Sulphur stocks point to lower prices and more imports

摘要

In the second quarter of 2020, China’s ports sulphur stocks fell to a low of 2.7 Mt before rebounding back above 3.0 Mt at the end of the quarter. The path of stock increase started in May 2019 with Chinese port stocks increasing from 1.2 Mt to 3.2 Mt by May, 2020. The surge in stocks in 2019 was largely localised at river ports, typically associated with speculator activity, with 1.0 Mt of stock arriving by July 2019 priced at a range of $110-120 /t CFR.