Sulfur rarely gets the spotlight. Yet without it, many industrial chains struggle to function.
Most sulfur is converted into sulfuric acid, a critical input for fertilizers, batteries, and several metal-processing industries. But despite its importance, sulfur is largely produced as a byproduct of oil and gas refining.
The recent Iran War brought this vulnerability into focus. Sulfur prices doubled at their peak compared to the start of the year, with pressure worsened by China’s sulfuric acid export ban. Although prices eased following the U.S.–Iran Memorandum of Understanding, renewed hostilities could send them higher again.
In our latest brief, we unpack:
- Global sulfur producers
- Different sources of sulfur supply
- Indonesian industries exposed to sulfur shortages
The lesson is clear: governments need to map industrial vulnerabilities beyond energy, especially for inputs that quietly hold entire value chains together.