Sulphur price surge will hit fertilisers, food supply and metals

The continued failure of Trump to find a solution to the Iran War is regrettable, but not surprising with the negotiating team he sent in to bat. We need someone of Henry Kissenger's standard to step up to the plate but it is unlikely that one exists amongst Trump's sycophants. So, the uncertainty continues.

It seems that the deeper you look, the worse the consequences of the Iran War get. Last week China imposed a ban on sulphuric acid exports. Have a look at the price chart below, which shows a doubling of the price of sulphuric acid over the last few weeks. Let's dig a bit deeper on sulphur in order to understand what we are dealing with.

It is a little known fact that the global economy is heavily dependent on sulphur for its many uses but almost nobody is paying attention to how fragile that sulphur supply chain has become. The Middle East region produces almost one third of global sulphur supply with that coming from the decontamination of sour oil and gas, an environmental requirement. That sulphur is processed to produce sulphuric acid. 

 WeeklyComm18April2026.pdf