NA Sulfur Outlook

Open trade press through mid-August left the North American sulfur desk on the same Tampa third-quarter molten print that closed July: $705 per long ton delivered, still the last public contract figure.

Public trade press through mid-July left Tampa molten third-quarter 2026 at a record $705 per long ton delivered and described US Gulf granular export interest well above domestic molten contract levels.

Argus reported third-quarter 2026 Tampa molten sulfur contracts settled at a record $705 per long ton delivered, up $50 per long ton from $655 per long ton in the prior quarter, after the second quarter had already exceeded the previous 2008 peak.

North American formed sulfur entered the first week of July still on the Hormuz-era path that began when Kpler dated the Strait closed to commercial dry bulk on 28 February.

A June 2026 open market report summarized first-half sulfur benchmarks moving sharply higher: FOB Middle East from about $525 per tonne in February toward about $900 per tonne in June; CFR China from about $547 per tonne toward about $1,075 per tonne; Chinese ex-works from about 4,155 yuan per tonne toward about 9,500 yuan per tonne.

Second-quarter 2026 saw freight become a first-order price component. An open first-half 2026 market table showed FOB Middle East rising from about $525 per tonne in February toward about $900 per tonne in June, CFR China from about $547 per tonne toward about $1,075 per tonne, and Middle East-China freight from roughly $26-27 per tonne to $161-170 per

By mid-May 2026, open trade press described an extreme sulfur price episode tied to Middle East logistics stress and Strait of Hormuz risk.

Alberta Energy Regulator data reported by Argus showed provincial sulfur inventories at 11.66 million tonnes in July 2025, down more than 377,000 tonnes year on year and the lowest since May 2019.

On 28 February 2026, open trade analytics from Kpler dated the Strait of Hormuz closed to commercial dry bulk traffic, immediately disrupting Middle East sulfur loadings that had supplied roughly 45-50 percent of seaborne trade.

Port of Vancouver reported sulphur up 5 percent to 3.5 million tonnes in 2025 as part of a record overall cargo year, 170.4 million tonnes, up 8 percent.

Third-quarter 2025 commentary emphasized destination diversification out of Vancouver.

By mid-2025 the Alberta inventory story had turned from buffer build to draw. Argus, citing AER data, reported closing sulfur inventory at 11.66 million tonnes in July 2025, down more than 377,000 tonnes, about 3 percent year on year, and the lowest since May 2019. The item is at

Early 2025 opened a new firm phase. Argus later reported that January-July 2025 Vancouver sulfur averaged $238 per tonne FOB, more than triple the $78 per tonne FOB average over the same period a year earlier. The first quarter sits inside that stronger half-year. Solid sulfur exports via Vancouver reached 2.04 million tonnes in January-July, up nearly 5

Fourth-quarter 2024 Tampa molten at $116 per long ton, USGS Mineral Commodity Summaries 2025, marked a clear lift from the $69 per long ton start of year without returning to 2022 spike territory.

Autumn 2024 still looked like a soft-to-moderate sulfur market relative to 2022 and 2025-26 extremes.

Mid-2024 kept sulfur in a moderate price band by recent cycle standards while Canadian export logistics stayed busy.

USGS Mineral Commodity Summaries 2025 recorded Tampa contract sulfur beginning 2024 at $69 per long ton, rising to $81 per long ton in early March, then easing to $76 per long ton by early July, with the fourth quarter later at $116 per long ton.

Year-end 2023 left sulfur prices subdued relative to 2022 extremes. Argus assessed Vancouver sulfur at $72 per tonne FOB midpoint on 14 December, down 25 percent since the start of the fourth quarter as Chinese demand waned and rising freight rates trimmed FOB netbacks. USGS placed Tampa fourth-quarter 2023 at $102 per long ton after a mid-July trough of

Keyera and Enbridge's South Cheecham sulphur facilities commenced operations at the beginning of the third quarter of 2023, adding Fort McMurray-area forming and rail loadout under long-term take-or-pay arrangements.

Through mid-2023, Port of Vancouver sulphur was on track for a step-up year. Full-year 2023 port statistics later confirmed 3,103,912 tonnes, an 11 percent increase from 2.79 million tonnes in 2022, contributing to record bulk exports. The Vancouver Fraser Port Authority's cargo release put overall port trade at 150.4 million metric tonnes, up 6 percent,

Early 2023 opened in a soft sulfur price environment after the 2022 collapse, while Argus expected elevated North American output from resilient fuel demand and Canadian bitumen processing to stabilize prices.

Fourth-quarter 2022 locked in the post-spike reset. USGS recorded Tampa molten at $90 per long ton after the April peak of $481. BC Insight noted the fourth-quarter Tampa drop of $262 per long ton to $90 as the lowest since the fourth quarter of 2020, citing higher US production and weaker processed-phosphate demand. USGS January-August 2022 US production

From July into August 2022 the sulfur market reversed violently. Chinese authorities implemented a de-facto export quota regime in July for phosphate fertilizers in the second half. DAP operating rates fell to 40 to 50 percent at river ports and about 50 percent in Yunnan and Guizhou by end-July, Argus reported, triggering a global sulfur price collapse.

Second-quarter 2022 marked the cycle high for many sulfur benchmarks. Argus later recounted Vancouver spot midpoint near $478 per tonne FOB, its highest since 2008, as phosphate demand rallied. An Argus Sulphur sample dated 26 May 2022 showed FOB Vancouver around $476-480 per tonne, FOB US Gulf $380-381, CFR Brazil $458-470, and CFR Tampa $481 per long ton.

Early 2022 layered geopolitical risk onto an already firm sulfur market. USGS Mineral Commodity Summaries 2023 recorded Tampa contracts beginning 2022 near $282 per long ton, then rising to $481 per long ton in early April for the second-quarter settlement path. The opening level already reflected late-2021 Chinese phosphate export curbs and strong

Fourth-quarter 2021 kept Tampa molten contracts near $183 per long ton per USGS, ending a year that began near $69.

Third-quarter 2021 solidified a tighter global sulfur balance as refinery utilization improved unevenly and phosphate buyers competed for solid cargoes.

By mid-2021, US Gulf molten markets had moved well above early-year levels as phosphate and industrial demand recovered and sulfur availability remained snug after pandemic-era refining cuts.

Elemental sulfur entered 2021 still marked by the 2020 pandemic shock to refining and fuel demand.