Morocco continues to import the bulk of Kazakhstan's sulfur exports, sustaining a trend seen throughout 2024, according to S&P Global Global Trade Atlas data on commodity flows out of the landlocked Central Asian country.

In the first seven months of 2024, Kazakkstan exported about 2.9 million metric tons of sulfur, the GTA data showed. Of those exports, just under 2.1 million metric tons -- more than 70% -- went to Morocco. This is almost double the roughly 1.1 million metric tons of sulfur that flowed between the two countries over the same period in 2023.

However, the Kazakh cargos are adding onto, rather than eating into, Moroccan imports from other major producers. Moroccan sulfur imports climbed by over 1.3 million metric tons over the first half of 2024 compared to the first half of 2023, exceeding 4.3 million metric tons, according to the most recent GTA data. The UAE, the North African country's second major sulfur trade partner, maintained nearly steady sulfur export levels to Morocco over the first six months of 2024 and 2023, sending 1.2 million metric tons and 1.3 million metric tons in each year, respectively.

The Kashagan oil field, a major source of Kazakh sulfur, is due to undergo maintenance beginning in October.

Platts, part of S&P Global Commodity Insights, assessed its FOB Baltic sulfur spot price at $90-100/t on Sept. 5.

Source: Platts