Rapidly Expanding NPI Production In The Next Five Years Threatens To Erode The Market Share Of Feni In Downstream Applications

SMM understands that Abu Dhabi National Oil Company (ADNOC) has raised its June 2026 official selling price (OSP) for sulphur to $860/t FOB Ruwais for the Indian subcontinent market, up by $100/t from May. This marks the highest OSP on record, surpassing the previous peak seen in Q2 2008. The extreme supply tightness in the Middle East, driven by ongoing geopolitical disruptions, continues to underpin the bullish market sentiment. Other Middle East suppliers‘ June contract prices: QatarEnergy at $805/t FOB; Kuwait KPC at $805/t FOB.

[Hanrui Cobalt Announces Investment in Annual Output of 40,000 mt Electrodeposited Nickel and 40,000 mt (Metal Content) Battery-Grade Nickel Sulphate Project] Hanrui Cobalt announced that to further meet the company's business development needs and promote the implementation of its strategic planning, Nanjing Hanrui Cobalt Co., Ltd. (hereinafter referred to as the "Company") plans to invest in and construct the "Annual Output of 40,000 mt Electrodeposited Nickel and 40,000 mt (Metal Content) Battery-Grade Nickel Sulphate Project" in Ganzhou City, Jiangxi Province, through its wholly-owned subsidiary Ganzhou Hanrui New Energy Technology Co., Ltd. (hereinafter referred to as "Ganzhou Hanrui"). The total investment of the project is 2,002.5278 million yuan, with funds sourced from the Company's own capital or self-raised funds.