Dear User,
India is a key hub in the global sulfur and sulfuric acid trade. On the sulfur side, India is one of Asia’s largest sulfur importers, with total imports reaching approximately 2.25 million mt in 2025, of which about 84% came from the Middle East. On the sulfuric acid side, India is not only a major consumer but also an important exporter, with its export footprint covering Bangladesh, Southeast Asia, and other neighboring markets.
Since the beginning of 2026, regional geopolitical conflicts have disrupted shipping through the Strait of Hormuz, creating a huge supply gap for Middle Eastern sulfur and sending international sulfur spot prices soaring. Meanwhile, due to tight supply, India has gradually tightened sulfur exports since April 2026, and overseas sales have largely stalled since May, further reshaping global sulfur and sulfuric acid trade flows.
To more accurately reflect spot market conditions for sulfur landed in India and sulfuric acid exported from India, and to promote greater transparency and granularity in global sulfur and sulfuric acid trade pricing, SMM, based on thorough market research and data accumulation, plans to add two new price points – SMM CFR India Sulfur and SMM FOB India Sulfuric Acid – starting from August 14, 2026 (Friday).
The relevant price points are defined as follows:
1. SMM CFR India Sulfur
- Price Point Name: SMM CFR India Sulfur
- Quality Standard: Sulfur Content ≥ 99.5% (on a dry basis); Ash Content ≤ 0.05%; Moisture Content ≤ 2.0%; Lumps or Granules
- Definition: Sulphur CFR, seller bears freight to the named destination port, risk transfers when goods pass the ship's rail at the port of Sulphuric acid CFR, seller bears freight to the named destination port, risk transfers when goods pass the ship's rail at the port of shipment, main ports of India
- Unit: USD/mt
- Minimum trading volume level: Minimum 20,000 mt
- Delivery Deadline: Within 60 days
- Release Time: Every Friday working day, 12:00 noon New Delhi Time
- Payment Terms: L/C/TT at Sight in USD, or Other Terms Normalized
2. SMM FOB India Sulfuric Acid
- Price Point Name: SMM FOB India Sulfuric Acid
- Quality Standard: Concentration 98% (industrial grade)
- Definition: Free on board price of sulfuric acid, main ports of India
- Unit: USD/mt
- Minimum trading volume level: Minimum 10,000 mt
- Delivery Deadline: Within 10 days
- Release Time: Every Friday working day, 12:00 noon New Delhi Time
- Payment Terms: L/C/TT at Sight in USD, or Other Terms Normalized
General Rules of SMM Pricing Methodology
Shanghai Metals Market (hereinafter referred to as SMM) is a completely independent third‑party service provider that does not participate in any substantial transactions. Instead, it maintains close communication with the buyers or sellers of transactions as a market observer or organizer and provides relevant services to the market. Through communication with industry insiders, SMM continuously formulates, reviews, and revises its methodology, adopts the most common product specifications, trade terms, and trade conditions in the industry, and equally values normal transactions that meet the specification standards. SMM reserves the right to exclude any price information deemed to be of poor reliability or unrepresentative from its price quotation judgment.
SMM publishes daily metal spot prices (or indices, including those for the Chinese market, markets outside China, and global markets), commonly referred to as SMM Prices. SMM has developed corresponding methodologies for all published SMM Prices (which will be published on SMM's official website https://www.metal.com/ for query), and the methodologies specify the methods and procedures for the generation and publication of SMM Prices, with SMM Prices being generated and published strictly in accordance with the provisions of the methodologies. To align with the actual situation of the spot market, SMM will make necessary revisions to the SMM Price Methodology and announce them on SMM's official website prior to formal implementation. If you have any questions or suggestions regarding SMM Prices or their methodologies, please contact SMM customer service staff (please query the contact information on SMM's official website https://www.metal.com/).
August 12, 2026
Shanghai Metals Market Industry Research Team