European Sulphuric Acid Prices Retreat in September 2026 but Remain Over 80% Above Pre-Crisis Levels

Epignosis Insights, a market research and brand intelligence consultancy, today released its Europe Sulphuric Acid Price Tracker – September 2026, a monthly assessment of smelter acid, Mediterranean import and contract prices, sulphur feedstock costs and supply–demand fundamentals across Europe. The tracker finds that European sulphuric acid prices corrected for a second consecutive month in September, after reaching record highs in July as the disruption to shipping through the Strait of Hormuz tightened global sulphur supply.

According to Epignosis Insights' assessments, NW Europe smelter acid averaged US$295 per tonne FOB in September, down 10.6% from August and 21% below its July peak of US$375 per tonne. Despite the decline, prices remain about 84% higher than in February 2026, before the crisis began.

Key Findings

• NW Europe smelter acid averaged US$295/t FOB, down 10.6% month on month and 84% above February 2026.
• Mediterranean import prices fell 11.1% to US$360/t CFR as freight moderated and buyers drew on stock.
• NW Europe delivered contract prices edged up 1.6% to US$315/t, reflecting the lag in quarterly settlements.
• Granular sulphur, CFR Europe, eased 7.5% to US$860/t but remains 55% above its February level.
• The base-case outlook points to NW Europe smelter acid easing to around US$245/t FOB by December 2026.

What Moved the Market in September

Sulphur Supply Remains Constrained

Sulphur is the main cost input for acid produced in sulphur-burning plants, and its price sets the competitive ceiling for smelter acid. The International Food Policy Research Institute reports that world exports of elemental sulphur fell by a third in the first half of 2026, from 13.5 million tonnes to 9 million tonnes, with Gulf suppliers accounting for almost three quarters of the decline. QatarEnergy held its Qatar Sulphur Price at US$890 per tonne FOB in both July and August, a record for the benchmark. In September, buyer resistance began to pull sulphur prices lower, but supply remains tight by historical standards.

Buyers Step Back After the Summer Spike

The September correction was driven mainly by demand. Phosphate fertilizer producers and metals leaching operations that built inventories during the summer price spike deferred new purchases, while sellers with limited storage became more willing to discount. Fertilizer affordability remains under pressure: the European Commission has reported that nitrogen fertilizer prices in April 2026 were 71% above their 2024 average and has proposed a €540 million relief package for farmers.

Strong Smelter Output Adds Supply

European acid supply has been supported by strong copper smelter operations. Aurubis reported sulfuric acid output of 635,000 tonnes in the April–June 2026 quarter, up from 353,000 tonnes a year earlier, together with significantly higher revenues from acid sales. Higher smelter output has increased the volume of by-product acid available just as sulphur-based production became more expensive, shifting more merchant demand toward smelter acid.

Cost Floor Signals Limited Further Downside

Epignosis Insights' cost model estimates that a sulphur-burning plant consumes about 0.33 tonnes of sulphur per tonne of acid. At September's sulphur price, this implies a cash cost of roughly US$310 per tonne of acid, slightly above the smelter FOB price. With smelter acid now trading close to the marginal cost of sulphur-based production, further price declines are likely to be gradual unless sulphur prices fall more sharply. Outside Europe, CRU has highlighted that China's halt to acid exports added to global tightness earlier in the year, increasing demand for European export cargoes.
Outlook: October–December 2026

Under its base case, Epignosis Insights expects NW 

Europe smelter acid to ease to around US$270 per tonne FOB in October and US$245 per tonne by December, assuming stable smelter operations and only a limited recovery in Middle Eastern sulphur exports. Even a reopening of Hormuz may not bring quick relief: S&P Global has reported market participants' view that spot sulphur cargo movements could take three to four months to recover. In an upside scenario driven by renewed escalation or smelter outages, prices could return above US$350 per tonne, while a durable reopening could push them toward US$190 per tonne.

“September shows that the market has found the limits of what buyers will pay, but it has not returned to normal,” said Abhijith Nair, Senior Research Manager at Epignosis Insights. “Smelter acid is now trading close to the cost of sulphur-based production, so the pace of further declines depends on sulphur and on what happens in the Gulf. Buyers should use the correction to renegotiate Q4 and Q1 contracts, but avoid relying too heavily on the spot market while volatility remains this high.”

About the Tracker

The Europe Sulphuric Acid Price Tracker is published monthly by Epignosis Insights. It covers NW Europe smelter acid, Mediterranean import and delivered contract prices, sulphur feedstock costs, supply and demand analysis, regional dynamics, a cost-floor model and scenario-based outlooks.

About Epignosis Insights

Epignosis Insights is a market research and brand intelligence consultancy based in Pune, India. The firm delivers market sizing, price tracking, competitive intelligence and syndicated research across multiple industry verticals, helping organizations make evidence-based strategic decisions.