European sulphuric acid fobs have halved in value since they reached a two-year peak in December last year as a lack of buying from OCP results in European cargoes to be liquidated in the Americas.
Northwest European fobs fell to $65/t on 6 March, at a drop of $50/t from December last year. Meanwhile, Mediterranean fobs dropped by $60/t on 6 March, down $60/t on the peak recorded at the end of last year.
The drop in price comes as available cargoes in Bulgaria and Turkey, which were confirmed sold from the mid-$60s/t fob for prompt and up to May shipment, have had to find outlets further afield as OCP is reportedly out of the market.
OCP's spot appetite has been muted for the past six to eight weeks, according to market sources. This has resulted in traders selling European cargoes in South America at delivered prices not seen since May 2024.
China – which supplied nearly 50pc of the acid to Morocco in 2024 – is yet to see an impact on the lack of demand from OCP as strong demand from the domestic market limits cargo availability and results in firmer export prices for Chinese cargoes.
Argus last assessed China acid prices were $55/t fob on a midpoint basis on 6 March. The highest level since 31 October 2024.
The temporary pause in OCP sulphuric acid buying could be explained due to a ramp up at its new 500,000 t/yr sulphur burner which came online in 4Q25.
OCP imported 2.01mn t in 2024, at a three-year high, customs data showed. Approximately 430,000t acid is due to arrive to Jorf Lasfar in the first quarter of the year, line up shows.
Sulphuric acid intake is expected to decline on the year — with import estimates ranging from 1-1.1mn t in 2025 on increased sulphur burner capacity.
