Market Reporting. Consulting Events. illuminating the markets. Strategy Report: World Sulphur Outlook to 2025 Table of Contents.

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1 argusmedia.com Strategy Report: World Sulphur Outlook to 2025 Table of Contents May 2015 Market Reporting Page 1 illuminating the markets Consulting Events

2 Table of contents Strategic Implications... page 13 Section 1: Sulphur Supply and Demand... page 17 Chapter 1: Production Overview... page Methods of Production... page From Crude Oil Refining... page From Natural Gas Processing and Other Methods... page Sulphur Specifications and Forms... page Sulphur as By-product... page 23 Chapter 2: Production Outlook... page Global Production Outlook page Middle East... page Eastern Europe/Central Asia (EECA)... page East Asia... page South Asia... page North America... page Latin America... page Europe... page Africa... page Oceania... page Global Production Outlook page Un-quantified Impacts on Production... page 57 Chapter 3: Demand Overview... page Introduction... page Demand for Sulphur for Phosphoric Acid Production... page Demand for Sulphur for Sulphur-Enhanced Fertilizers... page The Agronomics of Sulphur... page Elemental Sulphur Fertilizers... page Demand for Sulphur for Industrial Use... page Potential Emerging Demand Use... page 65 Chapter 4: Demand Outlook... page Global Demand Outlook page East Asia... page Africa... page Eastern Europe/Central Asia... page 71

3 Table of contents South Asia... page Middle East... page North America... page Latin America... page Europe... page Oceania... page Global Demand Outlook page 77 Chapter 5: Global Sulphur Balance... page Global Sulphur Balance... page Europe... page Eastern Europe Central Asia (EECA)... page North America... page Latin America... page Africa... page Middle East... page South Asia... page East Asia... page Oceania... page 82 Section 2: Sulphur Storage and Trade... page 83 Chapter 1: Sulphur Storage... page Introduction... page Existing Sulphur Inventory and Outlook... page Eastern Europe... page Canada... page Other regions... page 85 Chapter 2: Sulphur Trade... page Introduction... page Trade Review and Outlook... page Major Export Regions... page Major Import Regions... page 89

4 Table of contents Section 3: Sulphur Pricing... page 91 Chapter 1: Introduction... page Introduction... page Sulphur assessments terms... page 92 Chapter 2: Price Outlook... page Historical Pricing and Outlook page Middle East fob spot... page Black Sea fob spot... page Vancouver fob spot... page China cfr spot... page Brazil cfr spot... page Contract Pricing and Spot Price Relationships... page Tampa quarterly delivered... page Vancouver fob quarterly... page US Gulf fob/north Africa and Brazil cfr... page Black Sea fob/north Africa and Brazil cfr... page Middle East fob/north Africa cfr... page 101 Appendix: Argus Consultants... page 103

5 Figures Figure 1: Global sulphur balance page 13 Figure 2: Forms of sulphur... page 22 Figure 3: World regions... page 24 Figure 4: Global sulphur production by source, page 25 Figure 5: Global sulphur production by source, page 26 Figure 6: Global sulphur production by region, and page 26 Figure 7: Middle East... page 27 Figure 8: Eastern Europe/Central Asia (EECA)... page 32 Figure 9: East Asia... page 37 Figure 10: South Asia... page 40 Figure 11: North America... page 42 Figure 12: Latin America... page 45 Figure 13: Europe... page 50 Figure 14: Africa... page 54 Figure 15: Oceania... page 56 Figure 16: Global consumption of sulphur acid by type, page 67 Figure 17: Sulphur stockpiles... page 83 Figure 18: Middle East fob spot price... page 93 Figure 19: Black Sea fob spot price... page 94 Figure 20: Vancouver fob spot price... page 96 Figure 21: China cfr spot price... page 98 Figure 22: Brazil cfr spot price... page 99

6 Tables Table 1: Sulphur characteristics of crude oil from North Sea and Mediterranean... page 17 Table 2: Global sulphur production, page 24 Table 3: Sulphur production in the Middle East, page 27 Table 4: Sulphur production in Eastern Europe/Central Asia, page 33 Table 5: Sulphur production in East Asia, page 37 Table 6: Sulphur production in South Asia, page 41 Table 7: Sulphur production in North America, page 42 Table 8: Sulphur production in Latin America, page 46 Table 9: Sulphur production in Europe, page 50 Table 10: Sulphur production in Africa, page 54 Table 11: Sulphur production in Oceania, page 56 Table 12: Global sulphur production, page 57 Table 13: Main sulphur containing fertilizers... page 61 Table 14: Global sulphur consumption, page 67 Table 15: Sulphur consumption in East Asia, page 68 Table 16: Sulphur consumption in Africa, page 69 Table 17: Sulphur consumption in Eastern Europe/Central Asia, page 71 Table 18: Sulphur consumption in South Asia, page 71 Table 19: Sulphur consumption in the Middle East, page 72 Table 20: Sulphur consumption in North America, page 73 Table 21: Sulphur consumption in Latin America, page 74 Table 22: Sulphur consumption in Europe, page 75 Table 23: Sulphur consumption in Oceania, page 76 Table 24: Global sulphur consumption, page 77 Table 25: Global sulphur balance, page 78 Table 26: Europe sulphur balance, page 78 Table 27: EECA sulphur balance, page 79 Table 28: North America sulphur balance, page 79 Table 29: Latin America sulphur balance, page 80 Table 30: Africa sulphur balance, page 80 Table 31: Middle East sulphur balance, page 81 Table 32: South Asia sulphur balance, page 81 Table 33: East Asia sulphur balance, page 82 Table 34: Oceania sulphur balance, page 82 Table 35: Regional sulphur exports... page 87

7 Tables Table 36: Regional sulphur imports... page 89 Table 37: Middle East fob price forecast... page 94 Table 38: Black Sea fob price forecast... page 95 Table 39: Vancouver fob price forecast... page 97 Table 40: China cfr price forecast... page 99 Table 41: Brazil cfr price forecast... page 100

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