South Cheecham was still construction. Heartland forming and existing Alberta nodes handled the Canadian slice.
July-October Chinese imports of 2.5 million tonnes, down 5.9 percent, are the immediate contrast. A 2.4 million tonne up-50-percent quarter followed by a down quarter is the definition of 2022 volatility. Nickel HPAL was not yet the offset. Phosphate was the whole bid.
Huaxicun halted 16 June, inside this quarter's last weeks. Paper disappeared as physical peaked. Licensed weekly grids are not restated. The 2.4 million tonne figure is Argus open news.
Figures follow Argus. April-June 2.4 million tonnes, up 50 percent, is the last Chinese surge before the quota.