Vancouver closes 2025 at 3.5 Mt sulphur

Port of Vancouver reported sulphur up 5% to 3.5 Mt in 2025 as part of a record overall cargo year (170.4 MMT). The five-year volume ladder from 2.29 Mt (2021) to 3.5 Mt (2025) is the clearest public series on Canadian Pacific solid sulfur growth. Average 2025 FOB strength versus 2024 supported continued Alberta draws into year-end. China’s 2025 imports near 9.6 Mt with roughly 45% import dependence and a large Middle East share, per later SMM commentary, left the market exposed to any Gulf logistics shock. That exposure materialized in early 2026. UNCERTAIN: Q4 2025 FOB Vancouver average versus the Jan-Jul $238/t Argus window. Closing 2025 at 3.5 Mt sulphur through Vancouver completes the public volume arc from the 2.29 Mt 2021 trough. The five-year ladder. 2.29, 2.79, about 3.10, 3.3, 3.5 Mt. is the most important open Canadian solid-sulfur series available without licensed assessments. Average 2025 FOB strength versus 2024 supported continued Alberta draws into year-end after the July 11.66 Mt print. China’s 2025 imports near 9.6 Mt with roughly 45% import dependence and heavy Middle East sourcing, per later SMM analysis, left the global market one chokepoint failure away from crisis. That failure arrived in late February 2026. Q4 2025 should be read as the last pre-shock quarter: Canadian logistics already hot, inventories already drawn, Middle East concentration still intact.

Key points

• VFPA: 2025 sulphur 3.5 Mt (+5% YoY).
• Volume path 2021-25: 2.29 → 2.79 → ~3.10 → 3.3 → 3.5 Mt.
• Alberta stocks already drawn to multi-year lows by mid-2025.
• China import structure left Hormuz as a systemic risk into 2026.
• UNCERTAIN: late-2025 spot FOB vs H1 average.

Sources

• Port of Vancouver record cargo 2025
• SMM analysis after sulfur breaks through $1,200

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