2022 spike peak: Vancouver near $480/t and elevated Pacific freight

Second-quarter 2022 marked the cycle high for many sulfur benchmarks. Argus later recounted Vancouver spot midpoint near $478/t FOB, its highest since 2008, as phosphate demand rallied. An Argus Sulphur sample dated 26 May 2022 showed FOB Vancouver around $476-480/t and Vancouver-China freight for 50-60 kt stems near $41-46/t. Middle East FOB and CFR Asia also traded at extreme levels before the summer collapse. Port of Vancouver sulphur loadings for full-year 2022 reached 2.79 Mt, up 22% from 2021, already exceeding the prior year’s total by October per Argus. Dry-bulk strength amplified delivered costs into China and India. UNCERTAIN: exact weekly peak print dates vary by assessment service; treat ~$480/t FOB Vancouver as the public mid-year high cluster. Second-quarter 2022 is the reference peak for the five-year cycle. Vancouver FOB near $478/t, Tampa near $481/lt, and Middle East FOB in similar territory created a global high plateau that later comparisons with 2026 must respect in level even when 2026 delivered prices went higher still. The Argus May sample’s Vancouver-China freight band of $41-46/t for 50-60 kt stems shows that ocean logistics were themselves expensive, so CFR Asia cleared far above FOB. Port of Vancouver’s eventual 2.79 million tonne sulphur year, up 22%, proves that Canadian logistics answered the price signal with volume even before South Cheecham’s 2023 start. January-October loadings already exceeding full-year 2021, per Argus, marked how quickly stems accelerated. For netback models, Q2 2022 is the stress case for both commodity and freight. It is also the reminder that peaks can reverse within a quarter when phosphate margins break.

Key points

• Argus: Vancouver spot midpoint ~$478/t FOB at 2022 peak (highest since 2008).
• Argus sample 26 May 2022: Vancouver-China freight ~$41-46/t (50-60 kt).
• Port of Vancouver sulphur 2022: 2.79 Mt (+22% YoY).
• Tampa Q2 2022 molten ~$481/lt aligned with the global spike.
• UNCERTAIN: peak-week assessment differences across Argus/Fertecon/CRU.

Sources

• Viewpoint: Sulfur volatility to wane as supply recovers (Argus)
• Argus Sulphur sample report (26 May 2022)
• Port of Vancouver 2022 Statistics Overview

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Public reference summary. Weekly PRA assessments require a commercial license. Not investment advice.